RusGas (RGS) is showing worrisome behavior with a pattern of minting new tokens outside the predetermined supply and then dumping them on a Russian exchange. The rather obscure asset is exhibiting unusual trading behaviors – its entire market cap is $116, but at the same time, daily trading volume has exceeded $35,000 in the past days. The project claims to be in the process of relaunching.

https://twitter.com/RusGasOfficial/status/1068967245794213888

Most of the RGS trading happens on the Crex24 exchange, which has volumes of about $700,000. On good days in the past, the token has seen volumes in the millions of dollars, which has also sparked doubts whether all the orders were real.

The most troubling thing is that security experts noticed an unusual amount of RSG being minted. While CoinMarketCap still reports the total RGS supply at 10 billion tokens, Etherscan says there are actually 860 billion tokens held in 298 addresses. The supply has kept increasing over the past few days…

This article appeared first on Cryptovest

Like this: Like Loading...