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The Story behind Sushiba's Launch

How scammers and copycats unknowingly paved the way to a new and better Sushiba relaunch

Initial Sushiba Launch

We launched our initial SUSHIBA contract during the second week of May 2021.

Contract Address:

0x22ee70d20ae389aa99bada20befa845090e32fe6

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.

Copycat SUSHIB Launced their own Token Piggybacking on our Website


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.

Contract Address:

0xc198926cd099faa74995d1b25b7c9bb383094500

They,

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

Hostile Takeover of SUSHIBA by SUSHIB


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

SUSHIBA Relaunch Under a New Contract Address


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.

Contract Address:

0xa96658cd0D04a8fdCDc30D1156CC65BbFC7591eD

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.