TICS fell big dump by 96% overnight! Quebetics launched a disastrous Token Airdrop event, and the community is shouting "encryption eyewash".

Self-proclaimed as the "revolutionary first-layer aggregated blockchain that will unify all blockchain networks," Qubetics recently faced a disastrous Airdrop event for its TICS Token, causing the price to fall 96% overnight. This led the community to label them as scammers, shouting "Rug." Many investors claimed that the Qubetics team sold the Token at a price of $0.33 during the presale, promising that the price would pump 20% once it was listed on the exchange. However, during the TICS Token Generation Event (TGE) on July 24, the issuance price of the Token was $0.19, which fell to $0.06 in just a week, triggering significant controversy and anger among investors.

Today (1) during the Asian session, the TICS price is temporarily reported at 0.06069 USD, with a fall of 96.8%.

(Source: CoinMarketCap)

Is TICS Crypto a scam? Members of the Qubetics community think so too.

The sharp decline in the price of TICS cryptocurrency is mainly attributed to the distribution of tokens to presale investors. The Qubetics team seems to have failed to deliver on their initial promise of airdropping the tokens before the originally promised date and time. Despite their claims that TICS tokens have now been fully distributed, many people are skeptical about this.

Many investors were shocked to find that the TICS Token they hold only released 10% yesterday (July 30), and the remaining tokens will be released linearly every day until the issuance is complete. Other members in the community claimed they only received 1% instead of 10%, and some reported that they have not received any TICS cryptocurrency tokens to this day.

The latest post by Qubetics on X confirms that a 10% Token Airdrop has been successfully allocated, but it subsequently sparked a large number of comments from angry investors, with dozens claiming that the project is a complete scam and accusing the team of "deceiving" the community.

A dissatisfied investor named @GodsonAwudi commented: "You are all scammers. Ask 99% of your community how much they received from the Airdrop. You scammed the community out of billions of dollars and are ashamed to make this public. I personally didn't even receive 10%. You raised the Token price from $2 to $0.1." This is one of many comments accusing Qubetics of similar violations, as early investors are dumping their Tokens in large amounts, causing TICS crypto assets to continue free-falling.

Catastrophic Token Airdrop Event: Insider Trading and Poor Token Economics

At the current price, Qubetics has a fully diluted market cap of $82 million, with a trading volume of $349,000 in the past 24 hours. The team has not responded to allegations regarding insider trading and last-minute adjustments to the Token economics during the presale.

The TICS cryptocurrency has been affected by countless panic, insider selling allegations, and poor token economics, falling nearly 100% in the past 24 hours. Qubetics is the latest in a series of controversial token issuances, while projects like the Snorter Bot (SNORT) have been pushed to the forefront, becoming tools that encourage profit-taking and early investment in tokens, providing investors with the best profit opportunities.

Conclusion:

The disastrous Airdrop event of the TICS Token serves as a reminder to cryptocurrency market investors to remain highly vigilant when participating in new projects. The Qubetics community is shouting "Rug", revealing possible fraudulent behavior in the Token issuance, opaque token economics, and breaches of promises made to investors. This incident has not only dealt a devastating blow to the Qubetics project itself but has also sounded the alarm for the entire cryptocurrency market, emphasizing the importance of due diligence and risk management.