Ongoing Minting and Dumping: RusGas (RGS) Allegedly Scamming Token Holders

On Nov. 28th, 2018, MonitorChain detected a potential scam: RusGas (RGS) is minting billions of tokens, diluting the value of investor’s tokens and driving the price down to near-nothing. RusGas is a project using blockchain to “transform the gas industry.” According to ICO Bench, the company raised $2.2 million during its ICO. On Nov. 28th, MonitorChain detected the first incident of suspicious token minting. Initially, RusGas ICOed with a 10 billion token supply, as stated in the company’s whitepaper. However, on Nov. 28th the company minted another 100 billion tokens, diluting the original supply. Within a matter of hours, these tokens were sent to the Russian exchange Crex24, and then sold. So far token minting has accelerated, and within the last eight days a total of 850 billion additional RGS tokens were created—86 times the original supply. These tokens were dumped on Crex24, with 220 billion in sell orders currently…

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