Decentralized exchange NemoSwap, based in Sui, has been accused of misleading the public about its investors. Two investors named in its $3 million seed round, CryptoSlate and Signum Capital, have denied any involvement with the project.

Other firms listed as investors are either nonexistent or inactive. NemoSwap has deleted its statement about the funding round. The project is currently holding an Initial Dex Offering, and its website showed it had raised 1.5 million SUI tokens, worth $1.125 million, as of press time. Attempts to reach the NemoSwap team have been futile.