ZK-SNARKs on Ethereum has been a pipe dream for quite some time. Wake the fuck up, they still are and always will be. In this report, I will demonstrate that Railgun has no privacy and cannot ever achieve privacy in the future.
This report will also prove that the biggest holder and supposed benefactor of the Railgun project is a fake entity that exists solely to dump on RAIL holders should the emergency contingency plans ever come into effect.
This is the supposed face of the Railgun mastermind, Emmanuel Goldstein.
Not much is known about ‘Emmanuel Goldstein’ apart from the fact that he has a fictional name from the George Orwell book ‘1984’. The truth is this is an obvious fake name. I may have found some family members of Emmanuel Goldstein however who may shed some light onto his real origins.
Let’s check out the website’s team page to learn more about this mysterious gentleman. Throughout this report, you’ll see versions of his face looking to the left and to the right, no, he’s not scanning his surroundings on the lookout for dangerous pirates. For some strange reason, a few days before the writing of this report, he horizontally flipped all media containing pictures of his face. The left facing Emmanuel is the original. Just some information to bear in mind going forth.
I’ve never seen ‘DeFi liquidity provider’ listed as an attribute for a team member, in any project. This means he did something tens of thousands of people have done already; deposit ETH for liquidity for a pair on a DEX.
The second point has absolutely no bearing on crypto and doesn’t make much sense either, more filler content intended to sound impressive.
I’m writing this story knowing how it ends bear in mind, so the third point doesn’t mean shit anyway, even if it were true.
We saved the best till last, it was also last on the list anyway. The funniest red flag in this list. Something that sounds very impressive and hacker-like, but in reality is just a lie.
Reading into this report later on, you’ll see what I mean.
This is what I meant. Thanks Google. We can see here that a mere 3 days ago from writing this he felt the urge to flip his face horizontally. We’ll never know why. This is the only mysterious thing about the whole project. Now let’s meet the Goldstein family.
Here are just a few members of Emmanuel Goldstein’s massive family. Over 2,000 of his cousins on this online family album. Coincidentally, they are all DeFi liquidity providers who’ve held government cyber security contracts.
Here we see the lesser known members of the Goldstein Family. Unfortunate victims of inbreeding, yet still celebrated in this wonderful family album.
Here we see Etsuji Godai, a more distant cousin seen here enjoying his hybrid Japanese ethnicity in front of the national flag.
Here we see Emmet Goldstein left, and Earnest Goldstein right.
Both helped get Railgun going, Emmet invested his entire 401k while Earnest gave Emmanuel his life savings and pension.
Here we have Emmanuel’s Uncle-Aunt, Esmerelda Goldstein. Esmerelda is in the process of establishing Railgun’s Discord. Anything for their dear nephew.
Jokes aside, its a fucking fake picture from an online database of AI generated faces. Some of them look convincingly real and some of them are a total mess. For some reason he’s defensive and dismissive about his face when asked. Give it a try, ask him where his face is from. Give it a shot while the group is still even active.
IN IT FOR THE TECH
So we’ve established that Emmanuel Goldstein is a ghost, fair enough. I’m anonymous too, but I don’t try and pass off a fucking neural network’s bullshit as my own face. There was no need for him to do this. Let us read more about the magical technology that Railgun uses.
From the Whitepaper:
“RAILGUN is a robust, zero-knowledge substrate built on Eth//reum, enabling pr1vacy and an0nymity for users and on-chain applications.
RAILGUN: the first time users can maintain privacy while interacting with DeFi smart contracts on Ethereum — without any trade-off from the full security of Ethereum hash-power.”
Without boring you with the nonsense littered in the Whitepaper I’ll focus on the claims that stand out. The Whitepaper makes several claims of being “on-chain”. The “//“ and swapping the ‘i’ for a ‘1’ and such is total cringe. The hallmarks of someone some people may be familiar with from another project back in December 2020. More on that later.
Let’s see what their Twitter posts were like in this thread from early on for a more condensed look at the intentions of the project.
So, there was a look at some of Railgun’s first tweets. Keep the declaration that they have no Layer 2 components within the system in mind. This means that they rely 100% on whatever their contracts are for their privacy, they cannot be aided by a server or any other tools which aren’t directly on Ethereum’s mainnet.
