UPDATED: Stox (STX) responds to the “unfounded” allegations about their project

After the Oyster Pearl scandal that saw an anonymous developer dubbed Bruno exploiting their smart contract to mint new coins for himself, it appears that one of the biggest ICOs of last year hyped by, among others, boxer Floyd Mayweather also exit scammed.

A post that appeared on Reddit couple of hours ago tracks the transaction history of the Stox tokens while also mentioning original advisers and supporters of the project leaving the sinking ship. The allegations are not confirmed and take them with a grain of salt. The team has responded to the allegations calling them a FUD. Here is their statement:

Official Statement from Stox:

How easy it is to create FUD:

Today we witnessed a shameful attempt by anonymous sources to harm our reputation by making unfounded allegations.

 

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This anonymous source re-published a message that was published and already answered more than a year ago (26.9.2017). This source copied the message and shouted “Exit scam” without having any cause whatsoever.

We would like to stress that Stox will bring legal proceedings against anyone who defames Stox  with unfounded allegations.

Here are the facts:

The transactions within the posts referred to, is in respect of revoke actions that were  performed on the vesting contract more than a year ago.

The revoke function is an internal utility function that can only be used by the vesting contract admin. This function cancels vested tokens to allocated accounts and transfers all those tokens back to the admin account.

The revoke function was used right after the ICO in order to fix vested amounts in invest.com’s and Stox’s team wallets. The revoked tokens were transferred back to the vesting contract and then reallocated according to both the terms mentioned in the white paper and also in accordance with agreements with our strategic partners and advisers. From time to time the revoke function is used to adjust vesting terms according to new or ended partnerships. For example, when an employee leaves our employ, Stox revokes his vested tokens and return them to the vesting contract.

We refer you to view the announcements that we published a year ago on the same exact post.

The three following articles:

https://blog.stox.com/stox-token-vested-pool-allocation-update-5f36fd452fbb

https://blog.stox.com/askstox-4-fd5558eaf1a9

https://medium.com/@stoxhq/stox-wallet-update-ca1892b121c9

We once again would like to let you know that it was decided to terminate our contract with our Israel-based service provider ‘Commologic’, which had been providing services and moving to a new global structure. In this regard, we have moved development an operation to Europe. Stox’s decision to make this move its activities falls more in line with other blockchain company operations and follows common trends. We say goodbye to the Israeli team that has been with us from the start, as part of the company’s decision to move finally towards a more decentralized platform.

As for Amazix community managers. Stox terminated the contract with AmaZix in October because the parties could not reach agreement on the commercial terms. Stox is currently in talks with AmaZix with the aim of re-establishing the relationship and renewing the contract.

https://blog.stox.com/further-clarification-of-the-stox-evolution-7ac572414a12

Regarding Moshe Hogeg’s wallet:

These are private transactions conducted by Moshe Hogeg on the secondary markets. These transactions are not related to his involvement in the company at all and were concluded independently.

Stox is continuing to work and move forward. We will continue to develop the product in the best interest of the company and our users.”

Here is the full story with allegations against Stox:

In the last two weeks, Amazix have suddenly dissappeared from their admin positions and the CEO Yossi Peretz has resigned. Commologic and Invest.com, whom were once presented as key factors in Stox’s development and market share positioning, have already left the project.

Reports from earlier today state they have now abandoned their office, firing all staff…

The Stox contract says that at the end of the token sale 29,600,000 more tokens were created. Of these 55% (or 16,280,000) went to the strategic partnership address. 25% was vested for Invest.com at addresshttps://etherscan.io/address/0xb54c6a870d4aD65e23d471Fb7941aD271D323f5E) and 20% was vested with the Stox teamhttps://etherscan.io/address/0x4eB4Cd1D125d9d281709Ff38d65b99a6927b46c1 Total 45% of tokens, equalling 13,320,000 Stox.

Both of these vesting addresses have the revoke=True parameter set. This means that they can choose whenever they want to revoke the vesting amount and have it returned to their wallet.

12 days after the crowdsale 7,400,000 Stox were withdrawn from the trustee contract to the wallet –https://etherscan.io/address/0xaf773cb251d81178a611ba74e279bbaddce560c2 through the revoke function as shown in the transaction hash: – https://etherscan.io/tx/0x4f79834acea65c45e5c64bca96dadbe7961d2e23dc77868d1ebc9cecd90ab3e3

This transaction is equivalent to 12.5% of total Stox (amount given to Invest.com). This is done again with 5,920,000 Stox which is equivalent to 10% of total Stox (the amount given to the Stox team). Transaction Hash –https://etherscan.io/tx/0x334331066bb6d54a6614190b80ee0e0e9c8a4885f9fee3bbddc43bab7f30eaec

Invest.com is a domain that was bought specifically for Stox for a hefty sum of $5M. Stox was once called Stox, then renamed itself to Getstocks (45K monthly visitors) and now set up a “new” company called Stox.

It is important to note that the Invest.com faked their visitor and user numbers by buying AnyOption.com to use their customer data and present them as theirs. It is important to know that Invest.com gave stock shares to AnyOption.com founders along with the aquisition, so investing in Stox is directly rewarding the founders of AnyOption.com, who one of them (Shai ben asulin) is a convicted tax evader and a scammer.  In 2011, Ben-Asulin was indicted by the United States for securities fraud, and last year he was convicted of fraud by an Israeli court for helping an Israeli credit card company, ICC-CAL, illegally clear billions of shekels of charges from porn, binary options and gambling websites, as well as conceal the number of canceled transactions.

Now looking at the revoke function it looks like you pass the holder address, the contract checks that the holder has a vested amount…and if true returns the vested amount to the sender. In this case the sender washttps://etherscan.io/address/0xaf773cb251d81178a611ba74e279bbaddce560c2 …the Stox contract parent address.

Most of these tokens (9,449,932) were sent to the strategic partnership address. Directly following from this, there were multiple transactions out of that wallet to the following two addresses –https://etherscan.io/address/0x8d90fb2c2ff3f7f3187d28c60b81b935dea7f258https://etherscan.io/address/0xc9e63038471d5f799b79dc2bb5b697a4135f4145

These transactions happened in the same hour after 4 days of inactivity on the partnership address. So it’s probably safe to say they were part of the supposed to be vested funds.

Bonus – Moshe Hogeg’s, STOX advisor, wallet showing STOX tokens being dumped on Bancor – https://etherscan.io/txs?a=0xF8462f886d7AabE4507Ad3776C9b2761F1eC1066

The scam web is deep in this case and might prove to be one of the most rotten can of worms is the whole cryptosphere. 

Prediction markets have existed for sometime, however, what Stox was aiming to bring to the table is its decentralized platform which was supposed to be able to be customized by third party developers to create Dapps. They would seamlessly be able to integrate with the underlying blockchain system and facilitate the creation of many different apps using prediction markets for different purposes. All of that seems to be just another nice-sounding story told by the greedy ICO oil-snake sellers.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Damian Booker

Damian Booker

First thing to know about Damian is - he HATES shitcoins and has declared a war on them! Damian is a bitcoin hodler since early 2013. He used to mine Ethereum back in the day as well. Nowadays he likes to discuss bitcoin and its potential influence on the society organisation and governance. Damian hates fraudulent projects and his mission is to shed light on the maggoty scammers that have invaded the crypto space with their zero-value projects.

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