In today’s YIYL, we decide to use a loveable part of our youth and turn it into another scam. We are all familiar with Pokemon, the brand is well known around the world and with huge brand recognition and a fan base, certain scamcoiners thought it would be a good idea to create a DEFI platform leveraging the name.
PokemonFI is one of a potentially long line of P2E scams that will eventually fall flat, because they focus so much on broken tokenomics versus actually making a game people want to play.
Since the P2E market has not yet had one big implode like a Luna event, it seems to get a pass, but with Axie already receiving a bailout to keep going, the writing, in my opinion, is already firmly on the wall.
PokemonFI is a great example of what these games will end up being having sped up the process and not pretending to actually be anything but a scam, yet it was still able to sucker in just under $1 million in profit for spinning up a website, smart contract on BSC with a token and a few social profiles.
What is PokemonFI?
PokemonFi is a blockchain-based game with its own native token and encryption technology and token economy, and Pokemon would be NFTs. If you have a look at their website, they use fancy stolen imagery and the text on the page makes zero sense.
They don’t explain how the game works, or why you would want to play it, but apparently pokemon and blockchain are enough to sell anything.
There were a few shill posts on YouTube about the game, which is laughable but then again, a YouTuber would literally shill anything at this point, just give them enough money.
A scam waiting to exit
Anyway back to the scam, PokemonFI created their own token PMF that had a supply of 1,000,000,000 PMF. According to BSC scan 655 users held this Pokemon token and probably most of them ended up being rugged.
The love for Pokemon even was enough for some users to let their guard down and the scam drew people in and secured funding to the tune of $708,000.
The token traded for a while at $0.80 cents and then suddenly on the 24th of August the token rugged straight down without any time for anyone to get out and they are all left with a useless token with no liquidity.
A memento of their stupidity now sits in these users' meta mask wallets.
The project and token launched in April but instead of delivering a product they apparently ran off with the money, the project deleted its Twitter account, though its website remained live.
This project had so many red flags it wasn’t even funny and the fact that over 600 people felt it was worth putting nearly $1 million into a blatant pokemon rip-off is beyond me.
The fact that Pokemon has had 3 crypto scam rip-offs prior to this one and it still works, just has me cringing at the level of stupid we have in this world. Some people clearly want to throw away their money.