BitKan to Raise $10M in a Series B Funding Round

The round was led by Zhongyunhui Capital, IDG Capital and Bitmain
04 April 2018   1019

Based in China's Shenzhen, the start-up BitKan attracted an investment of $ 10 million during series B financial round, reports CoinDesk.

The round was headed by the Chinese financial company Zhongyunhui Capital. Among other participants - IDG Capital and the world's largest manufacturer of mining equipment Bitmain. The latter had already invested in this start-up - in the spring of 2016, during the series A r financing round, the Chinese giant invested $ 1.6 million in BitKan.

According to representatives of BitKan, the funds raised will be used to expand the business and create a platform called K Site, the beta version of which is scheduled for April 20.

The new service is a platform where users exchange their generated content for KAN tokens. According to representatives of BitKan, the site will mark a step towards a higher quality of content and will be of great importance in an environment filled with "fake ICO and scams".

Free content can only attract page views, but putting up a paywall can improve content quality considerably.
 

Yu Fang

CEO, BitKan

As part of the expansion of its operations, the company also plans to open offices in Hong Kong, Singapore and Tokyo.

The BitKan platform was founded in 2012. Initially, the startup specialized in over-the-counter trading operations, providing data on the prices of cryptocurrencies an wallets.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.