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.
RGS is changing and getting better! We announce reboot!
Together with the exchange https://t.co/eguqanzWFO, we are updating the RGS, in the period up to December 20, 2018 to 23:59 UTC.
More on Medium: https://t.co/bYM7SDCese pic.twitter.com/TXdxIu4uOm
— RusGas (@RusGasOfficial) December 1, 2018
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.