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Author Topic: [HUGE RED FLAGS] TAGZ, under the microscope by Dr. Rex Yeap  (Read 1246 times)
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April 16, 2019, 04:11:22 PM
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 #1

What happen: Many red flags on TAGZ Project, the CEO was in charge of the FITROVA project, another scammy ICO
Ann thread: https://bitcointalk.org/index.php?topic=5124779
Archive
Bounty thread: https://bitcointalk.org/index.php?topic=5127573.0
Website: https://tagz.com/
Archive




Particular Context:

We are many in the community who consider ICO rating sites as scam vectors.

Lack of checks, friendly ratings against payment, etc.... Some advisors have even become consulting professionals, offering their services to dozens of projects at the same time!

That's why it's amazing to sometimes find members of these sites who are really doing their job!

Meet Dr. Rex Yeap from Nanyang Technological University, ICOBench expert

As part of my research on the TAGZ project, I discovered his work a few days ago.
I have to admit, I don't have much to add!

Rex Yeap does not have any account on Bitcointalk, so with his authorization (Telegram: @dryeap), here is his investigation report on the project

Dr. Rex Yeap investigations:


Source: https://icobench.com/ico/tagz
Archive


Quote
Updated review as at 13 Apr 2019: This is now a duo-review, with additional inputs from Braga.

In brief, sufficient time were given to Bryan and his team to respond to the 2nd stage of the Q&A but no further information was forthcoming. There are more than 10 red flags identified in the Tagz company & ICO project, details of these red flags within https://goo.gl/attTHx

Details of this multi-stage reviews (inclusive of Braga inputs in the last section) is as follows:

_____________

First reviewed on 29 March 2019

This is an interesting ICO project and as part of my due diligence efforts, I have a several questions for the team:

Q1: Tagz claims that "TAGZ is a fully licensed Australian AML/CTF Compliant Austrac Regulated Cryptocurrency Exchange.", show me the *full* licensed document

Q2: Send me your *full* company registration document ACN 632 160 920, showing clearly the names of the director(s) and shareholder(s).

Q3: Tagz claims that it is registered with the "Australian Securities and Investment Commission", show me the *full* document confirming this claim.

Q4: Tagz claims that it is "registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC)", show me the *full* document confirming this claim.

Q5: Who within your team have experiences in blockchain design & development?

Q6: Any MVP to show?

Q7a: Among the 6 team members listed in ICOBench [1], what is the Telegram username of each of them?
Q7b: Who are in your Tagz Telegram community [7]?
Q7c: What is the token vesting/lockup period of the 6 team members?

Q8a: Among the 7 advisors listed in ICOBench, what is the Telegram username of each of them?
Q8b: Who are in your Tagz Telegram community [7]?
Q8c: What is the token vesting/lockup period of the 7 advisors?

Q9: What is the specific role of each of the 7 advisors?

Q10: Is the vesting/lockup period coded in your smart contract [2]?

Q11: The Founder & CEO of Tagz Brian Seiler is also the Founder & CEO of Fitrova [3]. There are tons of issue with Fitrova as elaborated in my Fitrova review [4]. Since Brian is the Founder & CEO of both ICO, he needs to address the various concerns in Fitrova if he cares about being credible. Those who wish to understand more details about Fitrova can check out these two Fitrova Telegram support groups [6]

Q12: I was contacted by 'Tagz Group Support' (Telegram id is @Tagzgroup) [5] and I would like to know the name of the person behind this account.

For your reply, pls use this notation, A1 for Q1, A2 for Q2, ..., A12 for Q12, and you may also consider having sub-answers like A7a, A7b, if you wish.

