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Alarm Bells Surrounding AxieCat NFT Scam

Posted by
Hristina Yordanova

Twitter erupts with warnings of fraud and impersonation

The NFT collectible game AxieCat supposedly is a scam, as prominent figures in the NFT distance themselves from the project. AxieCat used their names in the promotion of their product, suggesting that it’s a scam.

AxieCat is a crypto collectible game with PvP battles, advanced breeding, in-game trading, rewards, and achievements. Or at least this is how AxieCat advertises itself on social media. In the past several hours, numerous tweets have warned that this BSC-based project might be a scam.  

The game and NFT collection have raised a lot of attention across social media channels. While some users praise the project and predict huge success for AxieCats, others share that this is simply the next high-level scam, looking to cash in on its name. The name controversy comes because of the striking similarity with Axie Infinity, a top performer in both the NFT and play-to-earn sectors. In addition, the project uses familiar faces in the NFT space in its promotion.

Yat Siu, Chairman of Animoca Brands, posted a rather telling tweet this morning, asking AxieCat to cease using his photo, as neither he nor the company have anything to do with the project. 

Robby Yung, Animoca Brands CEO, also joined in, saying his name and photo have been illegally incorporated. 

Animoca Brands clearly has no affiliation with the project. However, AxieCat has unscrupulously tried to benefit from their popularity by plastering their names and pictures on their website. 

AxieCat

Another interesting moment comes from the fact that major crypto publications started launching news articles covering AxieCat. Unfortunately, most of these have already been taken down, and the only evidence of their existence is found in Google Search. Of course, the fact that articles are no longer visible might be due to a wide array of reasons and not simply because of a lack of trust in the project. 

AxieCat

What is AxieCat?

AxieCat presents itself as the next huge play-to-earn and NFT collectibles project launching on Binance Smart Chain. Designed much like other play-to-earn games, players supposedly have the chance to use their NFTs in-game and win rewards as they advance. 

All AxieCats have unique traits and battle characteristics, and the goal is to collect as many as possible to have the best team in the game. 

AxieCat

The AxieCat website also features a detailed breakdown of the tokenomics for the platform’s native token AXC. Another subtle nod to Axie Infinity, which uses the AXS token as a governance token. The AxieCat token will presumably serve as the reward token for the game as well. 

AxieCat

Security Audit

The official AxieCat website has a dedicated section that leads to a somewhat detailed security audit performed by TechRate. The company was hired by AxieCat to ensure that all smart contracts functioned as intended. The report also has to provide users with some level of reassurance that the project is not a scam. 

However, there are some things in the report that don’t really look too good for AxieCat. While the report only points out “low issues” related to GAS fees, other details catch the attention. One of these is that throughout the audit, there was only a single token holder. 

Another somewhat worrying part of the audit is that AxieCat did not provide liquidity locking details, so TechRate could not check the proper function of the game’s liquidity pools and locking contracts. 

All in all, things do not look too good for AxieCat. Especially when it comes to impersonating the CEO and Chairman of Animoca Brands. Other inconsistencies mentioned above further solidify the thesis that this is indeed a scam project. DappRadar advises all of its audience and users to carefully do their due diligence. New projects that have just launched are not always great. 

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