Bitcoin Forum

Ah credits, the scam that keeps on giving.

A quick look at the team wallet already shows us that the team is quietly exit scamming:
https://etherscan.io/token/0x46b9ad944d1059450da1163511069c718f699d31?a=0x76eb62c98ad23baf1fb0b819cf0c5412dd57bcfa

See the txs out of the team wallet?
They all seem to be going to random wallets right?

well, not exactly:
https://etherscan.io/tx/0x8fb5dae4adda362db66f6af1d1d408a4c8d7d45e8c601c95801fba306f2b1ff1
https://etherscan.io/tx/0x66a3943e3edf58f360097fd24e233079c57da858ef2e95f44afe03d14972e3ff

these are 2 transactions that were done right after each other.

If you closely examine these accounts, you'll see that they both end up sending the tokens they have received to:
https://etherscan.io/token/0x46b9ad944d1059450da1163511069c718f699d31?a=0x022d5eae23955fb32c977a68556d11349fb6ae44

Now if you examine this address, you'll see that it is only transacting with the KuCoin2 cold wallet, and only in credits transactions:
https://etherscan.io/address/0x022d5eae23955fb32c977a68556d11349fb6ae44

Which means, that this is 1 users KuCoin CS deposit account. You know if you make a KuCoin account, and you can generate a specific CS wallet to send you tokens there.
This is probably the team's (or Igor's :)) kucoin wallet.
Meaning, all of these different eth-addresses receiving various amounts of credits tokens, are sending the tokens to the same kucoin address afterwards and probably end up dumping the tokens there.


So if you ask this question in the credits chat 3 things might happen:
1) They'll say it's the developers that wants to be paid in credits and storing their tokens on kucoin, instead of their own wallets. Which doesn't make any sense. Salaries are paid at the end of the month, not at random times during the month. Furthermore, are all the developers using a joint KuCoin account? Lmao...
Furthermore, developers storing their tokens on a crappy exchange wallet, which are KNOWN to be hacked frequently.

2) They'll say it's bug bounty hunters selling or storing tokens. Which also doesnt make sense because the max reward is $3k, while some of the transactions are way higher, close to 5-6k$. Again, why are these bug bounty hunters immediately transferring their tokens to kucoin? And also are these bounty hunters also using a shared account? :').

3) They'll ban you, and delete any evidence of the questions you've asked.


I think they have run out of money and are no longer able to sustain the company.
Either they are trying to hold on for dear live, or they are quietly trying to exit scam by squeezing out the final few 100k$ out of the project by selling of max amount of team tokens before everyone wakes up.

Which would make sense why they are trying to hide these txs by doing 1-2 random wallet hops, before they end up at the same kucoin wallet, where they are beind dumped (just look at the price action the past month. Price took a nosedive after these txs started happening).

Lockup period ended march 2019.

Devs are definitely selling their team tokens.

Just have a look at etherscan.

There are 3 team wallets of each 25m tokens.
Of which 1 is currently being drained.
And no legitimate or credible explanation is being offered.

Just vague mentioning devs salaries, bounty hunters, which all dont make sense.

Except them running out of money to run their business, but team promised that they have mooooreee than enough $$ to run the business :)

You won't know for sure if those claims are true. Have you asked the team about it or since you saw tokens being moved, you assumed they exit scam? If it's about price dump, it can happen to any coin, not only credits  and doesn't necessarily mean the team exit scam. Well, I don't really know for sure, I'm not holding credits, just saying my own point of view.

Check the movements dude.
They end up at the same kucoin accounts.
Why would 2 different eth wallets send the tokens they receive to the same kucoin account?

The team doesnt offer any explanations.
Has been going on for a month now these txs, yet no explanations.
They lromised an explanation at the monthly dev overview, but it didnt even mention these txs.

Now they promise to explain it in the next one lol.

Try asking it on the chat and post their answer here.
Curious what their lame excuse is going to be.

I’m banned so i cant ask it anymore.. :)

Thanks for the time you put into CS and this research. I appreciate this very much as an investor in this project!

For my clarity, there are several transfers of CS tokens that took place from the wallet of the team to other wallets. Two of these transfers went from CS wallet > Unknown wallet > Kucoin wallet. Both transactions include about 85k of CS tokens. This is what you are referring to as scam? Correct?

I have invested in quite a few projects and I don't be surprised that the team sells tokens for funding, if that is the case in this story. As far as I know, advisers/bounty-hunters/persons/organisations that contribute to CS do receive their earnings in CS, not only in an official currency. There could be many reasons for these transactions, are there other patterns you saw during your analyses?

Besides the reason for these transactions, there is more than enough funding to 'buy' a listing which would be much better to perform an exit-scam if you ask me. Apart from the fact that CS has been developing continuously for years now, made some incredible (not yet released) steps and partnerships, which makes it more remarkable (even unique) if in this phase an exit-scam will take place, especially in the way you have researched and suggest.

I think that as a co-investor you don't have to worry that CS is planning an exit-scam, especially with the upcoming news that will be released the next weeks/months  ;)

Thanks again and keep up the good work, cheers!

Its unbelievable. This is one of the most sought after project of last year and it was doing quite good until last month even. Is this confirmed news?

Not if you call them out on their Ann Thread, the transactions looks really shady and questionable, but still one cannot simply just assume the worse.

Before concluding on what has happened, it is good you make findings first, because you never can tell if what is being done is part of the processes or procedures laid down by the developer.
If you can make proper findings, you should be able to know what has happened.

i do not consider this a valid information and as such will not be taken into consideration as it has no proof. They have no control over KUCOIN as it is independent of its operations and transactions. I think this allegations hsould be channelled to KUCOIN and not to tarnish the image and reputation of the credits project. We have being keeping a close watch and kept update with the credits projects and its steady progress records. It is NO SCAM and will never be as the project is almost complete as the team has announced the swap to come up later part of this year.