I will revise my ratings after receiving answers to Q1 to Q12 (deadline = 8 April 2019)

References:

[1] Tagz team in ICOBench: https://icobench.com/ico/tagz/team
Cache: https://archive.fo/7Ui3l

[2] Your smart contract is located here https://etherscan.io/address/0x5d8ce06a40fb101895be5b6560931b92a1b3444f#code

[3] Fitrova team in ICOBench: https://icobench.com/ico/fitrova/team
Cache: https://archive.fo/zLrhI

[4] Fitrova Ratings in ICOBench: https://icobench.com/ico/fitrova/ratings
Cache: https://archive.fo/Jr7sj

[5] Screen capture of @Tagzgroup Telegram user: https://goo.gl/aWjJq6

[6] Two Fitrova Telegram Support groups. I have verified both groups and found them to be legit:
a) https://t.me/fitrovachat
b) https://t.me/fitrovascam

[7] Below is an extract of Tagz Telegram History:
".....10.03.2019 23:53:14, Tagz Group Support [@Tagzgroup]: >>upgraded the group to a supergroup<<
.....17.03.2019 21:04:10, Tagz Group Support [@Tagzgroup]: >>changed group name to "Tagz.com (Official Group for TAGZ Exchange)"<<
.....17.03.2019 21:09:36, Tagz Group Support [@Tagzgroup]: >>invited Kelvin Zennia [@Zenniakay]<<
.....17.03.2019 21:09:47, Tagz Group Support [@Tagzgroup]: >>invited Jason M [@JasonMatthison]<<
.....19.03.2019 05:23:26, a: >>joined the group<<
.....19.03.2019 05:23:38, هخ: >>joined the group<<
.....19.03.2019 05:23:42, MIYAGI & ENDSHPIL: >>joined the group<<
.....19.03.2019 05:23:43, Hilmjam: >>joined the group<<
.....19.03.2019 05:23:43, DELETED: >>joined the group<<
.....19.03.2019 05:23:45, Ali: >>joined the group<<
.....19.03.2019 05:23:46, و: >>joined the group<<
.....19.03.2019 05:23:46, Hilolade Nima Qisayam: >>joined the group<<
:
:
__________________________________________________

Updated review on 30 March 2019

C1. Q1-Q11 was very quickly addressed by Bryan Seiler.

C2. However, several of the answers provided are either inadequate or fail.

C3. A final opportunity is now given to the Tagz team to respond to my outstanding questions, namely: Q1, Q2+Q3, Q4, Q9, Q11 and Q12.

C4. In addition, I've expanded my review to cover aspects of the Tagz whitepapers and my list of additional questions are: Q13 to Q19.

C5. In order to make this Q&A more structured and easy to respond/read, Tagz can respond directly to the outstanding questions in the answer tables provided in this Google doc: https://goo.gl/attTHx

C6. I will revise my ratings after receiving answers to the remaining questions (deadline = 8 April 2019)

_____________

Updated review on 7 April 2019

C7. Upon knowing more about Bryan and his shady past, two of his advisors have official stepped down: i) Mr. Hamza Khan first and followed by ii) Mr. Naviin Kapoor and

C8. Over the past 8 days, I have received more information about Bryan and in particular evidence of his dishonest nature. More information in these Telegram groups:
a) https://t.me/fitrovachat
b) https://t.me/fitrovascam
c) https://t.me/icobench_official_chat

C9. Tagz still has one more day before the deadline that I've given them (refer to C6).

C10. I now revise my rating for Tagz from 221 to 111.

_____________

Updated review on 9 April 2019

C11. The deadline given to Bryan and the team to respond has past.

C12. There are more than 10 red flags identified in the Tagz company & ICO project, details of these red flags within https://goo.gl/attTHx

C13. Until we get further clarifications from Bryan and the invisible team, my ratings shall remain the same.

_____________

Additional evidence (as at 13 Apr 2019) from braga @scamwatch_gov:

===========> Braga start

TAGZ is fraudulent cryptocurrency project

TAGZ GROUP PTY LTD
ACN 632 160 920
BRYAN MARK SEILER

TAGZ misrepresents itself as “a fully licensed Australian AML/CTF Compliant Austrac Regulated Cryptocurrency Exchange"

This claim was backed by ‘proof’ presented in https://archive.fo/zR4Sm (original: https://steemit.com/tagz/@tagzexchange/tagz-exchange-ico-scam-or-not-everything-you-need-to-know )

The article intents to mislead reader via deceptive suggestions;

(1) It redefines 'licensed' and 'regulated', lowering the barrier than it should be, in order to retrofit itself as a recipient of ASIC seal of approval.

