Cryptocurrency

Space Crypto (SPE) to USD Chart

2022-02-23 [vendor] Space Crypto tokenomics flop [chain] bsc
Primary Source ↗
Blockchain(s) Bsc

Incident Details

Space Crypto, a play-to-earn game that launched on February 15, announced on February 23 that users wouldn’t be able to withdraw all their reward tokens, as expected. Without previously informing investors, they decided that players won’t be able to withdraw the necessary amount of reward tokens ($SPE) to repair all their ships, essentially locking everyone in to artificially extend the game’s life. They also decided that the token exchange rate would be 5 in-game tokens = 1 $SPE (also not specified in the whitepaper), essentially hiding the true amount of in-game currency needed for positive return on investment. The community was fairly universally enraged, and the $SPE token price dropped in value by 93% after the announcement.

Technical Details

Vendor / Product
Space Crypto tokenomics flop

Timeline

  1. 2022-02-23 Breach occurred
  2. 2022-02-23 Publicly disclosed