Akio NFT Project Falsely Claims $5 Million Funding Round
On September 24, the Akio NFT project announced a $5 million seed round led by Pantera Capital. The claim appeared on Akio’s social media account X. Pantera partner Franklin Bi quickly denied the announcement, stating, “Pantera is not an investor in this.”
The announcement also named Nvidia Ventures, Hasbro Ventures, AMD Ventures, and others as investors. None of these firms have confirmed any investment in Akio. After the denial, Akio reportedly blocked Franklin Bi on X.
Verifying Funding Announcements
This incident highlights the need for careful verification of funding claims. Legitimate rounds are usually confirmed through official press releases or investor channels. Social media posts alone are not reliable proof.
Investors should check the alleged backers’ official websites and portfolios. For example, Pantera Capital’s site shows no mention of Akio. Absence from an investor’s portfolio is a warning sign.
Steps for Investor Due Diligence
- Trust Official Sources: Look for announcements on venture capital firms’ websites, blogs, or verified social media accounts.
- Verify Investor Portfolios: Confirm the project appears in the backers’ official investment lists.
- Seek Independent Confirmation: Check reports from reputable crypto news outlets that verify the funding round with involved parties.
False funding claims harm project reputations and damage trust in the crypto industry. They can also mislead buyers and inflate token or NFT prices temporarily. The Akio case serves as a reminder to approach such claims with caution in this largely unregulated space.
