Analyst: Hello, a project on X Layer, is suspected of absconding with funds (402 error).

According to analyst AB Kuai.Dong's post, the X Layer project Hello 402 appears to have absconded with funds. The team raised $300,000 during its initial public offering (IPO), but only used a portion for liquidity, causing the price to plummet. The community has also revealed that the project's contracts contain a backdoor granting developers unlimited minting privileges. Currently, the project team has disabled comments and is questioning the blockchain's stakeholders.