R2 Protocols X Account Suspended After Mainnet Launch

X has suspended the account of R2 Protocol, a decentralized yield platform for real-world assets, just after the platform’s mainnet launch.

The R2 Protocol launched its mainnet on Ethereum, going live on Sept. 26 as the onchain yield platform looked to democratize access to real-world yield. The project unveiled a tokenized U.S. Treasuries and private credit-backed vault and saw immediate complaints from users regarding deposits of USDC to access rewards on the mainnet.

A look at the project’s X account @r2yield shows it has been suspended. X says it suspends accounts that violate its rules.

What is R2 Protocol?

R2 offers R2USD, a stablecoin that allows holders to access off-chain yield sources across the decentralized finance market. Token holders also get exposure to staking derivatives and a reward system that means one’s stablecoin holdings are not just an idle store of value but a yield-generating asset.

As crypto.news highlighted earlier, the R2 team had seen the protocol’s total value locked rise to a significant amount just after launch. The rewards offer for early users attracted more than 154,000 participants. Likely a mass reporting of the project’s X account led to this suspension.

X revealed a bribery network

R2 Protocol’s mainnet launch and X account suspension comes just days after X, the social media platform owned by billionaire and Tesla chief Elon Musk, disclosed an investigation against a bribery network involving platforms perpetuating crypto scams.

Notably, X said its employees have been approached by a network of individuals seeking to have suspended accounts reinstated.

“X has exposed and is taking strong action against a bribery network targeting our platform. Suspended accounts involved in crypto scams and platform manipulation paid middlemen to attempt to bribe employees to reinstate their suspended accounts,” the social media platform noted.

The suspension of R2’s account may not be related to this. However, it will raise questions as the community looks to what happens next.