Poloniex supports sanctions against Russia

Poloniex supports sanctions against Russia by the termination of services to the Russian citizens
21 August 2017   3449

Poloniex, one if the biggest and most influential cryptocurrency exchanges, has updated its terms of use. Among the other provisions in paragraph one, there are now a couple of sentences which, in fact, support sanctions against Russia by the termination of services to the Russian citizens.

Poloniex Terms Of Use  Poloniex Terms Of Use 

The Poloniex customers from Russia claim that this problem is serious. They indeed now have to withdraw their funds as they begin to receive the emails:

Poloniex emails Russian users Poloniex emails Russian users

How this will affect the financial position of the exchange (as Russian miners and traders are quite active) and its reputation, remains to be seen.

Notably, not only Russia will be affected, but also other embargoed countries among which are also Crimea (region of Ukraine), North Korea and others. 

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   97

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.