PANews reported on November 11th that, according to a post by analyst AB Kuai.Dong, 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 allowing developers unlimited minting. Currently, the project team has disabled comments and is questioning the blockchain's stakeholders.