People asking if he talked to the dev need to read well. He says his messages keep getting deleted and he is banned from the community for asking these pertinent questions

Hello. Have you ever seen TOKEN METRIC? It was published 2 years ago, before pre-ico. And it is available on credits.com now

Total Supply after ICO - 249 471 071,21
Pre-ICO sales (first contract) - 39 964 587,83   
ICO - 99 739 211,35    
Founders and team - 37 420 660,68   
Advisors   4 989 421,42   
Bounty   4 989 421,42   
Bug bounty   4 989 421,42   
Market making on exchanges   7 484 132,14   
Operation - 49 894 214,24

So, if the team tries to cover even a part of operational costs by tokens which were created for this purpose and it was claimed a long time ago, is it scam? NO. You just trying to spread bad words about Credits! Burak, is it you?

I think that everyone who is mature, understands me and agreed with me

He doesn't understand the simple things. Read my answer above

I Think he doesn't know the meaning of the word - scam. Scam - when the team dissapear with all your money. Scam is not when the team is developing the platform for a year, publish new releases of the platform every 3 weeks, participate in different conferences, meetups. Scam is now when the team has Director of IBM labs as an advisor. Scam is not when the team releases several products like Mobile Wallet, Browser Extension and first dApps. Scam is now when the team is almost finish their platform and preparing for the swap. Scam is not when the team is transparent and all developments are making on GitHub.

I am in favor of discussing such matters in the open but not of making unsufficiently grounded scam accusations.


It is not possible to distinguish KuCoin accounts through Etherscan. If we both send CS to KuCoin it will for Etherscan show up in one shared KuCoin wallet. So this cannot be an argument.

I agree that there is out of the ordinairy movement of funds from Credits wallets to eventually KuCoin.

In the end we must understand and agree that their tokens are theirs, and they can do with them what they like. It is their reserve to be used as they deem appropriate.

It is just that it is better to discuss this in the open and be transparent about it. Otherwise you'll be getting accusation threads like this one.

The admins have said that the team would answer our questions about this, so lets just wait for it. At least I'm patient enough to wait a bit longer.

P.s. I've been following the project closely. I see the project being very alive and I see no signs of exit scams or anything like that.

[edit]You posted in the wrong section. Scam accusations go here: https://bitcointalk.org/index.php?board=83.0[/edit]

I think its unfounded accusation It was only created to spread FUD how come Credits will planning an exit scam when they already spent time and resources to bring the Credits mainnet into reality and now it was working already so were's the logical explanation about this?

Agreed. That guy doesn't know what he is talking about. Maybe he is a trader that wants to manipulate with the price

It's plain to see at this point that this is a classic exit scam. At this year, I've heard many exchanges and hype coins from 2017 or first half of 2018 did their own exit scam. The funds from their hardcap that they collected are now slowly vanishing and the only way to save their project is to get money but their projects does not convert into business to cover their expenditures. It's a failed project at this point. HODL is a lie.

Before you claim that they are exit scam, you have to make contact with the developers first to make claim of your issues instead of concluding that it is as a result for trying to scam that all those is happening.

I trust this project developers so much and I doubt if they will scam at this stage where they are about to major breakthrough because they have been working on lots of projects that could help continue to build their value just like Binance, and recently they launched their gambling game also which is doing perfectly well, so what reason would they have to exit the market quietly when they have a working products being established already.

Moreover, the teams of credits are well known just like Binance teams too are well known, so it would be kind of difficult for them to really scam I guess.

I don't understand why moving of dev funds which was already unlocked as stated in the roadmap/whitepaper is already considered exit scam. Does it really matter where they sent it? Those unlocked tokens are meant to be sold from the beginning to further fund the project.


Those funds are meant to be used. Did you expect it to stay there forever?

Why sell cs for $, when you have more than enough $ to cover ooerational expenses for multiple years.
At least thats what the team claims.

So why sell these operationals tokens at ATL, and miss out on x1000 after everything is up and running?
Or more importantly, why do it in such a shady way without an announcement to the public?

As always, credits is creating its own fud.


Or why would a dev want to be paid in cs, only to send it minutes after on kucoin to convert it to $ (or whatever other currency)

Doesnt make any sense at all.

Even more so, a dev selling precious cs tokens at atl, when “big” things are about to happen makes even less sense.

I think they overextended themselves with the ibm scam, where they overpaid for a fake partnership and some marketing tweets (which for some reason stopped dead after 31-03, after one qaurter of constant tweets).

Now they are stuck with a 6 year way too expensive contract and the pump after the fake ibm partnership never happened so now they have no more money left.

They sold over 1,5 million tokens btw in the oast month.
It’s not just these 2 txs.

Furthermore i believe another team wallet op 24m has already been drained in the pst year.
If i remember correctly (not sure about the #of tokens it had)


Also, remember that the the FAILED to deliver on their promise of 1mtps.
It is currently not achievable on their distributed network.
The network and system specifications required are so high, that it will not be decentralised because most people dont have access to 1gbit connections and TBs of SSD storage.

Only way the network functions at high speeds is through centralised IBM servers.
If you add any slower nodes the speed drops to eth like speeds.
Do you guys now understand why the team has been delaying speed tests and mainnet launch?

735k cs tokens have just been sent to kucoin.

Massive dump incoming!

It's may be related to this tweet by the CEO. In which way may become clear after the announcement.

Lol and now they are basically setting up a bitconnect like pyramid scheme.

Lock your tokens and get a guarentees % return.

Really?

For now they are only asking whether holders would be interested in holding CS for a certain amount of time and receiving a reward for it. They haven't setup anything yet and if they would as described there would be nothing pyramidic about it. ;)