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    Blockchain Health Platform WELL3 Faces Controversy Over Token Launch

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    Blockchain Health Platform WELL3 Faces Controversy Over Token Launch

    WELL3, an innovative system utilizing blockchain technology designed to give users control over their health data, is now under fire due to allegations of a scam involving its cryptocurrency, $WELL.

    Empowering Users with Health Data Control

    WELL3 aims to revolutionize the way health data is managed. Traditionally, companies hold and control health data, but WELL3 puts this power back into the hands of users.

    By sharing selected health information, users earn WELL tokens, the platform’s digital currency, which can be used for various benefits within the ecosystem.

    How WELL3 Works

    • Data Ownership and Rewards: Users control their health data and earn WELL tokens by sharing it.
    • Earning WELL Tokens: Tokens can be accumulated through sharing health data, using the platform’s fitness tracker, and participating in the WELL3 ecosystem.
    • Utilizing WELL Tokens: Tokens can be used to earn rewards for sharing data, pay for services, access exclusive features, and participate in platform governance through voting.

    Controversy Surrounding $WELL Token Launch

    Despite its promising features, WELL3 has come under scrutiny due to allegations of a scam involving the $WELL cryptocurrency.

    Allegations of a Scam

    WELL3 announced that their WELL token would be listed on popular exchanges like Bybit, Bitget, and Gate.io on July 3rd, 10 AM UTC.

    Most WELL tokens (71%) are reserved for community benefits and will be gradually unlocked over two years to maintain system stability.

    However, during the token release, the team was accused of conducting a “rug pull” scam, a fraudulent act where developers hype a project and then abandon it after taking investors’ money.

    Key Accusations

    • Rug Pull Accusation: Twitter user @graildoteth accused Keungz, CEO and Co-founder of WELL3, of orchestrating a rug pull during the $WELL launch.
    • Token Dumping: @graildoteth suggested that a supposed “last-minute loophole” delayed token claims, potentially hiding that developers were selling millions of tokens on exchanges.
    • Community Betrayal: Keungz is accused of betraying the community by cashing out before the token’s value dropped.
    • Pre-claim Token Sales: Another tweet by @maverick23NFT highlighted that a significant amount of $WELL tokens were sold before the community could claim theirs, suggesting possible foul play by those with access.

    Response from Keung

    • Keung responded to the accusations with the following points:
    • Apology for Delay: He apologized for the delay in token claims but assured users they haven’t sold their own tokens.
    • Clarification on Market Cap: He disputed claims of a $3.36 trillion market cap, stating it was an error.
    • Questioning Evidence: He questioned the legitimacy of photo evidence suggesting large-scale token sell-offs.

    While Keung’s response attempts to address the accusations, many in the community remain skeptical and disappointed.

    They feel betrayed by the handling of the $WELL token launch and are critical of his explanations.

    The situation is marked by conflicting claims and requires further evidence to reach a definitive conclusion.

    For more Web3 news, check out the XGA newsfeed.

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