Two small token projects — NUGS and NEXE — appear to have exit scammed shortly after listing on Uniswap


Two small token projects — (NUGS) and Nexeum Protocol (NEXE) — appear to have exit scammed shortly after listing on DEX protocol Uniswap.

Nugs, a Chinese project, blamed the move to "a smart contract bug." In its official Telegram channel, Nugs today said, its smart contract is now "beyond repair."

Nugs token was designed to be "a fun escape," according to its website. The token supply was set at 420 million, and the daily lottery was supposed to be held at "04:20 china standard time," per the website.

The website goes on to mention that NUGS "should not be considered an investment." However, several users appear to have invested in the project, according to Twitter posts. One user, for instance, said that they "threw a few hundred bucks at it... hoping to buy a new car in 2 days time," referring to reaping quick gains.

NUGS got listed on Uniswap yesterday and apparently saw its price jump 20% before falling out completely. Another token project, NEXE, also appears to have exit scammed shortly after listing on Uniswap. The project's social media accounts have also been deleted.

It is worth noting that anyone can create a token and list it on Uniswap, given the protocol's decentralized nature.

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May 5, 2022, 3:17PM UTC