Last November, the lessons learned from the Dexx incident, which caused over 1,000 people to lose more than $21 million, are still fresh in our minds. Today, there are again posts circulating in the community about the possibility of the BullX team "running away," raising the question of whether this is another incident of collapse or just a commercial war-style "FUD."
Do you remember BullX?
BullX is a DEX trading platform that supports multiple chains including Sol, Blast, Base, BSC, TRON, and ARB. Since its official launch in May last year, BullX has quickly captured the market with its user-friendly trading UI, a 30% high trading rebate, and expectations of airdrops. It has long held a top three position among desktop trading bots, attracting nearly 1.4 million user registrations and generating $185 million in fee revenue.
In February of this year, it even surpassed the established trading bot Photon to become the market leader until Axiom, backed by YC, began to rise, leading to a three-way competition in the market.
Cause of FUD
On social media platform X, on-chain Degen @Nuotrix posted a tweet titled "The possibility of the BullX team exiting looks like 80%." This eye-catching statement has garnered over 300,000 views and sparked heated discussions in the community.
He presented four pieces of evidence to support his viewpoint: the CEO deleted his Telegram account, the customer service team has disappeared, high-earning referral links have been removed, and the team has not replenished the treasury, making it impossible to claim referral rewards.
CEO's Telegram Account Deletion Doubts
Unfortunately, most of the evidence consists of conversations with others and lacks actual proof. This has raised doubts in the comments section. Yelo clarified that the CEO's deletion of his Telegram account was due to it being flagged; if an account is reported en masse in a short period, Telegram will ban the account and display it as deleted.
Customer Service Team Disappearance
Regarding the customer service team, some community members stated that the customer service team in the Discord channel is online 24/7. However, in @Nuotrix's screenshot, the customer service team has not responded since March. To verify, someone used the same channel to inquire and quickly received a response.
Referral Rewards Cannot Be Claimed
After the community attempted to claim their rewards, they found that the reward function was operational. Nuotrix indicated that he was referring to the deletion of referral links for those earning $10,000 daily from BullX to stop payments, while those earning $2,000-$3,000 daily found that the amounts they could claim were less than displayed, along with some discussions in Discord.
New Waves Push Out the Old
Although Nuotrix's evidence is not clear-cut, since BullX published an article on February 10th opposing third-party Chrome extension integration, the official account has not tweeted again on social media. Two months without a tweet, combined with the widespread FUD sentiment, has raised concerns. Regardless, ensuring the safety of funds is paramount, leading to a drop in BullX's user count from 25,000 to just over 300, and trading fee revenue plummeting from $250,000 yesterday to $8,000.
As trading bots become one of the "most needed" applications in this cycle, more similar products are emerging in the market, with newcomers competing in various aspects against the predecessors. After experiencing a period of benefits, the earlier players may struggle to keep up with the times, as evidenced by the frequent mention of the invitation code for the rising star Axiom in this FUD incident.
Whether the rumors of BullX "running away" are true or not, in today's increasingly fierce competition in the trading bot field, user trust and platform transparency are particularly important. For retail investors, while pursuing high returns, it is essential to remain vigilant, diversify risks, and protect their assets. Rhythm BlockBeats will continue to follow this matter.
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