Given that as stated, Railgun’s privacy must exist within the contracts, otherwise there is nowhere else for it to be, there must surely be some privacy mechanisms at play. So let’s take a look at what they have.
Here we have it. This is the actual contract that is responsible for Railgun’s privacy. As stated by Railgun numerous times, their privacy is Layer 1. Let’s take a look at some of the activity on Etherscan.
Focusing on these interactions from the handy easily readable ENS domain address of this Raccoon here, we’re going to see how Railgun privacy works.
Here we see that Raccoon has made a deposit into the contract for 200 USDC, 0.5 USDC goes to the contract fees and the rest is ready to send to the mysterious recipient. Let’s follow this further.
Now we see that the Railgun contract on behalf of Raccoon, has relayed the funds to the ‘0xe160a7499d407’ address, with another fee taken on the way out.
Here we see the USDC has landed at the destination while remaining totally pri- what the fuck is this shit? You call this privacy? I can follow everything right there on Etherscan. You can literally see everything happening in front of you. They charge fees for this? Why did Raccoon have to part with around $0.99 of their hard earned money to achieve absolutely nothing in the way of privacy?
BAIT & SWITCH
You may say the transaction I just traced isn’t a ‘shielded’ transaction, and the response to that would be that they don’t fucking work either, as as matter of fact they work even worse. If you attempt to make a shielded transfer, your tokens won’t even go anywhere. You cannot pull your money out, it is a one way street. It seems that basically nobody has bothered to do even the most surface level due diligence here.
Railgun have repeatedly spoken of ‘relayers’ and boasted at their functionality in adding privacy. They even made, and this cannot be stressed enough, an official video on it that they shouldn’t even bother taking down because it has already been ripped multiple times. Let’s take a look. Skip to 1:48 for the good stuff.
Narrator: “Railgun users can send their transactions directly to recipients and DEXes completely on-chain. If anonymity is desired, by paying a fee to a relayer, senders can pass their transactions through an off-chain agent thus protecting their identity.”
Let that paragraph sink in for a few moments. Are you fucking serious? Anonymity, aka privacy, aka the whole point of the fucking project, can only be achieved by going off-chain and dealing with your ‘agents’ when you said that you’re fully on-chain only?
What the fuck happened to this declaration? This is a direct contradiction. This tweet, and many other communications stated that all of Railgun is built on layer 1, yet now we hear that a very, very dearly needed element in privacy is basically this.
When asked about the specifications of the ‘Relay network’ by the community, Emmanuel seemed confused by his own project’s communications to their community.
We see something rather fascinating in these three screenshots. As you can see, this all starts with one community member inquiring about specifics in the official Railgun video then later forwarding said video for the chat to see. After a bit of back-and-forth with Kieran and Dylan, Emmanuel jumps in and declares this video that was posted originally by a chat moderator, is a “fan made ‘’ YouTube video. I don’t think anyone is stupid enough to believe this, but he said it anyway.
Let’s take a look at another instance where Emmanuel clearly saw the video before and said nothing, as well as an instance where the Railgun chat main moderator basically confirms that it is the official channel.
This was one of the first times the video was posted in the Railgun chat, August 10th. When Matt asked if this is the official YouTube channel for Railgun, the chat main moderator replies with “How y’all not subscribed yet?” basically confirming that it is indeed an official YouTube video for Railgun.
This is the first time the video link got posted by a moderator. Notice that the poster, named Luke, is indeed a chat moderator. These people only get to post what they’re told to, nothing more nothing less. I don’t know why a random person from the chat posted this before the moderator did, but that’s not the focus here.
Not everyone was happy with the official video. Here we can see Seb complain that the video is perhaps too ‘professional’ sounding. If you’ve already seen the video by now, you know that this is clearly something someone was paid to produce and read a script for. It appears Seb would have rather seen a 20 year old in his dimly lit bedroom with several screens behind him locked onto shitcoin charts with fake TA all over. Notice that Emmanuel only posts a smiley.
This is what I was talking about. Seb wants to see neckbeards in their natural habitats. Emmanuel ignores his feedback on the very much official video and proceeds to talk about other future shit.
So, with the video having been posted for the first time around August 10th with the seal of authenticity from the main chat mod on the same day and Emmanuel obviously having known about it because he fucking had it made, and with the clear recognition of that same video on August 30th along with the less than 5 star approval rating from Seb, how the fuck does Emmanuel pretend that he’s never seen the video before, a mere 1 day later on August 31st?