The only document TAGZ displayed is a Certification of Company registration. ASIC is an umbrella organization that includes overseeing company registration. While there's no denying TAGZ GROUP PTY LTD is a registered company, that makes TAGZ no different from the ten of thousands of other companies in Australia.

A licensed regulated exchange is much more than a company registration;

Under the Corporations Act, licensee of a financial market must supervise the market in accordance with Part 7.2 of the Corporations Act 2001.

Following that, ASIC has to assess how well the operator of a market is complying with their obligations under the Corporations Act, before publishing an assessment report and includes it to a list of approved licences.

You can find this list at https://asic.gov.au/regulatory-resources/markets/market-structure/licensed-and-exempt-markets/licensed-domestic-financial-markets-operating-in-australia/

Moreover, TAGZ claims it is a derivative trading platform. That adds demands in infrastructure and compliance, a procedure that involves underwriting by auditors. Anyone who operates a derivative trade repository in Australia must be licensed or prescribed, regardless of the underlying asset. There is no exemption for cryptocurrency.

(2) The article guides readers to verify its licensing via connectonline.asic.gov.au, an E-service that only convey limited information on company registration. This deceptive method is designed to exploit a false positive, that any ordinary company lookup would produce.

(3) TAGZ oversells its Australian Transaction Reports and Analysis Centre (AUSTRAC) registration as proof of its licensing. AUSTRAC is a public service, any business/company can opt-in voluntarily without cost. It is an essential tool for even small businesses like mom-and-pop money exchangers.

(4) TAGZ oversells a GST registration as proof of its licensing.

TAGZ has failed to furnish any compelling proof more than a Certification of Company Registration and a dishonest interpretation on what constitutes a licensed regulated exchange.

===========> Braga end

Addendum


More detailed investigation here: https://docs.google.com/document/d/12Q8hEWk3MKp5qbL0mY8HkIaGvKCx9v9Ws6eCfzeXX7A/edit

Fun fact, in this Medium post, Bryan the CEO explains 9 months ago why the FITROVA project is not a scam.

I let you check the status of the project yourself today....



(source)


It is such a success that Bryan prefers not to mention it on her LinkedIn profile...






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April 17, 2019, 04:22:06 PM
 #2

Damn, I come across to this project and even invited some of my friends in their bounty campaign, just in time for me to warn them about these accusations, which are all valid and which Tagz failed to address, what can I say great catch keep it up I expect more to come here.

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May 08, 2019, 12:27:15 PM
 #3




There have been numerous accusations made with no facts or evidence in calling TAGZ a scam, when this is so far from the truth. The FUD attempts made against the TAGZ brand come without any form of merit and the reason behind these false accusations are simply derived from scared exchanges who do not want to lose market share themselves as TAGZ is seen as a new player in the game where we have the first mover advantage in launching the first Dual Gateway Exchange.

YES, TAGZ IS LEGITIMATE!
We are a Fully Regulated AML/CTF Compliant Digital Currency Exchange.

Here are our ACTIVE registration numbers that allow us to operate our exchange with regulatory approval:

ASIC Registered: ACN 632160920
Remittance Dealer: IND 100598185–001
Digital Exchange: DCE 100598185–001

Do NOT get brainwashed by false ‘scam accusations’. We are as transparent as possible and all facts including our registration can be checked by anyone.

You can also read: “TAGZ Exchange ICO — Scam or not? Everything you need to know!”:
https://steemit.com/tagz/@tagzexchange/tagz-exchange-ico-scam-or-not-everything-you-need-to-know
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May 21, 2019, 09:15:25 AM
 #4

Oh Bryan Seiler is back, scamming people again are we? Even Bitconnect is more trustworthy!!
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May 28, 2019, 09:06:56 PM
 #5

need more proof that tagz is a scam see here
https://imgur.com/a/hjW8zK3
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May 28, 2019, 10:18:26 PM
Last edit: May 28, 2019, 10:30:52 PM by andronikos
 #6

