FOMO Network Drops After a Potential Rugpull Event - Live Updates

*** Live Update Friday, 14th June 2024 ***

The following message trying to clarify the situation has been issued on telegram, by an official FOMO Network channel

"📣 Launching Soon 📣

Hello FOMO Gang,

I know its been an emotional few days for everyone, whilst they've been awaiting answers and understandably lots of questions have been asked.

Apologies for the long post but we want to cover all possible bases and do our best to clear up uncertainty to quickly start the rebuilding process.

🎉 First of all: FOMO is relaunching and will become bigger than ever !!

On any given day there is 300 - 1000 launches (mostly memes) within defi and 99.9% fail very quickly.

The ones that don't fail, have to claw their way up the ranks in the hopes that 1 day they can reach that exclusive position in the top 200 projects.

Across a 12 month period, only a handful of projects actually make it, having contended with all the challenges that plague this space.

Specifically KOL's and the pump n dump mentality thats been adopted during the last bear market.

Despite recent developments, FOMO now has an opportunity to skip defi and run straight into the top 200 spot to where its always belonged.

No project is perfect and its not often you get a chance to circle back to the beginning and address some of our biggest challenges.

👀 New Identity

The biggest issue with FOMO, was the very thing that attracted a lot of people to the project in the early days, UTILITY OVERLOAD !

We are going to continue developing and releasing 3 key components to the project.

✅ Layer 1 Blockchain
✅ Dex
✅ Social Network

However our main focus and identity is a social network supported by our own blockchain.

All other utilities will be either discontinued or become legacy products that exist for our original members but ultimately removed from our core message.

😎 Dialled Vision

Once our main net has finished the auditing process and deployed, we will now have a native $FOMO coin and no purpose for an Ethereum token.

Liquidity will be held on FOMO Swap / Chain in the form of a USDC - FOMO pair to make it disconnected from the price of other assets like Ethereum or Bitcoin.

We will make sure theres at least 1-2 exchange integrations for trading $FOMO, additional to our DEX.

On ramping solutions will also be integrated natively into FOMO.

🖼 Rebrand / New Direction

We will retain the name FOMO, Logos and branding will also stay the same.

However we have always been vocal on AMA's about 1 day moving away from the meme narrative of FOMO and moving towards "Freedom of Movement Onchain"

Therefore this is our opportunity to drop the apes from our branding and create a fresh NFT collection plus a more corporate brand.

🏆 Winning Formula

Whilst we appreciate the amazing support from the community, there is a handful of people that think recent events will shadow any relaunch attempts.

However there is a major point that they overlook and will be the mechanism making the relaunch a huge success.

1️⃣ We don't rely on investors, we just need users for our social network who are automatically holders of FOMO without any care of price action.

More Users = Higher Price without the emotional side of token price action.

2️⃣ We have access to the biggest names in the political space as demonstrated on the recent London protest that FOMO sponsored.

You witnessed first hand the 100,000 people in attendance with FOMO banners throughout the event.

You witnessed the live steam of the event reaching over 1 million users on Twitter and this was all achieved with just 1 of our 12 onboarded influencers.

Those same influencer's were told not to discuss FOMO the morning of the event because of the backlash from VC investors and to not antagonise the situation further.

However now there is no such restrictions, an event is being planned for July 27th. Influencers are not happy that big money tried to silence them and a strong narrative is going to be formed around the event.

FOMO will not only have banners around the screen, we are going to COVER CENTRAL LONDON with FOMO!!!!!

This time those 1 million plus live stream users will be told: TAKE ACTION AGAINST CENSORSHIP BY JOINING FOMO

FOMO is removing its neutral stand point that previously existed to not alienate investors and is going loud and proud to platform the biggest names in political activism.

Why the change ? Because now its about users and not investors, that will be the driving force to millions members and subsequent price action.

🚀 Key Relaunch Points

💰 Investors will be airdropped the native coin to the same addresses they held their original FOMO tokens.

⚠️ Beware of fake airdrops via DMs or fake groups.

💬 The community will be moving away from Telegram and onto either Discord or our own social network.

🎨 NFT holders will be automatically airdropped a brand new collection of 700 NFTs that are built around this new corporate identity but still carry the same perks of ownership previously.

⏳ Dates will be confirmed shortly once we have received back some key components, however we are going to move forward very fast.

👉 VC investors will be refunded over an agreed schedule. The intention was never to stop their ability to sell, it was to protect the LP for the 2000 investors and allow time for a negotiation to take place, something that was attempted before but never well received until now.

I told everyone 7 months ago, this is not a crypto project and i had to be vague in order to slowly lead towards the idea of free speech and decentralisation.

Now the gloves are off, the restrictions are removed, WELCOME TO A NEW MOVEMENT IN POLITICS !!!!

Talk is cheap, now we deliver and silence the doubters who will be vocal to begin with but will quickly lose interest once they realise FOMO is indestructible."

- A word from TheHolyCoins team: At this time, investors should stick with the facts. Words are only good for when they are backed by actions. Developers behind the project are still not doxxed, and everything said and written should be taken with a grain of salt.

Let's hope for the best.
************ End of Update ************

Let’s talk about the recent events surrounding the FOMO Network project. The FOMO coin has dropped by over 99% and many indicators are pointing out that the project developers have rugpulled. Here’s a breakdown of what we know.

What is FOMO Network?

FOMO Network was supposed to be a faster and more secure blockchain. They claimed to offer lightning-fast transactions, top-notch security, and great scalability. But yesterday, things took a bad turn.

What Happened? The Scam Revealed

We've still got our health... cough cough.

Scam Alert! The FOMO Network’s value crashed from $28 million to just $85,000 in seconds. Here’s the deal:

Deployer Actions: The person who created the FOMO token withdrew over 250 million $FOMO tokens from the GemPad contract. These were worth $10 million. They sold them for 157 ETH, about $574,000.

Massive Sell-Off: After selling a large number of tokens, the liquidity on Uniswap was heavily affected, causing the token’s price to plummet from $0.05 to almost zero.

Funds Dispersed: The deployer’s wallet then sent out $25,000 in USDT to many other wallets. They used a service called FixedFloat to mix the funds, making them harder to trace.

Communications Wiped: The whale group, NFT group, main Telegram, Toshy’s personal “ALPHA” call channel, and even his Twitter account were deleted. The community is left in the dark.

Who is Affected?

A lot of people who supported FOMO Network are now hurting. Many had invested a lot, and some individuals are looking at losses in the hundreds of thousands.

Lessons Learned

Rug pulls like this are a harsh reminder of the risks in the crypto world. Here are some takeaways:

• Do Your Research (DYOR): Always research the team and project before investing.
• Watch for Red Flags: Sudden big withdrawals and deleting communication channels are major red flags.
• Stay Safe: Be cautious with new projects, especially those with too-good-to-be-true promises.
• Self-Educate: Learn, learn, and learn more about crypto, crypto scams, and how to avoid them.

Moving Forward

The community is waiting to see if there will be any plan to recover funds or migrate to a new platform. But for now, it’s a wait-and-see situation.

Stay updated by following credible sources on Twitter and joining reliable crypto groups.

If you’ve been affected by this, share your story, and let’s support each other through this.

Stay safe out there!