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Brian Li @DecryptoBL
, 21 tweets, 15 min read Read on Twitter
1/ After examining #Substratum's #BCH and #LTC crowdsale wallets and finding major discrepancies, I decided to take a look at the #ETH wallet. For reference, Substratum reported 17,778.25 ETH were collected during the ICO process.

etherscan.io/address/0xaf51…
2/ After compiling all of #Substratum's crowdsale wallet into a spreadsheet, I identified the tx below as the first crowdsale participant who received 55,000 #SUB in exchange for 10.1 #ETH.

etherscan.io/address/0xc343…
3/ Similarly, I was able to identify the address below as the last participant in the ICO. This wallet received a whopping 122,202 #SUB in exchange for 12.220246405 #ETH. Why this wallet received ~10,000 SUB/ETH? I don't know.

etherscan.io/address/0x6f2f…
4/ We now have a timeline of #SUB's ICO contributions based on timestamped #Ethereum tx from July 29 to Sept 21. Ignore #Substratum's ICO timeline because it doesn't matter (their #LTC total includes contributions from Sept 18, which is "post-ICO"... dcryp.to/2RfbdQL
5/ During this ICO period (July 29 to Sept 21), #Substratum received a total of 18,920.52273 ETH, which is 1142.27273 ETH more than the 17,778.25 ETH from the whitepaper. FYI, the missing #ETH was worth over $1.3 million just a few months later.
6/ In case you're a #Substratum fanboy who wants to argue that the WP only reflects the total amount from the "official" 8/14-9/17 ICO timeframe, please note that this period only accounts for 13,238.05836 ETH raised. That's ~4,000 #ETH less than the WP's total. You lose.
7/ With all this in mind, we have to question the degree of discrepancies between the timestamped transactions on the blockchain and #Substratum's self-calculated total funding amounts in the whitepaper.
8/ Specifically, the questions are...

1. Where is the missing 2.5 BTC?
2. Where is the missing 702 BCH?
3. Where is the missing 1142 ETH?
4. Where is the missing 35 LTC?
5. What ICO timeframe did #Substratum use to calculate total funding?

And the "million dollar question"...
9/ Why was the CEO of #Substratum suddenly able to afford a $400,000 home and a bunch of new toys in the first week of October 2017? Was he already a master of trading Bollinger Bands in late 2017?

Stay tuned for more updates on #SUB.
10/ FYI, the above information can be easily verified by exporting transactions from @etherscan for the corresponding wallets.
11/ Is this an example of amateur accounting from a company that raised $13.8M, or is there something else going on?

A few more questions.

1. What happened to $5M dedicated for building infrastructure?
2. Is there a deeper connection with Render Payment? (yes)
3. When #Bittrex?
12/ In response to publicly verifiable data sourced from the #Ethereum blockchain, the #Substratum community has resorted to creating an alternate reality where blockchain can’t be trusted. Instead, they want blockchain supporters to “burn in hell”. #SUB
Another piece of comedic gold from #Substratum community. In reference to data sourced from the #Ethereum blockchain, @BitcoinHeinze said, “The team doesn’t respond to lies”.

Keep it coming, guys!! I’m writing all this down for my crypto TV show someday.
13/ In response to publicly verifiable data sourced from the #Ethereum blockchain differing from self-reported funding amounts, #Substratum’s very own Chief Marketing Officer has issued a statement - “It’s a bunch of smoke and mirrors.” #SUB #Crypto #ETH
14/ A few pieces of comedic gold/points I would like to address from #Substratum's panicking Telegram group.

If you think the data from the #Ethereum blockchain (verified by multiple parties now) is a lie, you probably shouldn't be holding a bag of precious ERC-20 tokens. #SUB
15/ Why is a fact-based analysis a "smear campaign"? On the contrary, #Substratum's community/holders have been participating in a shill campaign for over a year and profiting from the gains. Why is that okay? Lastly, I receive ZERO financial compensation for writing about #SUB.
16/ According to #Substratum's official Twitter account, they were holding a beard decoration competition recently. If that's not a distraction, I don't know what is. Also, I have seen nothing on the marketing front. How do I distract if no work is being done in the first place.
17/ LOL. The community has moved on to the state-sponsored FUD narrative. I do not receive any undisclosed financial compensation for any content on Decrypto.net or on Twitter. In the past, I worked with music tech companies that occasionally compensated me.
18/ Oh little bwolf, how I wish that were true... btw, who would spend $500 to FUD a coin with $95K in 24h volume? That’s a terrible deal. #Substratum #SUB
19/ It just keeps on coming... “I didn’t check the blockchain to verify data for myself, but I know I’m right.” Keep ‘em coming, #SUB community. Jotting down some great quotes here.
20/ Finally, I want to address the #Substratum community's claim about the data in this thread not being sourced correctly/completely. Sorry to break it to you, but the data sourced from the #Ethereum blockchain is undeniable. It cannot possibly be falsified without a reorg. #SUB
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