Extra Ep. - Decoding The $26M IBX & $ARCTIC Scam
Description
In this special session of the Crypto Market Report powered by Fere AI, hosts Erik and Emilie delve into one of the most significant scams to hit the crypto space recently—the $26 million rug pull involving IBX and Orderly’s launch of $ARTIC. This discussion unpacks the details of how this scam unfolded, its aftermath, and how Fere AI can help protect investors from falling into similar traps.
Erik and Emilie begin by introducing the connection between IBX and Orderly Network, noting how the backing of high-profile names like Pantera Capital and Sequoia gave IBX's $ARTIC token an air of legitimacy. This rug pull, however, quickly shattered that trust. They explain the mechanics of the infamous overflow sale, which raised 161,000 $SOL instead of the projected 2,000 $SOL, only for the IBX team to increase the token price by 50x after the sale, leaving most investors with worthless tokens.
The hosts also touch on the shady governance vote that approved the price hike—held overnight for just three hours—highlighting how such manipulations can go unnoticed without proper monitoring tools like Fere AI. The conversation then shifts to the role of Orderly in promoting the scam, and whether they were complicit or just as deceived as the investors. Emilie points out that while Orderly claims to be cooperating with law enforcement, their involvement has raised serious questions about their due diligence.
The on-chain investigation reveals how the stolen funds were laundered across multiple platforms, converted to $ETH, and moved through centralized exchanges like KuCoin and Binance. Erik emphasizes that Fere AI’s real-time tracking of wallet behavior and suspicious transactions could have helped investors spot these moves early on.
As they discuss the aftermath, the hosts urge the crypto community to reflect on the lessons learned—always do your research, don’t rely solely on audits, and use tools like Fere AI to stay vigilant. They wrap up the episode by highlighting the importance of empowering oneself with real-time data, especially in an industry as fast-paced and high-risk as crypto.
With a mix of practical advice and cutting-edge insights, Erik and Emilie leave listeners with key takeaways on how to navigate the ever-evolving crypto landscape, protect their investments, and make informed decisions using Fere AI.
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