In summary,
The community appears to be experiencing a backlash over allegations that Bio Protocol is scamming users through airdrops and presales.
In its announcement, Bio Protocol stated that all BIO token airdrops and presales are fake and not associated with the project.
The community has expressed mixed reactions to the project’s handling of the situation.
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Multiple users have fallen victim to airdrop and presale schemes falsely claiming association with Bio Protocol. However, the project has issued a denial.
A Superficial Warning from Bio Protocol?
As previously reported by BeInCrypto, Bio Protocol recently launched on Binance. On its first day, the project achieved a billion-dollar market capitalization. However, amidst this success, the community appears to be experiencing a backlash over allegations that Bio Protocol is scamming users through airdrops and presales. This has prompted the project to issue a warning on its X platform.
In its announcement, Bio Protocol acknowledged awareness of BIO token airdrops and presales in the market. However, they asserted that all BIO token airdrops and presales are fraudulent and not affiliated with the project. Yet, this doesn’t seem to be the root of the issue.
According to BeInCrypto’s findings, scammers exploited the company’s name to promote a program promising rewards to participants. It appears that many unsuspecting investors fell victim to this scam and subsequently contacted Bio Protocol.
What sparked the community backlash is Bio Protocol’s initial silence regarding these reports. Only when outrage reached a fever pitch did the project address the issue with a single tweet on X, denying any involvement with the program.
This delayed response has raised questions about the company’s communication and crisis management strategies. Critics have even suggested that the project should consider compensating victims or refunding presale participants instead of issuing a superficial warning. However, opposing views emphasize the importance of investors conducting their own research (DYOR) and taking responsibility for their investment decisions.
What do you think Bio Protocol should do in this situation? Share your thoughts and join the discussion in BeInCrypto’s Telegram group.
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