Privacy Layer 2 project faces significant risks? Founder’s background raises many questions

Question

[Crypto World] A recently launched privacy-focused Ethereum layer 2 solution has been thrust into the spotlight in the past few days. The underlying reason is quite shocking—the project founder was exposed to have links to a project that once embezzled $1.8 million.

The more the story unfolds, the more complicated it becomes. Supporters and security teams uncovered a series of issues: the wallet provider directly issued phishing risk alerts; the project code is not publicly available; the core team information is vague; even third-party audit reports are completely absent. Even more outrageous, some early supporters have recently withdrawn their support en masse.

This project has not yet officially launched; it has only released a waitlist and some promotional materials on social media. Many people observing this series of events are beginning to reflect—Is this simply poor operational strategy by the project team, or is there a deeper problem behind it?

governance_lurker · Accepted Answer

It's the same old trick again—no open-source code, vague team information, how insecure does that make them look?

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Still daring to boast with a record of 1.8 million, even after wallet warnings, some people still jump in. Can't hold back anymore.

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What is the ghost of the waiting list? They haven't even gone live yet and are already hyping it up. That's ridiculous.

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The fact that supporters are collectively withdrawing is the best proof. The project team is still making up stories while people are leaving.

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No audit report, no code—this is just an empty shell. How can they still call it Layer 2?

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Honestly, this kind of combined attack clearly shows problems. Blaming poor management is just being too kind.

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I just want to know where these people get the courage from. With such shady backgrounds, they still dare to deceive.

SocialFiQueen · Answer

This is yet another round of "trust crisis," they don't dare to disclose the code and even hide privacy Layer2 haha

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I've seen the pitches before, are they still playing this trick? Truly impressive

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$1.8 million in past offenses + code not disclosed + audit gaps, I give this combo a perfect score

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The moment supporters collectively withdrew, I knew something was wrong

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Another story of "mismanagement," okay, let's wait and see

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Wallets have issued warnings, and you're still hyping?

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How can this kind of project still be alive? Truly unbelievable

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Privacy solutions have become stealth solutions, indeed

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Vague team information makes it completely unnecessary to look further, next one please

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I just want to know who will take the fall in the end for this

MetaDreamer · Answer

Here is the translation:

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Same old trick, code not open-source, team information vague, audit reports nowhere to be seen... Feels like just a big money grab scheme.

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$1.8 million ex-convict makes a comeback? I bet five bucks this thing won't last three months.

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The wallet has already issued a warning, and people are still rushing in? Their brains are really...

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The supporters' collective retreat signal is already very obvious, all early supporters have left, what are we still hoping for?

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Hmm, no, the candidate list dares to be called layer 2? How much is this imagination worth?

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Looking at this situation, it's really hard not to think of those previous projects, forever candidates, forever PPT plans.

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The vague team information alone is enough to turn me off. I never touch projects where I can't see faces clearly.

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Anyway, I don't believe in this privacy privacy stuff that screams about privacy every day; often, privacy issues are the most numerous.

PaperHandSister · Answer

Same old trick, not daring to open source the code but still boasting about privacy? Laughable

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A black history of $1.8 million can be whitewashed, the crypto world really dares everything

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The wallet has already issued phishing alerts, and people are still chasing? I advise everyone not to be the bag holder

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Blank audit reports, vague team information, isn't this obviously problematic?

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The biggest signal is the collective run of supporters, what are you still waiting for?

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Mismanagement? Wake up, this is clearly a carefully designed rug pull process

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The standby list trick has been played out long ago, and some still believe it

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Privacy Layer2 sounds advanced, but it's just a cover

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A past record of $1.8 million, enough to keep you vigilant for a lifetime

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Privacy projects that don't open source their code, honestly, this is more obvious than saying "I'm going to scam you"

pvt_key_collector · Answer

Here we go again with the same old tricks, not daring to disclose the code and still talking about privacy solutions...

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Wait, which project is the 1.8 million one? Feels like these things are all connected.

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Supporters have all left yet they keep bragging, truly incredible.

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The wallet has issued warnings but people still buy in? I just don't understand this logic.

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For projects with such vague team information, liquidity mining is not even worth touching.

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Ha, another blank audit report, next IEO scam case perhaps.

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Poor operational strategy? Bro, this is called carefully designed, okay?

GateUser-74b10196 · Answer

This is another classic "cut and run" script, with closed-source code, missing audit reports, and the founder having a dark past... Wake up, everyone.

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Losing 1.8 million and still able to make a comeback—that's the magic of Web3. I'm truly impressed.

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The wallet has already sent you risk alerts, so what are you waiting for? Quitting early is the wisest choice.

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Vague team information, closed-source code, no audit reports... This is obviously a template scam.

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Can't see through it even after supporters have run away? This project has been dead for a long time.

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Privacy Layer2 sounds awesome, but it can't withstand this kind of lousy operation.

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With a 1.8 million USD record, still daring to go live? Truly brave.

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The waitlist and promotional materials just want to scam money? These days, scammers don't even bother to be careful.

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So the operational strategy is just "Don't ask, just scam"?

GasFeeCrier · Answer

Buddy, how much can you code? No open-source code, no audit, and still related to exams. What are you playing at?

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Can the name of the project with 1.8 million be uncovered? It feels like the entire ecosystem is rotten.

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Early supporters running away says everything. I love watching these plot twists.

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Wallets have already issued risk warnings, and people still dare to touch? They must be FOMO brains.

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I've seen too many vague team information tricks; basically, they just don't want to be doxxed.

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What are they talking about improper operational strategies? This is obviously the prelude to a rug pull.

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Wait, this project’s code isn’t even public? Playing with L2 solutions like this is just too outrageous.

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The entire timeline of the incident feels a bit strange. The alternate list is really a good cover.

Privacy Layer 2 project faces significant risks? Founder’s background raises many questions

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