As we’ve seen, not only does he pretend to have never seen it before, but when it becomes apparent to him that he didn’t get away with sneaking in mention of off-chain elements, he pretends, in hilariously non-convincing fashion, that the video and account itself are “fan made” as if there’s a fan that would have a professional video made that involves hiring people to read speeches. Fan made videos are shot with shitty laptop webcams, we know this. We’re not fucking naive or gullible. What’s more, when asked about why he can’t run his own shit with any coordination, he throws his hands up and says “This is a DAO!” as if that magically absolves him of being the person that we all know runs every detail of Railgun’s operations.
Now let’s see what happens when the Railgun team is clearly aware that people don’t believe their tech works or could make any sense. For those with knowledge of Ethereum, or tech savvy individuals in general, enjoy this hilarious screenshot.
Yes, you read that correctly. After several days of being asked about the relay network and after a long explanation by me in my own chat on how relayers do absolutely nothing for privacy whatsoever, otherwise bolting GSN onto any token would make it a privacy token, they finally lost their shit and decided to pretend the TOR network is somehow involved in private transactions on the Ethereum blockchain.
For those that are tech savvy, you can clearly see that this is nonsensical technobabble. There isn’t much more to say on it than that. This is the ‘flux capacitor’ for Railgun.
Notice that they acknowledge that there was no mention of anything to do with TOR in their whitepaper. I’ll tell you why that is. It’s because they fucking made it up on the spot, right then and there. They were desperate to show people that they had something technical under the hood, people saw that the Railgun app didn’t work and wasn’t private, and that their contracts didn’t do anything they were supposed to. This was a very desperate attempt to assure people that they had something impressive going on.
Of course, only people with zero technical understanding of anything believed this. The news did not help them recover and actually made them more of a joke to the community.
The following screenshots are messages I sent to my own Telegram group regarding these fantasy relayers. I made these posts one day before this TOR delusion was mentioned for the first time as you can see from the date stamp. I don’t think that’s a coincidence.
Quite the rant, but that’s everything I said on September 6th, a day before this ‘TOR network Ethereum Gas Signer Relay Network’ idea was undoubtedly thought up by Emmanuel. Just like last time in RIFT when he posted a screenshot from an Android emulator pretending he was testing his ‘Dark Matter Wallet’ for RIFT. Not all of the rant pertains to the relayer joke itself, some of it is about BV3.
So that’s what I had to say, let’s take a look at what TOR actually even is, for those who don’t know.
From the Wikipedia article on TOR:
“Tor, short for The Onion Router, is free and open-source software for enabling anonymous communication. It directs Internet traffic through a free, worldwide, volunteer overlay network, consisting of more than six thousand relays, for concealing a user’s location and usage from anyone conducting network surveillance or traffic analysis. Using Tor makes it more difficult to trace the Internet activity to the user. Tor’s intended use is to protect the personal privacy of its users, as well as their freedom and ability to conduct confidential communication by keeping their Internet activities unmonitored. The core principle of Tor, Onion routing, was developed in the mid-1990s by United States Naval Research Laboratory employees, mathematician Paul Syverson, and computer scientists Michael G. Reed and David Goldschlag, to protect U.S. intelligence communications online. Onion routing is implemented by encryption in the application layer of the communication protocol stack, nested like the layers of an onion. The alpha version of Tor, developed by Syverson and computer scientists Roger Dingledine and Nick Mathewson and then called The Onion Routing project (which later simply became “Tor”, as an acronym for the former name), was launched on 20 September 2002. The first public release occurred a year later.”
As we can all see here, TOR is used in attempts to make a user untraceable on the internet when browsing the web. This technology is not applicable to Ethereum privacy in any way, shape or form. Saying you’re using TOR as part of your privacy project on Ethereum is basically movie hacker speak. It makes no sense whatsoever.
In this screenshot, I basically joke about and show how easy it is to make a bunch of mashed together words sound technically impressive if you’re talking to someone who has no idea what they’re listening to. I posted this on September 7th, after seeing the TOR joke they made in their chat on the same day.
THE AUDACIOUS AUDIT
Remember ABDK, the auditing company that signed off on this whole thing being private? Here’s a reminder.
