MetaNet was a cryptocurrency project that launched on the Binance Smart Chain in January 2022. The project made some headlines when the price soared over 100% shortly after the launch of the token.
Unfortunately, the developers of the project drained all the BNB from the liquidity pool within a few days of launching. This article will cover everything you need to know about MetaNet (MNET).
What was MetaNet?
MetaNet was a cryptocurrency project on the Binance Smart Chain. The goal of the project was to launch an NFT marketplace.
However, the developers of MetaNet ended up rugging only a few days after launch. We cannot find any social media accounts for MetaNet nor can we even find a website.
That’s generally a sign that the developers scammed investors and have disappeared.
Further proof of rugging can be found by looking at the price chart for MetaNet on PooCoin.
There’s one huge green candlestick up and one massive red candlestick to zero on January 17, 2022. After the last red candlestick, no price activity has been recorded.
This should not come as too much of a surprise, however, because the project launched on the Binance Smart Chain. BSC has a bad reputation for having a lot of scams on it.
Yes, all blockchains have scams on them, but BSC has far more scams than other blockchains.
“I Got Scammed By MetaNet, Can I Get My Money Back?”
No. If the developers of a project you invested in decide to rug, then you are out your money. It’s one of the more annoying parts of the blockchain.
It’s also why so many scams like this appear on the blockchain. The scammers know they can more or less get away with it.
You should consider the loss of money as a paid lesson about rug pulls. Use the information from MetaNet to avoid falling for rug pulls in the future.
Here’s How To Spot Rug Pulls
MetaNet was a project that many in the cryptocurrency industry knew would rug. These projects all follow the same general guidelines, which makes it extremely easy to spot the ones that will rug.
The rug guidelines look something like this:
- Launched on Binance Smart Chain (Binance Scam Chain).
- The developers are anonymous.
- Media push at the time of launch to drive the price up.
- This can also be accomplished by artificially increasing the price of the coin.
- Announcing the sale of the token on a major exchange (LBank in this case).
- Generic project goals
- An NFT marketplace is generic. It’s also not unique in the slightest.
- Use of buzzwords or other popular words in the project name (Meta, Doge, Shiba, etc.).
To summarize, this project checked off all the boxes for a project attempting to get a lot of attention very quickly. It also had other red flags like anonymous developers and a launch on BSC.
Basically, you should be very skeptical of projects that do something completely unoriginal with no twist on it to attract customers. Why would anyone use MetaNet to sell NFTs when they have a perfectly functional NFT marketplace on Binance.com?
Projects like this launch for the sole purpose to scam people out of money. They do not generally scam more than a couple thousand dollars out of people, but they do still scam people.
That sums up everything you need to know about MetaNet. It was a scam project that only lasted for a few days. Little trace of the project exists on the internet at the time of writing as this project did not become very large before the developers decided to scam investors.
It’s unfortunate that projects like MetaNet exist, but thankfully spotting scams like this is not super difficult.