How DeRace Rug Pulled and Scammed its Investors Twice in 2021

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DeRace is a rug pull. It is a scam. People behind this project rug pulled its investors twice. The first fraud happened on August 3rd, 2021. The second DeRace rug pull happened on September 3rd, 2021.

How DeRace Rug Pulled and Scammed its Investors Twice in 2021 1

In this article, I gathered screenshots from their Telegram group before the admin banned my account. Thankfully, I have accumulated enough evidence to prove that DeRace is a scam.

Investors beware of DeRace and its DERC token. Please read our review on DeRace before investing your hard-earned money in this scam virtual NFT horse racing game.

DeRace Rug Pulled for the 2nd Time Around

After pumping the DERC token’s price for several days, DeRace developers rug pulled again. This time, they dumped 7,200,000 tokens.

How did they do it?

Thankfully, the blockchain provides credible evidence of their fraud. Let’s follow the trail.

  1. Derace Deployer sent 7,560,000 to address 0x45166749c271f0688f624f6c1e897ad14b8bf6d7 on August 3rd, 2021. Click this transaction 1 and transaction 2.
  2. 1,800,000 tokens were moved to 0xdd571023d95ff6ce5716bf112ccb752e86212167 on August 3rd, 2021. Click this transaction.
  3. 5,760,000 tokens were moved to 0x2fd602ed1f8cb6deaba9bedd560ffe772eb85940 on August 3rd, 2021. Click this transaction.
  4. Wallet 0x2fd602ed1f8cb6deaba9bedd560ffe772eb85940 (see no.3) moved 5,760,000 tokens to address 0x2708cace7b42302af26f1ab896111d87faeff92f on September 3rd, 2021 at 10:04 PM UTC. Click this transaction.
  5. Address 0x2708cace7b42302af26f1ab896111d87faeff92f dumped 5,760,000 tokens for $13 million on September 3rd, 2021 at 10:07 PM UTC. Click this transaction.
  6. Wallet address 0xdd571023d95ff6ce5716bf112ccb752e86212167 (see no.2) move 1,440,000.8 tokens to 0x2708cace7b42302af26f1ab896111d87faeff92f on September 3rd, 2021 at 10:54 PM UTC. Click this transaction.
  7. Address 0x2708cace7b42302af26f1ab896111d87faeff92f dumped 1,440,000.8 tokens for $3 million on September 3rd, 2021 at 11:47 PM UTC. Click this transaction.

Still not convinced that DeRace is a rug pull? They are scammers. They are now millionaires out of your investments.

To summarize what DeRace rug pullers did, they minted 7,560,000 tokens in one address on August 3rd, 2021. On the same date, they split these tokens and sent them to two wallet addresses ending 2167 and 5940. DERC tokens were then moved to wallet address ending f92f on September 3rd, 2021. On the same date, these tokens were dumped.

DeRace Rug Pull Scammers developers’ team blamed it on the hack. Perhaps a hack initiated by the team? An inside job or whatever they call it?

Granting that it’s a hack. Would you trust your investments in a less secure project like DeRace? Of course not.

However, evidence suggests that DeRace is certainly a rug pull.

They currently pumping the price now and preparing for 3rd round of rug pull. If you still have an investment with them, dump it now ASAP.

Below are screenshots taken from their telegram I gathered before and during listing when they started rug pulling, pumping, and dumping scheme during the first round of fraud on August 3rd, 2021.

A rug puller is always a rug puller. A scammer like DeRace will always be a scammer.

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DeRace Rug Pull on August 3, 2021

Below are the screenshots I took in DeRace Rug Pull telegram group. These pictures include how they lied on the listing price, developers pumping and dumping tokens, unlocked liquidity pool, and many more.

On Listing Price

Devs are Dumping Tokens

Developer Becomes Top Holder Wallet

Liquidity Issues

Bot Trading

Other Issues

DeRace Rug Pull and Scam Conclusion

DeRace is a rug pull. It’s a scam. This project scammed its investors twice. First on August 3, 2021, at the time of listing in exchange and the second time happened on September 3, 2021, where a developer dumped their minted tokens for $16 million.

DeRace has put so much money in marketing to pump the price. Yet, it could not even provide a short clip of its game under development.

DeRace is certainly a rug pull.

Anytime the next rug pull could happen as soon as the price starts to rise. So, beware! Dump your tokens now or else you’ll all your investments in this project.

I wish those evidence will convince you to stay away from DeRace. It’s a scam. If you are still not convinced that DeRace is a scam, I suggest you read my DeRace review.

I hope you found this article useful. Please forward this post to anyone you know in order to prevent them from becoming the next victim of this scam project.

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