Follow Up: RENQ FINANCE IS A SCAM *WARNING*Wallet tracking Update
Disclaimer: The views expressed in this article are personal opinions and should not be considered as financial advice. Renq Finance may not be a scam, but individual experiences may vary. Readers are advised to conduct their own research and make informed decisions.
The RENQ Finance scam is a heart-wrenching example of how fraudsters prey on innocent investors by creating an illusion of legitimacy. By using well-regarded websites like Analytics Insight & Bitcoinst to publish their fraudulent claims, they lure investors into a false sense of security and trust. It is a classic case of wolves in sheep’s clothing.
Check the investigation article on the secret behind RenQ raising 14 million here:
Investors must be vigilant and take necessary precautions to avoid falling prey to such scams. Unfortunately, there are countless scams lurking in the shadows, waiting to take advantage of unsuspecting investors. One of the most recent scams is the RENQ Finance scam. You can read my previous article on how RENQ Finance Team is not real and it uses AI Generated images for team members here. Same team is also used in another website PredictionAI
Looking further into it, RENQ Finance scam has a striking similarity to the ORYEN Network scam, where funds were collected for a presale and coin launch that never happened, and the organizers vanished into thin air. RENQ Finance, promoted by the same Indian websites, mostly Analytics Insights run by Ashish Sukhadeva, the supposed Entrepreneur of the Year in India, has followed the same modus operandi. The project collects money in the name of a presale, then disappears and reappears with a new coin, repeating the vicious cycle.
The RENQ scam uses this wallet address as their Main wallet , 0x7957913aC43308E7d569Db2E6825dd5CC4875c13, makes approx 120 eth, around 200k USD on each day.
Here is the Main Wallet used by RenQ Finance 0x7957913aC43308E7d569Db2E6825dd5CC4875c13
Collected 3566 eth, 6.4 million usd at the time of this writing.
Transfered 220 eth 400k to 0x19deBFfdBA43dbc7fE1b98C7f0fe4ae4E9A126Ad
and then sent to Binance 0x28c6c06298d514db089934071355e5743bf21d60
Transferred 300 eth 545k
0xfc087713a60C0a60d58d60A481C9dc7FdD693D6f
and then sent to Binance 0x28c6c06298d514db089934071355e5743bf21d60
Transferred 1114 eth 1.95 million
0xF12a1241815a8057939941C4A2E046d86C406B57
and then sent to Kucoin 0xcad621da75a66c7a8f4ff86d30a2bf981bfc8fdd
Transferred 43.3 eth 79k
0x18eba48c79d4e54470c3a2250dc8d155cca2a9cc
and SENT TO 0x826BB51954b93f1972A3472aBf6DCd6672aDB462
2,847.491422 ETH 4.8 million
The scammers are using four other wallets, two to transfer to Binance and one to transfer to Kucoin and one for swap.
One of those addresses holds the most coins of scam rugpull tokens like Shiba Games and Fighter Shiba, which I mentioned in my previous article, the moderator of those rugpull coin communities on reddit is also the mod for RenQ FINANCE.
Which confirms its the same people who run these scams. One of the four addresses that RENQ transfers money to holds these scam tokens.
Google this wallet address and check for yourself. 0x18eba48c79d4e54470c3a2250dc8d155cca2a9cc
….. this address holds the most coins of scam rugpull tokens like Shiba games and Fighter shiba. The same scam tokens I pointed out in my medium article where the moderater outrovingunsolarz5 is part of. He is the moderator of all those scam token communities. And he is part of RENQ scam. And out of the 4addressss that RENQ transfers money to, One of them hold these scam tokens….
Also what makes the RENQ Finance scam particularly insidious is that it uses reputable websites to promote itself. Those websites has an excellent Google analytics score, and anything published there is likely to be pushed to Google’s front page.
Here is a recent reddit user post on it.
While the RENQ Finance team is currently collecting money in the name of a presale, they are already working on their next project, creating a website, a whitepaper, AI-generated images, and then running that presale, creating a new website. This is their modus operandi, making money, vanishing, and creating a new coin.
The RENQ team is entirely fabricated, and their images are generated by artificial intelligence. If you search for James Bladen, the CFO, you will find one who lives in Long Beach, but it’s not the RENQ guy. The website they use to create their profile images is HTTPS://Www.generated.photos. Jamie Bladen blocked one investor on telegram after he said Ashish Shukadeva, one of the owners of the Indian websites promoting RENQ Finance, would go to jail because he is mainly responsible or part responsible enabling this crypto scam and making innocent people lose millions.
Most, if not all, of the articles promoting RENQ Finance are on websites like Analytics Insight, Bitcoinist, Cryptoslate, and The Crypto Basic, with some on Crypto News Flash, Outlook India, Mint, and Cryptopolian. The press release on Bitcoinist costs $1000 for each article, and these scammers are paying $1000 for each article. Payment is made with crypto, so they are anonymous.
We must be vigilant when investing in cryptocurrency and always do our due diligence before making any investment decisions. If you come across any suspicious activity or scam, report it to the relevant authorities or the people who are enabling the scam. They are responsible as well.
However, reporting the scam to the authorities alone is not enough; we must also report them to the media companies that promoted them and if they do not cooperate, they will be included with the scammers.
If you need help investigating or researching a new project before you invest, I am available for a fee. Please feel free to reach out to me on telegram @harrisonhart
I strongly advise that it is more prudent to spend a nominal fee to verify the legitimacy of a project rather than to risk losing thousands of dollars investing in it. Can write to me on telegram Harrison Hart.
Remember, it is always better to spend a small amount to confirm the legitimacy of a project than to lose a significant investment.
Check the artcile on Digitoads team here:
Also if you find value in my work and would like to support me, you can donate Bitcoin at bc1qghu7ymyc97e56g6tgtsjadxch90y3xf8lvsz9j
or Ethereum at 0xBA86E408a006E09618bBdDB53d7A4a9c07E834b3
or Solana at 8279AsEfmxVptSer6jBxjGS2roDdRN8bYYPaE9JX1Pna
Thank you for your understanding and continued support. Be safe.
If you would like to stay informed on the latest scams and investigations, please do not hesitate to contact me. I welcome your thoughts and insights on this important topic. You can reach me on Telegram at @harrisonhart. Thank you for your interest.