It's a shame claiming and accusing with lies legit projects. Not every project is a scam. Especially from this '' Dr rex dude''. All I have to say is this.. https://medium.com/@markushumprey/dr-rex-yeap-ico-bench-a-fabricator-842535c35c2f
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May 29, 2019, 05:34:09 AM
 #7

no need for discussion, see the picture and check the sources.
100% scam  Cool
https://imgur.com/a/hjW8zK3
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June 02, 2019, 07:41:24 AM
 #8

an update about the tagz scam

the tagz scam is trying to hide their history. check the official ieo exchange (dobi) and you can see that every entry from tagz support has been deleted. i hope no one really needs to ask why
https://imgur.com/a/hjW8zK3 saying their own twitter entries are fake

now look at the next 2 picture after the fake? keyword entry
before and after
https://imgur.com/a/nS25nuf

its all there, just join the channel and search for it. after that ask tagz support  why that happened. you will get a stupid answer or you will get banned

always dyor so you dont get scammed
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June 09, 2019, 06:53:45 PM
 #9

scam still active be careful and always dyor
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June 12, 2019, 08:40:52 AM
 #10

and some more scam information via c&p

tagz exchange alpha annoucement
http://archive.fo/kTDh3

header of tagz.com/trade/exchange contains the entry bdtask treading system
http://archive.fo/r106b

so who is bdtask trading system
http://archive.fo/SVrbi

nice so tagz is paying between 70 and 200 USD for some exchange template from bangladesh and for that they needed millions of dollars via ieo

on a side note which i totally forgot they mentioned that they partnered with modulus
https://imgur.com/a/YeJ9xQU
so no partnership and no modulus solution
http://archive.fo/F7XvH

 LOL what a scam
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July 02, 2019, 04:46:43 AM
 #11

Bryan Seiler is now a singer:
https://www.smule.com/Bryzieb
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July 06, 2019, 04:19:29 AM
 #12

It's a shame claiming and accusing with lies legit projects. Not every project is a scam. Especially from this '' Dr rex dude''. All I have to say is this.. https://medium.com/@markushumprey/dr-rex-yeap-ico-bench-a-fabricator-842535c35c2f

Found "Dr rex" response to "markushumprey": http://ye.sg/download/crypto/Debunking%20a%20False%20Accusation.htm
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July 06, 2019, 08:26:37 AM
 #13

tagz still scamming people all day, take some time an analyse the situation
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September 26, 2019, 11:16:38 PM
 #14

Tagz a fully regulated Australian exchange with vision and I tell you this exchange will rule this space for a very long time...Beta in just less than 2 days... I'm glad I found this wonderful project full of opportunities..
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September 27, 2019, 12:20:50 AM
 #15

TAGZ is a unique project with awesome concept which has my full support. Many scammers in the ICO world try to misrepresent the facts and false accuse some noteworthy projects to derail them for their own benefit. So, I think TAGZ is one of the victims and is really not a scam and will cope and recover in coming days. All the best. To the Moon
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September 27, 2019, 09:50:09 AM
 #16

tags is one of the the most trusted and uprising exchange platform. It is not a scam platform
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September 27, 2019, 10:43:57 AM
 #17

TAGZ IS SCAM

Yesterday their post on twitter airdroping 20$ to make good reviews on truspillot but their post has deleted.
And now they post https://twitter.com/tagzexchange/status/1177349902780645376?s=19 airdroping 30$ for making good reviews on Bitcointak !!
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September 27, 2019, 11:42:50 AM
 #18

TAGZ IS SCAM

Yesterday their post on twitter airdroping 20$ to make good reviews on truspillot but their post has deleted.
And now they post https://twitter.com/tagzexchange/status/1177349902780645376?s=19 airdroping 30$ for making good reviews on Bitcointak !!

Lol the nerve of some people. Thanks for the heads up. Seems some retard has read the post and used his army of 10 post sockpuppets to join an airdrop he'll never receive. Grin

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September 28, 2019, 05:12:19 AM
 #19

I am with Tagz exchange from the very beginning. First of all, I wann say this project looks very legit & promising to me with all the hard work they have done so far.
Also, Tagz is the fully licensed & regulated dual gateway exchange platform of Australia. I think there is no way Tagz is Scam.
I have invested in this project because I had faith in the Tagz team.
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September 29, 2019, 08:55:07 AM
 #20

Let us give Tagz management the benefit of the doubt. I see a couple of articles that are business-related but they certainly don't equate to a scam in this situation. Since you made the accusation please cite your sources or otherwise show more proof.
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