NemoSwap, a Sui-based decentralized exchange, has misled the public about investors in its project as two investors named in the $3 million seed round have distanced themselves from the project.
In a now-deleted statement, Nemoswap claimed it had completed a funding round led by Node Venture. The DEX added that the round included nine other investors such as Tally Capital, Pithia, Mythos, CryptoSlate, Olymp Capital and Signum Capital.
However, CryptoSlate and Signum Capital have publicly denied any involvement in the project. on June 8 CryptoSlate warned the community about the project, adding that they had never heard of it.
CryptoSlate CEO Nate Whitehill confirmed the tweet. whitehill said:
“They blocked us on Twitter after we called them and I DMed them telling them to remove us from their site and listings.”
Signum Capital too mention that it was not involved in the project.
NemoSwap had removed its funding round statement at the time of writing. The project currently has an Initial Dex Offering, and the website revealed that it had raised 1.5 million SUI tokens, worth $1.125 million, at the time of writing.
Inactive Investors
Other companies listed as investors in the project either do not exist or are inactive. Pithia was last active on Twitter in 2019, and from CryptoSlate search on its LinkedIn page showed it has only one employee, Navneet Suman, acting as general manager.
Additionally, CryptoSlate could not confirm NemoSwap’s claim about interviewing Pithia’s CFO, Jonathan Swaleser. On Pithia’s official website, the general manager was the only member of the team.
Other investors mentioned, such as Tally Capital, have a website that does not provide any information, and its Twitter page was last active in 2021. On the other hand, Olymp Capital’s Twitter account was last active in April 2022.
CryptoSlate could not confirm whether Node Venture has invested in the project. We also couldn’t confirm whether it was working with all the projects listed on its website, as they had yet to respond to a request for comment at the time of writing.
Is NemoSwap a scammer?
A Twitter from June 8 wire of Global Crypto Hub labeled NemoSwap as a scammer. According to Global Crypto Hub, the project’s website is registered under the same domain by the team behind Suiswap.
Global Crypto Hub said the project has not provided any information about its team, claiming it was for confidential reasons.
Attempts to reach the NemoSwap team were futile. Invitations to his official Discord account have been paused and the project has locked its comments section on Twitter.
Meanwhile, Global Crypto Hub said NemoSwap chose to mute all its ambassadors and kick out a user who asked questions.