Well we’ve all seen that this is a fucking lie. You’ll also see why the first bullet point isn’t exactly true either later on in the report. If you want to know a little more about ABDK, look into this interesting report on their audit of Tornado Cash. Gulag rats all running around in the same sewers. They’re all linked. https://librehash.org/privacy-snake-oil-salesmen-part-one-tornado-cash/
Wrapping up this section, I have demonstrated and proved the following;
- Railgun has absolutely no privacy mechanisms for sending private transactions on Ethereum
- Railgun cannot remedy the current situation in any way if they even wanted to
- Railgun declared they are fully L1 for many months since launch yet now plan to use ‘off-chain agents’ whatever that means to maintain ‘anonymity’
- ABDK is either a corrupt or fake auditing company that has no idea what they’re doing and probably don’t even know what Ethereum is.
The entity that was possibly the largest benefactor to the Railgun project is called the ‘Right To Privacy Foundation’. Unimaginative name, but whatever. Let’s check it out.
Not too much to say here, other than the fact that Oxford university’s hall isn’t really associated with privacy campaigning, but whatever.
Anything ‘grand’ looking to look sophisticated I guess. It looks like they’ve postponed some event until 2023. Let’s take a closer look at that.
Very interesting. However, Oxford university has never had an annual privacy event. Let’s see what all that writing is though.
“The annual Report and Accounts will be published on the Scheme website by the end of the year, along with an annual meeting report from the Chairman, Investment Sub-Committee Chair and Secretary.
Key statistics from the Report and Accounts, along with a detailed explanation of the activities of the Scheme and the audited financial statements, will be sent to all members within Q3 of 2021. Members will have the opportunity to submit any questions they have about the running of the Scheme or the audited financial statements.”
I couldn’t even tell you what the fuck this word salad even means. Moving on.
So now this is an Amazon book review section. I came here to learn about this organisation, not read about what Jonathan, Margaret and Pieter thought about a book. This takes up way too much space on the page. Most likely filler material. This gets much, much more interesting later on. We’re only just scratching the surface, and laughing at it.
Grants don’t usually work in such an informal manner and they definitely aren’t pushed into your face like this on a homepage like applying for a loan on a tasteless.
Some of my team members and I were playing around with the form submission. We even managed to book an appointment for a grant meeting at midnight on October 22nd, 1980. The year nineteen-eighty. They accepted a submitted date 40 years in the fucking past. Not much thought was given to this it seems. Setting dates in the past is simply not possible for virtually anything, even on the cheapest websites regardless of what they’re for. Let’s delve further.
Apart from the grammatical errors and extremely bland vibe from this whole site, it looks like the Foundation is very happy with Railgun. Now let us go much deeper.
Now we’re getting somewhere. A website like this, with a naked directory and no index file. How fucking cheap was the budget here? Anyone can see everything that makes the website what it is, this was a thing in maybe the year 2003 when nobody gave a shit about anything. Interesting folder dates. Let’s talk about that a little more.
On the left you see the old logo, on the right you see the current logo.
This Foundation was still figuring out it’s own image well into the middle of 2021 as evidenced by the current logo being named ‘Final Logo’, inside a folder dated May 2021.
Both of these logos scream $20 Fiverr job.
From what I can tell, the first version has a filename that looks like something Facebook Messenger spits out.
Someone was really scraping the barrel when they were making this thing.
This basic check tells us that the Foundation’s website was registered on the 22nd of January, 2021 and updated on May 28th. Everything here is in order then. This ‘Foundation’ is fictitious and does not exist. You should now be asking yourself why this entity exists. Let me answer that.
Railgun, through their many communications with the public on their official telegram have stated numerous times that during the early stages of development in the project, various people have ‘donated’ to the project. The biggest of these donors was the ‘Right To Privacy Foundation’. We’ll come back to that soon, but let’s take a look at something else that was said in regards to donors.
According to Railgun’s Whitepaper, people who have previously donated to non-profit organisations that focus on privacy will have received a share of 25% of the supply. This 25% was the ‘Airdrop’ allocation and this isn’t including the ‘Right To Privacy Foundation’ either, they get their own 25%. The document also states that many of the airdrop recipients won’t even know they’ve been given RAIL tokens. Let’s turn our attention to the FSF and the Tor Project for a moment because they were explicitly mentioned in the Railgun Whitepaper as examples of organisations that if donated to, one would receive RAIL tokens.
