The Rise and Fall of Work X: How a $3 Million Crypto Project Collapsed in Four Months

Introduction

Work X, once promoted as a decentralized ecosystem for the future of work, raised over $3 million USD in late 2023. By all appearances, it had the ingredients of a promising Web3 startup: an ambitious roadmap, whitepaper, active founders, and the backing of launchpads.

Yet within just four months, the project had disintegrated. Liquidity was pulled from the market. The founders went silent. Community channels were deleted. The token, $WORK, became effectively worthless.

What Was Work X?

Work X positioned itself as a decentralized protocol to connect workers and organizations. It used the $WORK token for governance, reputation, and utility functions.

The founders, Rik Rapmund and Danielle de Witte, promoted the project through various social media channels and Medium posts (now deleted).

Token Launch and Hype

According to ICO Drops, Work X raised:

• Total Raised: $3.05 million
• Launch Date: Dec 5, 2023
• Token Listing Price: ~$0.89

Early hype was strong, supported by slick branding, active community engagement, and Web3 buzzwords.

The Collapse

By Q1 2024, warning signs emerged:

• Token value dropped over 99.8%
• Liquidity was removed from DEX pools
• Social media channels were deleted
• Founders stopped posting updates

Red Flags

Red Flag	Description
Abrupt Team Silence	Founders stopped communicating
Deleted Channels	Telegram, Discord, and Twitter accounts removed
Liquidity Pulled	Token became untradeable
No Transparency	No treasury updates or financial disclosures
Community Censorship	Users were banned for asking questions

Community Impact

“I put $5,000 in Work X believing it was the next big thing in freelance platforms. It's worth $3 now and I can’t even sell it.” – Reddit user

“Their team literally disappeared. No word. No closure. Just pulled liquidity and vanished.” – X user

Was This a Rug Pull?

While only regulators can confirm fraud, the Work X collapse follows a known rug pull pattern: liquidity removal, social silence, and complete abandonment of the project within months of fundraising.

Lessons Learned

• Due diligence isn't always enough
• Liquidity locks are essential
• Post-launch transparency matters more than hype

Meet the Work X Team

Rik Rapmund

CEO & Board Member

Daniel de Witte

CTO & Board Member

Patrick Storchenegger

Legal Board Member

Alexander Barsukov

Full-Stack Developer

Danila Gordeev

Full-Stack Developer

Daria Kanina

Quality Assurance Analyst

Maarten van 't Wout

Blockchain Developer

Pavlik Kiselev

Quality Assurance Officer

Alex Malyshev

Front-End Developer

Joana Peleira

Designer

Conclusion

The Work X saga is a cautionary tale. Whether it was fraud or mismanagement, $3 million in investor funds has vanished in under four months. The founders remain silent. The token is worthless. And the investors? Left in the dark.

In the trustless world of Web3, trust remains the hardest asset to secure — and the easiest to lose.