Citizend, a token launch platform, conducted two community sales for the launch of its Citizend Token (CTND). The first sale, held in May, aimed to raise a minimum of $500k but was only able to secure approximately $283k. As this fell short of the target, the team was required to refund the participants.

Following this, a second community sale was announced, with the minimum target lowered to $50k and the maximum set at $250k. This sale ran from June 26 to July 26, and the project successfully met the minimum, raising approximately $79.7k—though this was still far from the maximum goal.

However, since July, there has been a concerning lack of communication regarding the next steps for the project, leaving investors’ funds idle for the past three months. Recently, an announcement on the Citizend Discord server revealed that Fractal ID, a major backer of the project, is no longer providing support. This raised significant concerns about what the team has been doing during this prolonged period of silence.

Frustrated by the lack of transparency, I decided to do some digging into the movement of the funds raised through the community sale. What I found was eye-opening. Follow me as we trace the path of the funds:

1. The community sale raised $79.7k USDC on the Arbitrum mainnet, with tokens transferred to the wallet address 0x85b34aa54fdf8242e4656ea50b711f45340925bc.

2. I checked whether any funds had been transferred out of this address and found that approximately $79.7k USDC was moved to another wallet: 0xe6be1a2616f764c7062184b7badaedaf430d4596.

3. After further investigation, I discovered that this second wallet is associated with Hop Protocol, a bridging service. This meant the funds had been bridged from Arbitrum to Ethereum.

4. The destination on Ethereum was the address 0xb0231c46e6e2d0091ed9b8f45a5ef42f654d2263, where the funds arrived on September 8.

5. The next day, $25,000 USDC was transferred out of this Ethereum wallet to another address: 0x3fe5ec446da46b7faa5c72232ad36bda8985d9be.

6. On October 5, another $5,000 USDC was transferred to the same address, bringing the total withdrawn to $30,000 USDC.

The full analysis with charts can be found in the analysis tab of this dashboard.

As of now, $30,000 USDC has been removed from the wallet, leaving a remaining balance of $49.7k USDC. This raises a number of important questions:

- Why were the funds bridged to Ethereum?

- What was the purpose of the two withdrawals totaling $30,000?

- Why has there been a three-month delay in project updates or developments?

- What are the next steps for the project, and how will the remaining funds be used?

The key issue here is transparency. Investors deserve clear communication about the status of the project, especially regarding the use of funds. With three months of silence and major backers like Fractal ID pulling out, the community is left in the dark.

As the Citizend team continues to remain silent, these transactions raise serious concerns about the management of the project and its financial integrity. If the project is to maintain trust, it’s crucial that the team addresses these questions and provides a clear update on the future of the Citizend Token.

Key Points to Consider:

1. Accountability: The Citizend team needs to explain why funds were transferred to Ethereum and clarify the purpose of the multiple withdrawals.

2. Investor Trust: The lack of communication for three months is damaging to investor confidence. Timely updates and transparency are essential for maintaining trust in the project.

3. Next Steps: an official statement from the team regarding the current status of the project, the use of funds, and what’s coming next is to provided at the next community call.

Until these issues are addressed, the future of Citizend Token remains uncertain.

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