Sui-based NemoSwap’s investors deny involvement in $3M seed round Sui-based NemoSwap’s investors deny involvement in $3M seed round
NemoSwap had deleted the statement about its $3 million seed round and locked comments on its official Twitter page.
2 min read
Updated: Jun. 23, 2023 at 10:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
NemoSwap, a Sui-based decentralized exchange, misled the public about investors in its project as two investors named in its $3 million seed round have distanced themselves from the project.
In a now-deleted statement, Nemoswap claimed it completed a funding round led by Node Venture. The DEX added that the round included nine other investors like Tally Capital, Pithia, Mythos, CryptoSlate, Olymp Capital, and Signum Capital.
However, CryptoSlate and Signum Capital have publicly denied any involvement with the project. On June 8, CryptoSlate warned the community about the project, adding that they had never heard of it.
CryptoSlate CEO, Nate Whitehill, corroborated the tweet. Whitehill said:
“They blocked us on Twitter after we called them out and I sent them a DM telling them to remove us from their site and mentions.”
Signum Capital also stated that it was not associated with the project.
NemoSwap had deleted its statement about the funding round as of press time. The project is currently holding an Initial Dex Offering, and its website showed it had raised 1.5 million SUI tokens, worth $1.125 million, as of press time.
Inactive investors
Other firms listed as investors in the project are either nonexistent or inactive. Pithia was last active on Twitter in 2019, and CryptoSlate’s search of its LinkedIn page showed it has only one employee, Navneet Suman, who acts as its managing director.
Additionally, CryptoSlate could not confirm NemoSwap’s claim of interviewing Pithia’s CFO, Jonathan Swalser. Pithia’s official website showed its managing director as the only member of its team.
Other named investors, like Tally Capital, have a website that provides no information, and its Twitter page was last active in 2021. On the other hand, Olymp Capital’s Twitter account was last active in April 2022.
CryptoSlate could not confirm if Node Venture invested in the project. We also could not confirm if it partnered with all of the projects listed on its website as they were yet to respond to a request for comment as of press time.
Is NemoSwap a fraud?
A June 8 Twitter thread from Global Crypto Hub labeled NemoSwap as a fraud. According to Global Crypto Hub, the project’s website was registered under the same domain by the team behind Suiswap.
Global Crypto Hub said the project failed to provide any information about its team and claimed that this was for confidential reasons.
Attempts to reach the NemoSwap team have been futile. Invitations to its official Discord account have been paused, and the project has locked its comment section on Twitter.
Meanwhile, Global Crypto Hub said NemoSwap chose to mute all its ambassadors and kicked out a user that asked questions.
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