JoyToken & RepuX ICO project update — invest cautiously
It has been brought to our attention earlier this month that blockchain projects RepuX and JoyToken have been caught missaporiating bounty funds of $1.4 million dollars.
Both projects run by Mr David Sui of NovatronCapital raised a combined $8 million dollars through the token sale events but shamefully decreased the bounty fund to just $50,000, withholding thousands from hard working bounty hunters.
The bounty fund was guaranteed by both JoyToken and RepuX prior to the token sales but upon completion both two firms reversed promises angering many in the crypto community. This is despite the projects raising millions of dollars.
JoyToken and Repux appear to be run by a Mr David Sui of NovtronCapital although he does not appear on any official company team pages. We are not entirely sure of David’s role within these companies however can confirm that he is the main point of contact on both telegram channels.
Some news tippers have also suggested David Sui allegedly invested in both JoyToken and RepuX before the official token sale behind the backs of investors to avoid scrutiny.
If that wasn’t worrying enough others have suggested David may in fact be the sole lead and that these projects have no real companies behind them and have instead been fabricated to swindle new investors. Given the dishonestly shown so far this is looking plausible.
Based on this new evidence and our subsequent interaction with David Sui our rating team have revised the Joytoken and RepuX project’s initial from 3.5 to 0.5. We feel both of these projects pose a real risk to investors due to the blatant mismanagement of funds, lack of transparency, no post sale announcements and that fact that we are unable to track the funds raised on the blockchain.
As always, invest cautiously — DYOR
Joytoken and RepuX over and out….