Scorum Devs Slow Exit Rugpull Completed...
The Slow Exit Rugpull
The problem with crypto is that many projects start out with high ambition and crazy goals which helped them to get big paydays from a token sale and a combination of lack of moitivation and a hard time to live up to the promises. They also can't call it quits from one day to another, so instead they go into "Slow-Exit-Scam-Mode" pretending they are still working and releasing minor updates or more empty promises to finally call it quts while getting away with it. This is the story of many tokens and now, finally after it was clear for the last 5+ years they ultimately pulled the rug by closing down the platform and shutting down their nodes.
4+ Years ago I wrote this in one of my Sports Betting Blockchain Projects updates (October 2021 Report)
Scorum and SCR really had a lot of promise with a very good looking Web3 Blogging site around Sports and an exchange which had zero fees and really worked well. However, the devs eigher never had a clue what needed to be done or simply didnt' have the interest or intention which ultimately led to the downfall and I'm glad this was one of the projects that I called quits a very long time ago selling all my coins while it was still possible.
They prettty much blame everyone but themselves while it was very clear that they simply had no real intention to build what they promised.
Conclusion!
The Slow Exit Rug Pull so something to really look out for in Crypto projects and scorum is one of the prime examples where it was clear a long time ago that it was not going to go anywhere with the existing devs. They are leaving things open for a community takeover but with only a handful delusional people left there is almost zero chance that this will happen. There were some fun times with this project especially when the exchange opened first but things eventually like most of these kinds of projects ended in a sad and scammy death.
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Thanks for the update. It's kind of interesting because back in 2019 I had a call with one of the Scorum team members to invest 1 BTC in exchange for a considerable stake and a marketing partnership. They declined.
They did reestablish liquidity through the Cosmos Ecosystem and I was able to get a little bit of funds back out because of that. I never put any actual funds in there. Just time with some of the blogs and engaging with the community.
There were a couple people that went real heavy into it.
I personally don't understand why that team didn't sell ownership of it to be honest.
Indeed, that was also my only real hope that they would sell the project while it was still somewhat alive as it was clear that they didn't really have the right intentions to really make it work.
Wild that various groups raised millions in the ICO stages and didn't get anything decent going.
I can't say I am surprised. But maybe someone one Hive can look at this project and learn from it if they wanna develop something similar on Hive
the main thing I liked about sorare which was an improvement over Hive is the frontpage which actually looked really nice. The betting exchange also had a ton of potential but the way those usually go is the classic catch22 where users are needed to bring liquidity while liquidity is needed to bring users. They just fully neglected that.
Yeah, we talked about this some weeks ago - to me as well a sad story given I was involved in marketing early days as well. My view is they tried to do to much, first social media, then betting platform etc - it was a nice time there.
it indeed was a nice time especially at the start when the betting exchange was released. However, they just totally ignored key aspects as liquidity which quickly killed it with no hope to ever recover.