These are all the donation methods for the Free Software Foundation. There’s no ETH payment method. The only cryptocurrencies they’ve ever accepted are Bitcoin and Litecoin. I don’t know what else to tell you, other than they should have picked charities that actually accept Ether if they wanted to pretend to do an airdrop for people who’ve donated to privacy causes.
In the spirit of truth however, the TOR Project does have an Ether donation method. However, upon investigation it appears that while this method is very rarely used, with a total of 103 transactions ever, the number of RAIL recipients was around 6. They seemed to have hand-picked these addresses for some reason. Some addresses were given 10,000, while one that I saw received 10. Ten. Extremely random.
As for any other possible privacy charities, Railgun doesn’t name any. The only charities that have ever been named were the FSF, the Tor Project and the ‘Right To Privacy Foundation’. Coming back to the old Foundation for a second, let’s take a look at something else Emmanuel said to the public.
Did you see that? The Foundation is a registered charity. Registered where? They have no registration information at the bottom of their homepage or anywhere else.
All ‘right’ reserved? Basic proofreading is beyond the budget here. There is no registration number anywhere. There’s no point of even going on about this even more but I’m just being thorough. We already know the deal with this ‘Foundation’. Did you notice that there’s not even a way to donate to the foundation on their own website in any way shape or form? This is hilariously bad.
Emmanuel forgot that charities, in order to look real, need to be able to accept donations.
Concluding the Foundation case, it can be seen that I have reasonably demonstrated that the ‘Right To Privacy Foundation’ is a fictitious scam entity conjured up for the sole purpose of holding a massive supply of the tokens while the project and it’s devs appear to be innocently empty-handed. Aiding in this illusion is the facade of having the DAO alone capable of minting the extra 50 million, by a majority vote of all stakers. I have also reasonably demonstrated that the 25% airdrop to donors of privacy causes is a sham that’s been a terrible fuck up at best. Given the way things have been going in this report, I think we all know this is an intentional move and not a mistake in airdropping. The vast majority of the allocation probably went to more random wallets under team control.
THE SECOND COMING
As previously stated in the report, Railgun bears all the hallmarks of an old rugged project from December 2020 named ‘RIFT’ which stood for ‘Ring-Signature Infrastructure For Tokens’. This project was run by an individual seemingly alternating between two Telegram accounts, the main one and ‘head’ account being @MODRift. The premise of this project was that some genius had managed to incorporate RingCTs such as the ones Monero uses, into a smart contract based entirely on Ethereum. A technology used on different chains that someone apparently crammed into Ethereum. Sounds rather familiar. Another familiarity was the early prevalence of front-running. MODRift was known to have a front-running bot in RIFT. More on that shortly.
Also similar to Railgun and the Foundation, RIFT’s websites were complete sloppy cringey messes that looked like scams that also had open directories with no index files.
I, and anyone else that has ever designed a website in this millennium will tell you that there’s not many people in the world at all who go around making websites with open directories and no index files. The amount of people who could continue this habit on 3 separate occasions, for websites around the exact same topic are comically small. As if you needed any more evidence. People rarely deviate from habits involving tech or programming. Everyone has a ‘style’, and Emmanuel’s is fucking cheap and sloppy.
OLD HABITS DIE HARD
During the launch of Railgun’s token, early users noticed something rather odd, an apparent front-running bot was working away while the project had seemingly made attempts to thwart would-be front-runners. The economics of this bot however were unusual and didn’t make much sense to those who didn’t know what was going on. Still, around $150,000 was made by the bot in RAIL. It is not something that I looked into intensely but their community knew of it. Also, there was a stopgap contract called ‘The Gardener’, that held your tokens for 30 days instead of rejecting a transaction if you used the ‘wrong’ amount of gas.
Also during the RAIL launch, Emmanuel advised everyone to use no more than 18 GWEI to conduct RAIL purchases, this led to the bot front running manipulation being possible.
