In 2023, numerous cryptocurrencies have seen their values multiply, with significant gains for those who invested at the right time. Bitcoin is currently struggling to maintain a price of $42,500, while a popular altcoin that has increased 30-fold this year has issued a warning. This raises the question: What does this warning entail?
Bitcoin ordinals have attracted considerable attention this year, leading to a surge in network activity and slowdowns across various blockchains, including LTC, AVAX, and DOGE. Injective (INJ) network is now expected to introduce similar assets, causing excitement among investors. INJ Coin has increased in value by over 30 times this year, and the INJS team has initiated a minting process due to the rising enthusiasm for inscriptions.
Despite initially supporting the minting process, INJ Coin’s official account has recently issued a warning advising investors to exercise caution with the INJS team. The warning states, “Please stay away from these events. Do not participate in the INJS minting process. The team is not acting honestly and is requesting a minting fee that goes to an unverified wallet.”
Investors are aware that initiatives that receive a “red card” from the main team are unlikely to succeed. It may be beneficial for those unwilling to risk the minting fee to steer clear of the project. Amidst the controversy, the INJS team has made a statement acknowledging their unlikely success against the community and official team’s stance.
Following INJ Coin’s announcement, the INJS team decided to refund all funds after listening to the community and consulting with the Injective team. They plan to relaunch with a free event and are currently collecting transfer information to initiate the refund process soon. INJ Coin’s price dropped to $37.4 following these developments and a pullback in Bitcoin’s price. Investors should closely monitor official network accounts and avoid fraudulent schemes, as skepticism in the crypto world can sometimes prevent financial gains but often protects from losses.
