BullX Exit Scam or Market Competition? The Continual Rug Pull of Trading Bots Post-Meme Exodus
The lesson from last November's Dexx rug pull, which led to over 1,000 people losing over $21 million, is still fresh in memory. Today, there is once again rapid spread of a post in the community speculating that the team behind another flagship trading platform, BullX, may be planning an exit scam. But is all this another rug pull or a business warfare-style "FUD"?
Do You Remember BullX?
BullX is a Dex trading platform that supports multiple chains such as Sol, Blast, Base, BSC, TRON, ARB, and more. Since its official launch in May last year, BullX quickly captured the market with its user-friendly trading UI, a high 30% trading rebate, and expected airdrops. It has long held the top three positions among desktop trading bots and has attracted nearly 1.4 million registered users to date, generating $185 million in transaction fees.
In February this year, it even surpassed the established trading bot Photon to become the market leader, until the YC-funded Axiom began to rise, leading to a market trend of three-way competition.
Origin of FUD
On-chain Degen @Nuotrix posted a tweet on social media X titled "BullX team's likelihood of exit seems 80%." The tweet has already been read by 300,000 people, sparking community discussions.
He presented four pieces of evidence to support his view: the CEO deleted his Telegram account, the customer service team disappeared, high-income referral links were removed, and due to the team not replenishing the treasury, invite rewards could not be claimed.
CEO's Deleted Telegram Account Suspicion
Unfortunately, most of the evidence provided is chat records with others and lacks concrete proof. This has also raised doubts in the comment section. Yelo clarified the CEO's deletion of the Telegram account, stating that the account was likely reported multiple times in a short period, causing it to be banned and shown as deleted by Telegram.
Customer Service Team Gone Missing
Regarding the customer service team, community members have mentioned that the customer service team on the Discord channel is supposed to be available 24/7. However, based on a screenshot shared by @Nuotrix, the customer service team has not responded since March. To verify this claim, someone else reached out using the same channel and received a prompt response.
Unable to Claim Referral Rewards
When community members attempted to claim their referral rewards, they discovered that the reward claiming function was working as intended. Nuotrix mentioned that those who used to earn $10,000 daily from BullX through referrals had their referral links removed to stop payments. Additionally, those currently earning $2,000-$3,000 daily are receiving less than the expected amount. Nuotrix provided some evidence from Discord discussions to support this claim.
The Younger Generation Pushing the Older Generation Forward
Despite Nuotrix's inconclusive evidence, since BullX's article on February 10 regarding resistance to third-party Chrome extension integrations, the official team has not made any social media posts. The lack of tweets for two months and the current widespread FUD sentiment are concerning. Regardless, ensuring the security of funds is a top priority. Consequently, BullX's user base has plummeted from over 25,000 to just over 300 users, and the transaction fee revenue has dropped from $250,000 to $8,000.
As trading bots have become one of the "most needed" applications in this cycle, more similar products are emerging in the market. Later entrants tend to "roll" over the earlier ones in various aspects. After enjoying a period of prosperity, the earlier entrants may fall behind due to product fatigue, as evidenced in this FUD event, such as the highly publicized invite code incident of the trading bot supernova Axiom.
Whether the rumors of BullX's "exit scam" are true or not, in today's increasingly competitive trading bot landscape, user trust and platform transparency are crucial. For retail investors, while pursuing high returns, it is important to remain vigilant, diversify risks, and protect their assets. BlockBeats will continue to track this story.
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