The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?
Down 88% from the opening, the much-anticipated GM pulled a big one.
On August 14, gm.ai officially announced on social media that the GM token has been launched. Pre-sale participants have been airdropped xGM, and GM has been pre-deposited in the anchoring plan. If users choose to continue to participate in the Anchor plan, no action is required. If you need to withdraw, you can convert xGM to GM. Airdrop participants can claim it from the mini-program within 24 hours.
From March 18 to August 14, the pre-sale participants transferred their coins after such a long interval. I thought the big deal was coming, but I didn’t expect to lose 100% of the money as soon as it went online. As of writing, the price of GM has fallen to $0.016, which is 88% lower than the high of $0.135.
![The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?](https://sgsnsimg.moomoo.com/sns_client_feed/102905851/20240815/2bc319b4139a4239bfd8c7304cf3e70b.png/big?area=101&is_public=true)
If you invested 10 SOL during the pre-sale period, you can only get 2.5 SOL if you sell it now when the market opens.
Last call for pre-sale
The story of GM began with the influential memecoin BOME five months ago. BOME started with a pre-sale model and rose more than 100 times in three days after its launch, with a market value of over 1.5 billion. The wealth effect of BOME has driven the "pre-sale trend" in the meme market, and many NFT project owners have "re-employed" and started the business of pre-sale payment and meme distribution.
On the evening of March 18, Dexter, the founder of Whales Market, announced the launch of pre-sale of tokens for his AI project on Solana. After the tweet was sent out, 155,364 SOL (about 32 million US dollars) were raised in just half an hour, exceeding the pre-sale hard cap of 30 million US dollars.
But what is shocking is that Dexter deposited 159,802 SOL pre-sale funds into Binance the day after the pre-sale was completed. At that time, the price of SOL was around US$180, and the funds deposited into Binance were approximately US$28.76 million.
![The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?](https://sgsnsimg.moomoo.com/sns_client_feed/102905851/20240815/d2cb18bce1494f3993b1a03e5b8a6195.png/big?area=101&is_public=true)
In response to this, Dexter wrote that the transfer to Binance was to exchange for stablecoins to avoid a sharp depreciation of SOL.
![The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?](https://sgsnsimg.moomoo.com/sns_client_feed/102905851/20240815/ca1981e67c0a4050a3b9883dfa562cd4.png/big?area=101&is_public=true)
After transferring funds to Binance, Dexter announced on March 23 that it would release a white paper within the following week and would list GM tokens on its pre-market trading platform Whales Market.
On March 25, Dexter responded to community comments and said that GM will be launched before June. On May 15, Dexter tweeted that the token will be launched in June. However, on June 17, Dexter said that he was ready to launch the token, but encountered many obstacles and GM will be delayed.
On July 1, GM finally launched pre-market trading on the Whales Market. On July 29, GM.AI officially announced that the actual launch date would be August 14, and announced that the CEX/DEX list would be released later, but the community no longer cared.
How much money did Dexter make?
Dexter received a total of 155,000 SOL in the GM pre-sale, but there is only $1.6 million in the current GM token liquidity pool. Dexter did not respond to where the remaining money went or how it would be disposed of.
From transferring SOL to Binance to using only such a small amount of pre-sale funds to add to the pool, we can't help but wonder, how much money did Dexter make?
GM's pre-sale address transaction records show that it transferred 159,802 SOL to Binance on March 19. Based on the SOL price of $182 at the time, these pre-sale funds were worth approximately $29.08 million.
It is worth noting that Dexter once promised to refund the pre-sale portion that exceeded the hard cap, and released a record of the pre-sale address that needed to be refunded. A total of 9,805 SOLs needed to be refunded, but Dexter has not updated the status of the refund since then.
![The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?](https://sgsnsimg.moomoo.com/sns_client_feed/102905851/20240815/82601c4201d34d23a83a212e736ef3bc.png/big?area=101&is_public=true)
Stable currency financial management income
The most "guaranteed" scenario is that Dexter converts all pre-sale funds into stablecoins and has been participating in Binance's stablecoin investment until the GM token was launched yesterday. According to Binance's USDT and USDC investment yields over the past five months, Dexter's guaranteed income this time is $543,000 or $750,000.
![The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?](https://sgsnsimg.moomoo.com/sns_client_feed/102905851/20240815/13052a85d0ab4261a8f195c046f023ee.png/big?area=101&is_public=true)
Mining income
In addition to stablecoin financial management income, the pre-sale funds transferred by Dexter can also participate in new coin mining activities on Binance. From the day Dexter transferred the pre-sale funds to Binance until the GM token was launched yesterday, Binance has had 5 new coin mining activities. If Dexter used 29.08 million US dollars to participate in these mining activities without missing a single time, the following data can be obtained after calculating his stablecoin mining income:
![The biggest scam in the cryptocurrency world this year: How much money did Dexter defraud using $GM?](https://sgsnsimg.moomoo.com/sns_client_feed/102905851/20240815/d87d80252fc9464c9adc840c48767e4c.png/big?area=101&is_public=true)
If Dexter sells the mined tokens immediately after listing, its total profit will be approximately US$1.642 million. If calculated based on the highest price of the tokens after listing, the total profit will reach US$2.618 million.
The estimated income above is only a rough calculation by BlockBeats. There are many ways to handle nearly 30 million US dollars in 5 months, and the actual income may be far more than this.
As the founder of the previously popular alpha project Whales Market, Dexter had a good reputation when the pre-sale was released, but after this incident, even his friends have to call Dexter "brother".
Would you consider a steady income, or play the big game and talk about it together?https://j.moomoo.com/01ajE9
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