Guide - When a Project Rugpulls
This guide will help people who have fallen victim to their wallet being drained. The aim is to maximise the potential opportunity for a recovery
Last updated
This guide will help people who have fallen victim to their wallet being drained. The aim is to maximise the potential opportunity for a recovery
Last updated
To Request an IOC Investigation into a rugpull, all victims should report it using the Google Form below!
Depending on the value of the rugpull and the number of victims involved we may be able to garner the attention of law firms to support, following a formal investigation.
Responding to a rugpull can be a challenging situation, but with a clear plan and the support of the community, you can take steps to address the issue effectively. Here's a simple step-by-step guide on what to do in the event of a rugpull, including rallying support for an investigation:
Once a rug pull has taken place, it is important to gather as much information about the founders and developers as possible including, emails, numbers usernames, photos, wallet addresses and identifying information like places they live, age, website links, account information
Stay Calm and Gather Information: Upon discovering the rugpull, it's essential to remain calm and gather as much information as possible about what has happened. This includes documenting any communications, transactions, or suspicious activities related to the rugpull.
Initial Shock and Outreach: As a victim of the rugpull, the initial shock and confusion may be overwhelming. However, reaching out to other affected community members is crucial. Start by posting about the incident in community forums, social media groups, and Telegram channels to connect with other victims.
Creating a Dedicated Communication Channel: The official channels may shutdown or become overrun with scams. Recognising the limitations of existing communication channels, consider creating a dedicated communication platform specifically for victims of the rugpull. This could be a Discord server, a private Telegram group, or a forum where victims can share information, provide mutual support, and coordinate efforts. You may use the IOC Telegram for this very purpose:
Proceed with caution - Scammers will infiltrate your newly formed back channel because they know that many people are vulnerable. They will pose as ethical hackers or even the team (sometimes even through the official communications channels of the project). Project refund efforts are often scams, especially when they require a significant payment up front.
Establishing Trust and Solidarity: Building trust among the affected community members is vital. Emphasize solidarity and the shared experience of being victims of the rugpull. Encourage open dialogue and support for one another during this challenging time.
Rallying Support for Investigation: Within the dedicated communication channel, rally support for a thorough investigation into the rugpull. Encourage victims to share any relevant information, such as transaction details, screenshots, or suspicious activity they observed. Emphasize the importance of collective action in holding the perpetrators accountable.
Investigations take weeks and sometimes months to compile. An official investigation by IOC may require funding through donations, to compensate our investigators for the time they've committed to the cause.
Seeking Legal Recourse: If the rugpull involves significant financial loss or criminal activity, consider seeking legal recourse. Encourage affected community members to explore legal options, including collective action or filing complaints with relevant authorities or regulatory agencies.
Fostering Resilience and Recovery: Despite the challenges posed by the rugpull, emphasize resilience and the potential for recovery. Provide emotional support, resources, and guidance to help community members navigate through the aftermath of the incident. Together, focus on rebuilding trust, learning from the experience, and moving forward stronger than before.
Remember that responding to a rugpull requires patience, collaboration, and resilience. By working together as a community and taking proactive steps to address the situation, you can minimise the impact of the rugpull and emerge stronger than before.
Report a rugpull to IOC by sharing your story and information here. Once we've collected enough data to warrant an investigation, we'll announce the next steps
