First scam on TRON’s DeFi? Project disappears with $2 million

  • TRON Supernode (NODE) has been marked as a scam after shutting down its communication channels.
  • The smart contract on TRON still holds the funds that are allegedly part of the scam.

An Ethereum community member known as “cyber_hokie” has reported a possible scam on TRON’s DeFi platform JustSwap. According to the user, the TRON Supernode (NODE) project was listed on the TRON platform last week, as the “first DeFi token” built on the TRON blockchain by Tron Supernode. The project had a total supply of 100 million NODES and a total value locked (TVL) of $2 million, as Cyber_hokie reported:

So apparently one of the first whitelisted (yeah that’s a thing) DeFi projects on TRON / JustSwap, TRON Supernode, exit scammed last week and took $2m+ in TX (56m+) with them. Vanished completely. Shut down twitter, telegram, and their site. But… they were approved!

The Ethereum community member stated that the exit scam has received little media coverage. He also expressed curiousness to see what the repercussions will be for the TRON Foundation because of their involvement in adding the project.

However, one user responded to cyber_hokie accusations by stating that the approval by the TRON Foundation’s list is “just a list”. Therefore, the risk of fraud is no different than that presented by other platforms such as Ethereum. Cyber_hokie responded as follows, claiming that TRON’s Foundation’s “strict review” does not meet its objective:

So what your saying is, “fake” tokens has no meaning in Tron, as the determination of whether something is fake or not is whether it has volume and makes Tron / JustSwap look good? Why bother having a whitelist at all then?

Is TRON Supernode a scam?

TRON Supernode could be the first scam of the nascent DeFi ecosystem on the platform. The project offered significant daily rewards to its users of 4.5% and 7.5% for NODE token holders. Data from the and user reviews show that the platform only had 1 of 5 stars, and since the fraud reports, has lost an important number of users and transaction volume, as shown below.



Additional data from TRONSCAN shows that, at the time of publication, the funds reported by the Ethereum community member remain locked in the smart contract. One user commented that the platform is preparing to make a relaunch at the end of the month.

However, the TRON Foundation has removed the project from its approved list. The reason given is “insufficient liquidity”. However, the likelihood of a TRON Supernode-related scam scheme is high. The TRON Foundation has set up a channel for reporting fake tokens or suspicious scam projects. Users can use the email address to make their reports.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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