From the contract:
In these snippets of code, we can see that the idea of this mini front-running scam is that it prevented the usual front-runners from being able to access the token while at the same time making sure everyone’s transactions were super slow, ensuring the front runner could operate successfully, and cut everyone off. Not only that, but in traditional front-running operations virtually all of the operational costs go to paying for gas that is several times higher than a standard transaction; since the gas costs here were average or just above average for Emmanuel’s front-runner, the cost of running the front runner was practically zero comparably and the profit margins were far, far greater than they would normally be. We can now see that Emmanuel hard coded a set of functions that essentially let him and him alone front-run RAIL while other would-be front runners were thwarted.
For the layman, Emmanuel told the community to use very low gas to buy RAIL which made their transactions very slow. Front-running can only be effective when the bot can execute movements quicker than the normal buyers. By making RAIL purchases much slower than usual, his bot didn’t have to use much gas at all like they traditionally have to, meaning he made much more money. This money making and scamming scheme could only be possible because he is the one that set everything up.
This was baked in from the beginning. The code shown above serves absolutely no purpose other than to establish a unique set of privileges to a chosen address for a front-running bot. Nobody other than Emmanuel was able to effectively front-run RAIL during launch.
For those that understand Solidity, it really wouldn’t matter how the bools got triggered, whether he sent from a different contract or his sender was part of the ‘LPS array’, most people just used their regular wallets and thus had to be under the BOT Soft limit.
He even hard coded the ‘Bot Soft’ and ‘Bot Hard’ limits, as if to say, “This one is for idiots” and “This one’s for me”. It’s clear with the bot Hard Limit being under 100 a bunch of benefits would come. Since everyone had to go under 18 GWEI, which is extremely slow under any circumstances, it gave him plenty of time to front run. There was no reason to do this and everything could have been kept at the SOFT limit.
We’re talking about average buyers sitting around for several hours for their transaction to go through. Also, his gas fee for front running was close to nothing since any transaction under one hundred is pretty average on a normal day. Furthermore, it would ensure the success of his front running operation, since most people will just use a fast transaction and be accepted within the mempool within 30 seconds or less.
By slowing everyone down, it would ensure his success and keep other front-runners out at over 100 since they would try to use very fast gas amounts of 300+ or even 800+ and would end up in his gardener contract allowing him to make even more money fleecing people.
RUN BOT, RUN
So, we’ve clearly now seen evidence of very unusual and nonsensical anti-bot measures. Let’s see what Emmanuel Goldstein and his team had to say about the anti-bot measures.
As we can see here, the Railgun team including Emmanuel himself were adamant that there was absolutely no bot activity during the launch whatsoever and that nobody was front-run. Joey Nishad talks about being there ‘in person’ when the code was written, like that means anything. Code is code, it doesn’t matter if you read it now or during writing, it has the same effect. This isn’t a fight that you had to see in person to ‘understand’. Nice damage control, retard.
Let’s take a look at what the community saw in reality.
Here we can see that there was very evident bot and front-running activity that was picked up on by some community members. It starts with an indication that a team-associated wallet is selling. Notice that Mike mentions very clear front-running mechanics such as buying and selling within the same block, as well as pointing out that this bot did not use high gas, something that no bot in any normal circumstance could ever do, unless it was running on a token made just for the bot’s lower gas. Token code and bot working hand-in-hand.
Mike also mentions a ‘whitelisted bot’. It is the only logical conclusion and on this, he was correct.
This is an exact characteristic match for the code breakdown I talked about above. Let’s have a look at more examples of the community seeing what’s going on around them.
Here we can see Mike still talking about bot and front running activity. He seems well aware that this particular front-runner does not behave in a typical way at all. Unbeknownst to him, it acted the way it did with the mechanics it did specifically and only because the token’s contract was hard coded to allow this to happen in order to front-run people successfully.
Take notice of the image on the left, where Mike’s detailed question is answered with a blank and single “No” from the chat moderator, and nothing else from Emmanuel. They clearly do not want to talk about this or even show that they’re trying to investigate why there’s very apparent front-running. This is because they are the front-runners.
Here we can see Mike yet again pick up on bot activity, this time apparently from a second bot. Mike acknowledges that the anti-bot measures did not stop this bot from playing around with RAIL. Nobody makes any meaningful reply to him regarding this matter from then onwards. The whole matter gets swept under the rug. Pun fucking intended.
