[et_pb_section bb_built=”1″ fullwidth=”on” _builder_version=”3.17.6″ background_color=”#212121″ background_image=”https:\/\/monitorchain.com\/wp-content\/uploads\/2018\/11\/FAQ2.jpg” next_background_color=”#212121″][et_pb_fullwidth_header title=”RusGas: Timeline of an ICO Token Scam, Exchange Dump, and Weak Coverup” _builder_version=”3.17.6″ title_font=”|700|||||||” title_text_color=”#1f8ee2″ title_text_shadow_style=”preset1″ title_text_shadow_color=”rgba(0,0,0,0.5)” background_color=”rgba(0,0,0,0)” background_video_pause_outside_viewport=”off” \/][\/et_pb_section][et_pb_section bb_built=”1″ inner_shadow=”on” _builder_version=”3.17.6″ background_color=”#212121″ background_image=”https:\/\/monitorchain.com\/wp-content\/uploads\/2018\/11\/BlogBG3.jpg” box_shadow_style=”preset6″ box_shadow_spread=”10px” box_shadow_color=”rgba(0,0,0,0.5)” prev_background_color=”#212121″][et_pb_row _builder_version=”3.17.6″][et_pb_column type=”2_3″][et_pb_divider show_divider=”off” height=”10px” _builder_version=”3.17.6″ \/][et_pb_text _builder_version=”3.17.6″ text_text_color=”#e0e0e0″ background_layout=”dark”]<\/p>\n
UPDATE: <\/strong><\/em>On December 6th, we received reply from the Crex24 team “Our current policy is to act according to coin\/token dev requests. As they have their own (and, we hope, the best) vision of coin\/token\u00a0promotion\/development.” Crex24 will not disable trading despite being fully aware of the situation. It is now our opinion that Crex24 are knowingly profiting from fraud and are complicit in this scam.<\/p>\n On November 28th<\/sup>, 2018, MonitorChain detected the latest incident in a seemingly endless stream of ICO token fraud. RusGas, an ICO that claims to have raised over $2.2m USD<\/a> from investors in Spring 2018, minted 100 billion new tokens<\/a>, an 11 fold increase on their total supply which had previously been set to 10 billion. Such a drastic unexpected mint event immediately triggered the highest alert levels of MonitorChain.<\/p>\n Within a matter of hours, the vast majority of these newly minted tokens were sent to the wallet of the Crex24 exchange<\/a>. As often happens following smart contract exploits and exit scams, these tokens were sold on Crex24, leading the little known RusGas token to be the highest volume traded asset on the exchange for the day, with over $350,000 USD worth of volume. What makes this unique versus other similar exchange dumps is that is took advantage of the already extremely low price of the RusGas token. Even prior to this incident, the entire supply of RusGas had a market cap in the region of the tens of thousands of dollars, with individual tokens hovering around the lowest possible price supported in the exchange. This allowed those dumping the minted tokens to sell massive volumes without lowering the price. It is highly possible that bots not detecting the supply increase would be tricked into buying these tokens. Based on this combination of factors, hundreds of thousands of dollars worth of Bitcoin were able to be extracted from exchange users on a token with a tiny fraction of that even before the supply change.<\/p>\n Noting this, we published our findings the following day:<\/p>\n RusGas, a $2.2m ICO from earlier this year, minted 100billion new tokens yesterday, increasing supply by 10x. Most of these tokens have been sent to the Crex 24 exchange, where 60BTC worth have been traded today @crex_24<\/a> @rusgasofficial<\/a><\/p>\n \u2014 Zenchain (@ZenchainGroup) November 29, 2018<\/a><\/p>\n<\/blockquote>\n\n