Recently, Keeta, a fully diluted cryptocurrency project whose valuation (FDV) soared by more than $1 billion in just a few weeks, has faced serious skepticism. On June 9, ZachXBT, a well-known on-chain analyst, and MRG, a community user, respectively disclosed a number of suspicious information on social platforms, questioning the project's weak technical foundation, opaque operation, and possible problems such as organized manipulation and capital concentration, which attracted widespread attention from the market and investors.

Keeta claims to be a Layer 1 public chain, which conducted a token generation event (TGE) on the Base network earlier this year and launched its native token KTA. According to data provided by CoinGecko, since the beginning of May, the price of KTA has surged an astonishing 1,000%, reaching an all-time high of $1.70 on June 9, when its market cap was nearly $5 billion, and the Fully Diluted Valuation even exceeded $11 billion.

However, on the same day that the KTA price hit a new high, user MRG posted that as one of the earliest participants in the Keeta testnet, he found the entire testing environment "almost fictional." According to him, the so-called block explorer is merely a static website built on Vercel (a web front-end development platform), and the transaction data displayed is likely fabricated. Furthermore, he pointed out that the trading functionality does not work properly, and the whitepaper content appears to be automatically generated by AI, which makes the project status even render the SDK testing meaningless.

These doubts have sparked deep reflection within the crypto community regarding the authenticity and technical capabilities of the Keeta project, and also serve as a reminder to investors about the potential risks that may be hidden behind the rapidly rising crypto assets.