DuckDAO
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DuckDAO

PSA: Toxic Projects and Manipulators (Kingspeed.io)

At DuckDAO, we always do our best to deliver value to both projects and investors. Whether this is through advisory and marketing, or by providing an opportunity for the latter the outcome is the same. Creating value is our goal and this has been the cornerstone of many of our long-standing partnerships. Given enough time, we have great relations with projects and companies that focus on creating value.

However, this is not the only school of thought in crypto.

Some out there believe that if you are able to extract value from others, you should do so without a second thought. Unfortunately, as it may be, we have seen more and more of these types of projects come to light. Projects and teams engage with communities only to get that initial boost of energy and momentum, who quickly forget the help and support of other individuals and companies.

One of these projects is KingSpeed.io, an upcoming play-to-earn blockchain game whose team is willing to extract marketing and awareness from communities, only to then back away after they have received the value they wanted, a truly poor business attitude. Equivalent to theft in the marketing world.

What we delivered to the project was over 300 original and unique tweets through our ducks, reaching more than 70k accounts on Twitter with their messages and helping their awareness campaign and overall marketing reach.

What they promised was an extremely small private sale allocation for our ducks, a fairly standard trade in our industry.

What we got is a request to cancel the IDO and then even refund the SAFT. What enabled them to do this was a clause in their SAFT agreement, which states that the seller can refund at any time, for any reason. This was a red flag that we did not see on time, but we are hoping that through this article we will be able to raise awareness about the dangers of these types of parasitic projects and how they incorporate clauses in their contracts to enable them to do this with impunity.

“[…] CANCELLATION; REFUSAL OF PURCHASE REQUESTS

X.1 Your purchase of KSB Token (whether through an intermediary or otherwise) from the Seller is final, and there are no refunds or cancellations except as may be required by applicable law or regulation, and you waive any rights to be refunded any amounts which you have paid to the Seller in exchange for KSB Token or to cancel any purchase.

X.2 Notwithstanding the foregoing, the Seller reserves the right to refuse or cancel any request(s) to purchase or purchases of KSB Token (as the case may be) at any time in the Seller’s sole and absolute discretion (without giving reasons). […]”

These projects are difficult to identify, but you will always know them by the end of whatever story you are involved in with them. They will make themselves known by their actions and decisions.

How to recognize these projects?

Photo by Louis Hansel on Unsplash

One of the first signs pointing to these toxic projects is arrogance. The team leaders are extremely self-confident and not in a good way. They think they know everything and are not afraid to hurl insults and even threats to silence any opposition. They don’t look back to apologize or to admit they’ve said anything wrong.

In their eyes, you are either with them or against them. You will either help them win or they will make sure you lose. However, please note. Helping them win, does not mean that you will also win, especially if they have some leverage over your situation, which they will use with impunity to discard you after they’ve extracted value from you or your project.

For them, you are a one-use-only product, nothing more, nothing less.

Photo by Charles Forerunner on Unsplash

If you suspect you are dealing with this type of partner in crypto, achieving a win-win relationship is going to be near impossible. So, the next best thing is to identify and answer the question “Are we dealing with a toxic parasite?”

The easiest way to test for this is to request something be done for you, on your behalf. This is especially effective at understanding your position in relation to a specific project. Do they care enough to help you? Do they care enough to tell you why they can’t or won’t help in that specific situation? Or will they ignore you or say yes and come up with excuses later on?

These toxic projects will promise everything and deliver nothing, so they can be extremely dangerous if people trust in them. One of these toxic projects is KingSpeed.io, which recently abused DuckDAO and the DuckDAO community to gain marketing support in exchange for presale allocation.

We lived up to our promise, but they decided to refund our community after extracting so much value from us. We don’t see them being more considerate to other partners or public investors either. From this project, we have endured threats, insults, and childish games.

We don’t see how they will succeed in this business if they continue this toxic behavior, but nonetheless, we wish them to see the error of their ways, seek therapy, or in general lose to market forces after they inevitably screw up.

This has been a public service announcement brought to you by DuckDAO and is intended for all of our community and partners to gain awareness of the business practices of KingSpeed.io.

Find Out More About DuckDAO🐥

DuckDAO is a community-backed digital asset incubator that provides promising early-stage crypto startups with the expertise, financial resources, and marketing power needed to fast-track their progress on the path to success.

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Zoran Spirkovski

Zoran Spirkovski

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