Official TaaS Statement Regarding ICO Alert Accusations

Hello Community,

TaaS is aware of the ICO Alert report and related rumors attacking the legitimacy of the fund and the integrity of its founding team and Board of Advisors. The report, fraught with inaccuracies and assumptions, discredits the tremendous efforts the TaaS team has and will continue to make to ensure the fund is successful and transparent. No attempt was made on behalf of the report’s researchers or publisher to contact the TaaS team to verify any claims.

TaaS would like to immediately assure investors and spectators that the organization and its founding team are honest and above board. Consequently, TaaS will respond to every salient allegation made by ICO Alert and address the questions and concerns of the community to provide full-transparency, a core company value.

1. The identities and work histories of Ruslan Gavrilyuk and Konstantin Pysarenko and of GEO-Earth Resources

TaaS co-founders Ruslan Gavrilyuk and Konstantin Pysarenko do indeed have the business experience articulated on their public LinkedIn profiles. Ruslan and Konstantin are owners of GEO-Earth Resources, a geological exploration business in Nigeria, and they have completed a geological contract there. The relative lack of information available online is due to the fact this business did not require significant digital marketing assets for its success, though information can be found at Please see the below evidence from The Guardian newspaper, dated Wednesday, April 17, 2013:

2. Konstantin Pysarenko’s background in the aviation and tourism industries

Konstantin is also Co-Founder of SAM, an aviation/tourism company in Ukraine. As we post this response, on Sunday April 23, the business is open to customers. Here is a link to official Ukrainian company register website: In the meantime, all are invited to check the Ukrainian company register for SAM and its owners to verify that Konstantin Pysarenko is a co-founder of this company.

3. TaaS connections to Bitup

As has always been described on their public profiles, TaaS can confirm that Konstantin Pysarenko and Ruslan Gavrilyuk were members of Bitup Analytical Group (B.A.G.), a service which helped develop analytics, trading, and consultancy for Bitup. Although B.A.G.’s track record for Bitup was successful, this experience sparked the TaaS founding team’s enthusiasm to develop a fully transparent platform to facilitate investments in cryptocurrencies and other digital assets. In order to officially sever ties and prevent any potential conflicts of interest, the TaaS founders formally left the Bitup Analytical Group in January 2017. This was simultaneous to the sale of Bitup’s holding company, Garrus LLP, to its current owner.

As a result of their experiences with Bitup Analytical Group, the TaaS co-founders recognized how they could overcome the disadvantages of investing in both the traditional financial sector and in the blockchain sector and developed Cryptographic Audit, a solution for the wider community that will provide investors and the public with transparent insights. Further information on the Cryptographic Audit will be distributed through a planned future press release, but many details on its architecture can be found below:

4. TaaS Cryptographic Audit
TaaS intends to reveal comprehensive details on Cryptographic Audit in a future press release. In its present form of development, the TaaS Cryptographic Audit currently contains the following feature set:

1. Account balances logging service:
a. Stored in local relational database on a server.
b. Updated automatically once a day via read-only API-keys from major exchanges including Bitfinex, Kraken, Poloniex.
c. Including balance of cold storage accounts from the blockchain (ether, ERC20 tokens, bitcoins).
2. Smart Contracts:
a. Ethereum smart contracts are used for storage of the statistics in blockchain event logs.
b. Data is updated automatically once a day.
c. TLSNotary proofs of balance at online banking pages could be recorded manually and published to IPFS. Hashes are recorded by the smart contract.
d. Proof of solvency for cold storage fund is recorded.
3. Audit Report of web (mobile friendly):
a. Display last recorded balances from the local database.
b. Display balance history from the local database.
c. Display trade history for exchanges from the local databases.
d. Display read-only API key info and links to proofs of ownership of cold storage addresses.
4. Contract explorer for the smart contract.

5. Direct Response to False Claims

In their flawed report, ICO Alert claimed that there were inconsistencies in TaaS trading methodology and falsely accused TaaS of promising 300% returns to investors. No such statement has ever been made by any TaaS team member. We suspect this figure refers to an analysis provided in the white paper which described overall market growth in 2016. The white paper’s conclusion was developed from an in-depth, 6-month long set of research tracking historical trading data that showed that the highest potential yield in this market could be achieved by diversification and professional money management, concepts central to the TaaS investment philosophy.

Properly utilized, the thesis of taking mid-to-long term positions may support AUM of up to $100mm in blockchain markets, as of 2017. Transparency achieved by Cryptographic Audit technology will provide precise insight into the exact steps of how this approach may be implemented and how trading will evolve as blockchain markets mature over time.

Because integrity and transparency are fundamental attributes of the organization, members of TaaS have shown up, in person, at six conferences over the past three months to ensure that every question from the public is directly answered. These include d10e in Bucharest, Romania, The Blockchain Event in Fort Lauderdale, USA, The World Blockchain Forum in Dubai, United Arab Emirates, Blockchain Finance & Fintech China in Shanghai, China, and Bitcoin Wednesday in Amsterdam, The Netherlands.

6. Misrepresentation of facts

It was further falsely claimed in the report that TaaS’ website misled the public by showing 286% growth in altcoins over 2016 and offering 50% returns every quarter. The report takes these two separate pieces of information out of context and conflates them.

The diagram on the website plainly describes the recent growth in the “altcoin” market. Nowhere does TaaS promise or guarantee this growth, nor does it suggest that TaaS fund traders predict similar earnings in 2017.

The TaaS website and whitepapers clearly state that TaaS will share 50% of earnings every quarter through a smart contract. Statements to the contrary have twisted the truth, ripping information out of context in what appears to be an attempt to mislead the community.

7. Conclusions
The TaaS team finds it improper that the for-profit, paid-for ICO Alert “report” was published at almost 10pm local time on the weekend and just few days before the conclusion of TaaS’ ICO.

It appears that an attempt has been made to discredit the TaaS project, sabotaging final investments through the twisting or improper reporting of fact. The TaaS team wishes it could have had the opportunity to answer sooner, but due to the late hour of ICO Alert’s publishing the co-founders could not directly respond to the community immediately.

The report suggested that the TaaS team are under-equipped to manage and trade large volumes of cryptocurrency. This is incorrect. In addition to the TaaS co-founders’ experience in trading cryptocurrency, it’s important to note that they are backed by a Board of Advisors with experience handling volumes greater that the entire cryptocurrency market by several orders of magnitude.

The entire TaaS organization has committed to a long term relationship with each and every single member of the community and in particular their investors. As plainly described in every communication to date, earnings will be properly and regularly distributed to all token owner via smart contract.

Please feel free to join us on any of our social accounts for further information and additional updates.

Thank you,

Ruslan Gavrilyuk, Konstantin Pysarenko, Maksym Muratov, Dimitri Chupryna




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Token-as-a-Service (TaaS) is the first-ever tokenized closed-end fund dedicated to blockchain assets.