The X Layer project 'Hello' is under scrutiny after allegations of misappropriating funds surfaced. Analyst AB Kuai.Dong reported that the project, which raised $300,000 during its IPO, used only a fraction for liquidity, leading to a significant price drop. Further concerns were raised as the project's contracts reportedly contain a backdoor enabling developers to mint tokens without limit. In response to the controversy, the project team has disabled comments and is engaging with blockchain stakeholders.