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

NemoSwap, a Sui-based decentralized exchange, misled the nationalist astir investors successful its task arsenic 2 investors named successful its $3 cardinal effect circular person distanced themselves from the project.

In a now-deleted statement, Nemoswap claimed it completed a backing circular led by Node Venture. The DEX added that the circular included 9 different investors similar Tally Capital, Pithia, Mythos, CryptoSlate, Olymp Capital, and Signum Capital.

NemoSwap Alleged Investors (Source: Suipiens)

However, CryptoSlate and Signum Capital person publically denied immoderate engagement with the project. On June 8, CryptoSlate warned the assemblage astir the project, adding that they had ne'er heard of it.

CryptoSlate CEO, Nate Whitehill, corroborated the tweet. Whitehill said:

“They blocked america connected Twitter aft we called them retired and I sent them a DM telling them to region america from their tract and mentions.”

Signum Capital besides stated that it was not associated with the project.

NemoSwap had deleted its connection astir the backing circular arsenic of property time. The task is presently holding an Initial Dex Offering, and its website showed it had raised 1.5 cardinal SUI tokens, worthy $1.125 million, arsenic of property time.

Inactive investors

Other firms listed arsenic investors successful the task are either nonexistent oregon inactive. Pithia was past progressive connected Twitter successful 2019, and CryptoSlate’s hunt of its LinkedIn leafage showed it has lone 1 employee, Navneet Suman, who acts arsenic its managing director.

Additionally, CryptoSlate could not corroborate NemoSwap’s assertion of interviewing Pithia’s CFO, Jonathan Swalser. Pithia’s authoritative website showed its managing manager arsenic the lone subordinate of its team.

Other named investors, similar Tally Capital, person a website that provides nary information, and its Twitter leafage was past progressive successful 2021. On the different hand, Olymp Capital’s Twitter relationship was past progressive successful April 2022.

CryptoSlate could not corroborate if Node Venture invested successful the project. We besides could not corroborate if it partnered with each of the projects listed connected its website arsenic they were yet to respond to a petition for remark arsenic of property time.

Is NemoSwap a fraud?

A June 8 Twitter thread from Global Crypto Hub labeled NemoSwap arsenic a fraud. According to Global Crypto Hub, the project’s website was registered nether the aforesaid domain by the squad down Suiswap.

Global Crypto Hub said the task failed to supply immoderate accusation astir its squad and claimed that this was for confidential reasons.

Attempts to scope the NemoSwap squad person been futile. Invitations to its authoritative Discord relationship person been paused, and the task has locked its remark conception connected Twitter.

NemoSwap Paused Invites (Source: Discord)

Meanwhile, Global Crypto Hub said NemoSwap chose to mute each its ambassadors and kicked retired a idiosyncratic that asked questions.

The station Sui-based NemoSwap’s investors contradict engagement successful $3M effect round appeared archetypal connected CryptoSlate.