$700,000 Unsanctioned Withdrawal by ReHold Co-Founder Renat Gafarov — Full Disclosure and Next Steps
Hello, I’m Michael Semin, and I’m the co-founder of ReHold.
Today, I want to publicly address a serious issue involving my business partner, Renat Gafarov. On July 15th, 2024, Renat withdrew over $700,000 from the protocol’s smart contracts to his wallet (0xcd8e4d644fd8e930b91904e178c625291557a889) without prior agreement from both founders. It was all the company’s net profits and the initial capital provided by both of us.
After transferring the funds, Renat took actions that could be interpreted as an attempt to seize full control of the company, despite our equal 50/50 ownership since the company’s foundation in September 2022. He also frequently failed his duties as CEO, especially in marketing and fundraising matters. He didn’t disclose enough information to the team that the token’s launch (IDO) would not happen because the fundraising process completely failed, as well as negotiations with exchange listings.
Renat has taken control of essential internal accesses, including our company’s domain (rehold.io, rehodl.io, rehold.finance), Google Admin, Twitter, Discord, and other critical accounts, which are no longer accessible to the team.
I am working closely with legal authorities and government agencies to recover the misappropriated funds and hold Renat accountable for his actions.
Below, I provide concrete screenshots to prove my statement, all of these actions took place on 15th July 2024 when funds were withdrawn:
Binance Whitelist Change
Renat added his wallet to the withdrawal whitelist to transfer funds without prior agreement.
Cloudflare Access Revoked
I also received an email confirmation that my access to the organization account has been revoked without any prior discussion.
DigitalOcean Session Logs
These logs from DigitalOcean show multiple unauthorized sessions initiated by Renat from different IPs to withdraw funds from smart contracts and manipulate MPC.
Google Admin Role Change Logs
Renat unassigned the Super Admin role from my account without my knowledge, removing my control over critical company resources.
I am prepared to provide additional information (screenshots, logs, etc.), to any relevant parties or authorities. I am also open to discussions or meetings to further explain the situation and the steps being taken to resolve it.
We remain deeply committed to our community and will continue to prioritize transparency as we navigate this situation.
Sincerely,
Michael Semin