How scammers and copycats unknowingly paved the way to a new and better Sushiba relaunch
We launched our initial SUSHIBA contract during the second week of May 2021.
However, we ran into some issues with our initial token:
Low Liquidity Price set was too low
This meant that buying the token could only be done in fractions of a penny at a time, which was not ideal.
A couple of days after our initial launch, we discover the existence of a copycat token under the name SUSHIB that used our website in order to orchestrate and market their scam.
1. Scammed hundrends of people out of their money
2. Marketed all over social media that they were going to perform a hostile takeover of our token
3. Used our website claiming it to be their own in order to scam people
Given that the our initial contract's price was set too low, in the orders of 20 zeroes, the scammers under the name SUSHIB orchestrated a hostile takeover of our liquidity pool, by acquiring 30% of it.
This meant that:
1. We could not have any holder have 30% of the entire pool so early on, especially as the holder's intents were malicious, as this would not have been fair to the other investors.
2. We were forced to start anew and issue a new contract
The series of events we listed above happened within a span of days and in some cases even hours, hence we needed to act fast.
We made an announcement on our website stating these facts and that a new contract was under development, and just a couple of hours later we created the new official SUSHIBA token.
Improvements from the initial token:
1. Increased initial capital deployed, therefore increasing base price.
2. Limited transaction sizes to 1% of the total liquidity pool deployed.
3. Locked liquidity pool and raised awareness of these types of scams.