“TrueBit” apparently did a Stealth Launch – it’s either a scam, or the most needlessly sketchy launch of all time.

edit: Putting this at the top as requested – I'm not saying TrueBit as a company/technology is a scam.

This post is highlighting that the contract which launched today may be an imposter contract due to the lack of official sources commenting on/linking to the contract address, and the fact that it's just an OpenZeppelin contract, unmodified. You will get banned from the "unofficial" telegram group for pointing this out.

TrueBit's website also removed their "watch out for scams using our name" warning only days ago, verifiable via WayBackMachine.

TrueBit is trending at the top of Dext today. For anyone unaware, TrueBit is a protocol that allows for off-chain advanced computation, while returning the result for verification on main net. The short version is that this is the type of tool that allows for very complex tasks (such as ML) to run on the blockchain, while avoiding exhorbinant gas fees.

If true, it's a complete game-changer, and extremely exciting.

However, in investigating over the launch today, everything is just needlessly sketchy. Before this arrives onto the foot of "you're just fudding to get a lower entry" – I've already left, and a lower entry isn't possible due to the bounding box/"only goes up" tokenomics that are being run. Which seems like a dream! If I wasn't worried about getting the rug torn out from under me. However, the fact that the token is actually doing this to begin with was red flag #1.

I could be completely wrong on the above, and am just sharing the findings which I made below that caused me to leave. I'd honestly love to be completely wrong on this, and look forward to buying straight back in if I am.

• Contract address is 0xf65B5C5104c4faFD4b709d9D60a185eAE063276c. This is running with a simple, un-modified OpenZeppelin template.

• This is OpenZeppelin's proxy contract template, which allows the functionality to be suddenly changed.

• TrueBit's github has not had any contributions/updates on it in over 2 years, save for one "readme.md" update inside an empty repo.

• TrueBit's github link to their TrueBit OS 404's.

• TrueBit's official Medium makes absolutely no mention of any token contract. Their last post is on April 20th, where they announced their Early Access program, requesting people use their contact form if they want to start testing it.

• TrueBit's website (as per the wayback machine) used to pop up with scam alerts, warning users off fake/rugpull contracts launching under their name. This has vanished.

• TrueBit's twitter ( @Truebitprotocol ) didn't post since Jan 25th. Their last post then was announcing they went live on Main Net on Apr 26th, and did not provide any contract address. It simply linked to the medium article above.

• Searching for TrueBit on twitter reveals tonnes of accounts which are engaging in the old "follow @truebitprotocol and retweet this for a chance to win $100!"; these are all low-quality influencer accounts that are disconnected from crypto entirely. Typically these cost $100-200 (incl. giveaway prize) and are solely used to make dead accounts look more popular.

• There are absolutely no official channels for discussing TrueBit. No Telegram, no Discord, etc. There is a gitter which is mostly dead. There is one unofficial telegram group, which I was banned from for pointing out the OpenZeppelin contract in use, right before a few accounts (which were exempt from the 5min slowmode on the channel) started shouting "super bullish, fair stealth launch, private github".

• Every single video or tweet I see that is not from a low-quality "buy followers giveaways" account is from a complete nobody. I haven't found one popular/well-known person even commenting on the launch.

• The only reference I've seen is from Vitalik on EthResearch, who links to the early access Medium Article, then goes on to speak about a theoretical system that could run off a functional/complete version of a system like TrueBit's.

Again, I could be completely wrong, but the lack of official communication or popular channel presence on something this groundbreaking – particularly having rocketed to a $300mil+ mCap with extreme bot usage seen in order to set constant floors is just too massive a red flag. And obviously, the fact that 4ch threads are appearing which are full of non-stop praise for the token alongside an immediate attack on anyone who asks questions set off the second alarm bell. All of this is heavily encompassed by the token simply being an OpenZeppelin contract, with zero source from TRU's github in use.

As always, DYOR – but if anyone that's hopefully far more clued-in than me can step in and let me know how I'm completely wrong on the above and perfectly safe to jump back in with an investment, I'd hugely appreciate it.