ApeSwap and the scam to ApeBond, buyer beware

What I have for you guys today is a cautionary tale, one I am in talks with ZachXBT, an internet crypto sleuth, to open up a little more. TLDR at the end.

Back in the previous bull an exchange known as ApeSwap on the BNB smart chain had their flagship coin $BANANA reach an all time high of roughly $10 with a solid presentation, very healthy TVL of 250+ million in marketcap, and a very healthy social media presence.

Well as most coins fates would have it in the bear market, Banana came crashing down to $.01 a coin, a 99.9% drop. This alone is usually a red flag of foul play but doesn’t entirely condemn a team to becoming a scam, but what the team at ApeSwap did next was criminal.

ApeSwap decided that a “new coin was needed”, one with “better possibilities and tokenomics”. The scam was simple, offer the shortest migration window possible to not instantly raise legal questions, one of 2 months, this would allow them a leg to stand on in a legal battle but also offload any heavy heavy long term investors who did not meet this migration window. Furthermore with a plan to shrink supply and carry the lost TVL over to the new coin for a quick boost in-value, ApeBond decided that anyone who missed this 2 month window was on their own. This led to their $BANANA coin diving another -99.9% on the final day, thus locking long term investors who had waited the bear out with them and that had not checked their site in this 2 month window, out on their own with bags full of worthless $BANANA fueling their new coin.

The team has since seized all control of their subreddits and twitter accounts to keep comments down as much as possible as well. This will allow them to slowly exchange as much of the new ApeBond token formally known as $BANANA in to BNB where they will perform their last -99.9% rugpull and leave the rest of whom is left, out.

Its important to mention that migrations are not unheard of in crypto and sometimes can be extremely useful. However what is normally done is that the migration is done automatically to avoid such possibilities of leaving investors dead in the water and bringing a bad reputation upon themselves to future investors.

TLDR, Apeswap gave a short migration window to long term holders in hopes to catch sleeper wallets missing their window to migrate and use their lost supply to inflate their new coin, locked their subreddit an profited.