CryptoMines recently announced that the project will completely shut down due to a complete loss of confidence in the project by the community. FUD spread throughout the community and beyond that largely focused on the developers being the largest holders of ETERNAL, the game’s token. The project attempted to manage concerns but the token’s price plummeted from US$801 to US$4 within two weeks. Now, the team is proposing a complete shutdown of the game and a potential launch of a reworked version that is entirely independent of the original tokens and NFTs.
Author’s Note: People lost money and deserve answers, but they need to be the right answers. There are endless rumors floating around including accusations of a rug pull. At this time, there is no concrete evidence that indicates the team acted maliciously. If new information comes to light this article will be updated. I personally lost value on this project, but I’m not going to accuse the team of malice because of the volatility and opportunity for outside manipulation that is inherent to all blockchain projects, especially the growing and experimental space of blockchain gaming.
CryptoMines was a promising game that focused on mining planets for ETERNAL every 24 hours, with better fleets generating more of the game’s token. However, FUD (Fear, Uncertainty, Doubt) spread throughout the community and completely destroyed the token’s value. The core message was uncertainty about the number of tokens held by the developers, but plenty of other rumors has entered the narrative at this point.
At the time of this writing, the price of ETERNAL is US$4.90, a 99.4% drop from the $801.59 all-time high that was only 13 days ago (all data per CoinMarketCap).
Multiple announcements were made in the project’s Discord, Twitter, and Medium to attempt to quell the fears and stabilize the price. As summarized in a story from BSC News, the official responses to the FUD from the developers focused on three points:
- The developers are indeed the biggest ETERNAL holders, but they promise not to sell in a way that would negatively impact the community
- Prices can be impacted by larger traders working together to drop the price in order to buy more when it’s lower
- The smart contract for the game has received multiple audits and there is no evidence of exploitation
The above article (and the explanations it discusses) is from December 3rd before the project announced it would shut down.
The Development Team Proposes a Reworked and Independent Game
It was not encouraging to see the subheading “What happened to CyptoMines?” when I came across the team’s Medium post on Twitter.
The post reiterated many of the points that we already talked about and the community had heard for the week prior. However, this post was the first time that I saw the admission of a game design flaw that perpetuated the issue. The direct quote is:
“In this way, we could…
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