$700 000 USD

JULY 2024

GLOBAL

REHOLD

DESCRIPTION OF EVENTS

"ReHold, a new player in the DeFi space, is shaking things up with its Dual Investment protocol. Unlike the traditional staking model, where users receive low to moderate returns over a long period of time, ReHold allows users to bet on cryptocurrencies, including Stablecoins, for 12 or 24 hours at an interest rate of up to 250%."

 

"Crypto Boost for Everyone Boost your crypto assets with up to 250% APR via Dual Investments"

 

"Cross-chain protocol uses the best from different blockchains. Easy to use Dual Investment and maximize your profit. OpenZeppelin best practices for smart contracts engineering."

 

"ReHold is a decentralized company based on smart contracts on BNB Chain. Code is a law (open-source on GitHub), so if you opened a Dual Investment on a specific pool with any amount, you will receive your profit from the smart contract after the staking period ends.

 

ReHold has public founders with a lot of experience in Fintech, who are always open to discussing users' wishes and complaints.

 

The largest media Bloomberg, Yahoo Finance, and Benzinga wrote about ReHold. You can easily find these articles by yourself on Google."

 

"On July 15, 2024, @renat_rehold, our co-founder, withdrew over $700,000 from the company’s smart contracts without my approval. We’ve moved to a new domain: https://app.reholdio.com because Renat revoked the team access to the original domain."

 

"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."

 

"Client funds and the rest of the company funds are safe. The team has revoked access to smart contracts and other sensitive accounts such as Binance. The protocol is functioning correctly and any user can withdraw his funds at any moment."

ReHold was a smart contract dual investment protocol designed to maximize returns and managed by Michael Semin and Renat Gafarov. On July 15th, 2024, Renat reportedly decided to take $700k from the company funds and prevent Michael from accessing any of the administrative systems or social media accounts. On September 25th, the incident became public, with Michael accused of running away with the money. Within an hour, Michael was public with a more evidence-backed version of events. It appears that all funds lost were related to the protocol itself and not client funds. It appears that clients can use the smart contract through a new website to withdraw their funds.

Sources And Further Reading

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