Sui-based NemoSwap’s investors deny involvement in $3M seed round

Upland: Berlin Is Here!

NemoSwap, a Sui-based decentralized trade, misled the general public about buyers in its undertaking as two buyers named in its $3 million seed spherical have distanced themselves from the undertaking.

In a now-deleted assertion, Nemoswap claimed it accomplished a funding spherical led by Node Enterprise. The DEX added that the spherical included 9 different buyers like Tally Capital, Pithia, Mythos, Crypto, Olymp Capital, and Signum Capital.

NemoSwap Alleged Traders (Supply: Suipiens)

Nonetheless, Crypto and Signum Capital have publicly denied any involvement with the undertaking. On June 8, Crypto warned the group concerning the undertaking, including that they’d by no means heard of it.

Crypto CEO, Nate Whitehill, corroborated the tweet. Whitehill mentioned:

“They blocked us on Twitter after we referred to as them out and I despatched them a DM telling them to take away us from their website and mentions.”

Signum Capital additionally stated that it was not related to the undertaking.

NemoSwap had deleted its assertion concerning the funding spherical as of press time. The undertaking is presently holding an Preliminary Dex Providing, and its web site confirmed it had raised 1.5 million SUI tokens, price $1.125 million, as of press time.

Inactive buyers

Different companies listed as buyers within the undertaking are both nonexistent or inactive. Pithia was final energetic on Twitter in 2019, and Crypto’s search of its LinkedIn web page confirmed it has just one worker, Navneet Suman, who acts as its managing director.

Moreover, Crypto couldn’t affirm NemoSwap’s declare of interviewing Pithia’s CFO, Jonathan Swalser. Pithia’s official web site confirmed its managing director as the one member of its crew.

Different named buyers, like Tally Capital, have a website that gives no data, and its Twitter web page was final energetic in 2021. Alternatively, Olymp Capital’s Twitter account was final energetic in April 2022.

Crypto couldn’t affirm if Node Enterprise invested within the undertaking. We additionally couldn’t affirm if it partnered with all the initiatives listed on its web site as they have been but to answer a request for remark as of press time.

Is NemoSwap a fraud?

A June 8 Twitter thread from International Crypto Hub labeled NemoSwap as a fraud. In line with International Crypto Hub, the undertaking’s web site was registered underneath the identical area by the crew behind Suiswap.

International Crypto Hub mentioned the undertaking failed to supply any details about its crew and claimed that this was for confidential causes.

Makes an attempt to achieve the NemoSwap crew have been futile. Invites to its official Discord account have been paused, and the undertaking has locked its remark part on Twitter.

NemoSwap Paused Invitations (Supply: Discord)

In the meantime, International Crypto Hub mentioned NemoSwap chose to mute all its ambassadors and kicked out a consumer that requested questions.

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