Here we can see that during the same timeframe Mike was talking about previously, bots ran amok unaffected by anti-bot measures. The bots are marked with the orange icon on the right. As you can see, they’re all over this small section of activity from July 16th into July 17th 2021 in the wETH/RAIL pool on Uniswap V3.
A team wallet, identified by the red icons, is also a bot. It bought, then sold the exact same amount of RAIL in the same second. This is a basic characteristic of front-running.
This screenshot is the transaction details page for the team wallet bot sale shown in the previous screenshot above.
There is absolutely zero doubt that this is anything other than a front-running bot.
This is the comments section on the very same team wallet marked bot address. Underlined, we can see this person basically describe what a front-running bot does. This is a confirmed front-running bot contract and it is confirmed to have front-run RAIL.
Notice that the comments vary in time period from a few days ago to 4 months ago. Emmanuel Goldstein is a prolific front-runner.
Concluding this chapter, it is confirmed without a shadow of a doubt that Joey Nishad, Emmanuel Goldstein, and the rest of them too are lying scammers. There is no defending against this overwhelming evidence. None of this has any room for opinion. Solid facts demonstrate that along every step of the way, Railgun is a scam.
In December 2020, the rugger known as ‘MODRift’ that ran RIFT got away with 230 ETH. From the 31st of December 2020 to the 2nd of January 2021, MODRift moved 230 ETH to Tornado Cash in 100 ETH and 10 ETH contracts.
As previously shown, Emmanuel cites that the ‘Right To Generic Naming Foundation’ was the entity that funded the development of Railgun. This is a lie. As we all know now, the entity is fake. Railgun’s funding and entire operational budget can be traced back to a single Binance output of 300 ETH on the 24th of January 2021.
Now, while this is merely a loose connection on its own, when paired with everything else in this report it is rather evident that Railgun and RIFT were made by the same individual. We can assume that RIFT was not MODRift’s/Emmanuel’s first rug and that he had other money on the side to make up the other 60 or so ETH. The recommended amount of time to let funds sit in Tornado Cash is around a month, so the timing lines up nicely. Therefore, it is not unreasonable to suggest that this 300 ETH that got sent to Binance was once in Tornado Cash and all belonged to Emmanuel Goldstein aka MODRift.
FRIEND TURNED FOE
In this section, I’m just going to show you all something hilarious. I’m going to demonstrate to you all just how fucking sloppy Emmanuel Goldstein and his alts really are. These images speak for themselves and are easily searchable in the Buccaneer chat.
You perhaps don’t know what you’re looking at, so I’ll explain in very simple terms. Emmanuel Goldstein didn’t even bother making a fresh fucking Telegram account to head his project from and instead just recycled the account he used while he was a BUCC fan. I could barely believe it when I looked up the old messages because even for him, this is way too sloppy. He joined the group in September 2020, pretty much right after launch. Emmanuel Goldstein has been bottom feeding in the Buccaneer chat for almost 1 year now and it is evident that his rugs have taken their privacy-centric angle from me.
NEXT STOP: RUG TOWN
So, you’ve just read all of this. What the fuck happens with Railgun now, what about those t-shirt’s and the Instagram models that are still expected to attend sleazy and sweaty crypto nerd events? This is where the Foundation comes into play.
I am predicting that if faced with no other way out, because he sure as fuck has no defending mechanisms against this, Emmanuel will reach into his Foundation’s wallet along with other scattered RAIL funds and dump into the liquidity on various DEXes. The smaller DEXes will be hit first, as they’ll draw attention slower, then an attempt will be made to dump into Uniswap’s liquidity last. All in all, this operation could take as little as 30 minutes for him to accomplish in the best case scenario. If time isn’t on his side however, such as the case of everyone seeing this while he’s asleep and dreaming of future rugs, he’s going to wake up to the fact that everyone beat him to selling.
There could also be an attempt to fight in vain and pretend that Railgun isn’t a sham and massive rug operation. In this instance, he may or may not postpone the first BRAIL snapshot date.
If you haven’t realised already, by the time you are reading these very words, Emmanuel may already be on the rugging warpath. Having read this report you must now decide if you wish to keep your RAIL tokens locked for 30 days for the snapshot, knowing the project could be over and buried in 3 days and you’ll be left with worthless tokens after the unlock, or if you want to do something else. The choice is yours. Just remember one thing though.
BUCC is, and always will be, the original privacy protocol on Ethereum.
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