TechFlow news, November 11 — Crypto KOL AB Kuai.Dong posted on social media stating, "Hello 402, a project on X Layer, is suspected of an exit scam. The team raised $300,000 during the public minting phase but only allocated part of it to liquidity, causing the price to collapse.
Additionally, the community has revealed that the project's smart contract contains a backdoor allowing developers unlimited minting privileges. The project team has now disabled comments and is counter-accusing parties related to the blockchain."
In response, OKX stated that Hello402 was independently developed and operated, but after minting, associated addresses engaged in concentrated selling and rapidly drained liquidity, severely damaging user trust. OKX has demanded that Hello402 immediately disclose its contract details and fund flow, complete refunds, and provide a responsibility statement. X Layer will continue tracking on-chain evidence and reserves the right to take legal action, remaining committed to protecting user interests and ecosystem security.
