Rexas Finance Crypto Presale: Is the $RXS Token Legit or a Scam?

Rexas Finance is running a crypto presale that started in the first half of September and has reportedly raised almost $38 million to date! The token sale is on a self-hosted launchpad on the project’s website.

The crypto project claims to build a suite of crypto products focused on tokenization of real-world assets (RWA), aiming to revolutionize asset management through blockchain technology.

When we first heard of Rexas Finance, it sounded more like a well-established traditional financial firm than a crypto startup. This impression made us curious wanting to dig deeper and see what’s behind this company and its ambitious crypto presale.

What Does the Rexas Finance Whitepaper Say About Tokenization and RWA?

The Rexas Finance whitepaper is 48 pages long and daunting to read. The initial sections focus on the company’s vision, market overview, blockchain technology, opportunities in RWA tokenization, and other generalized topics.

Upon closer inspection, much of this content appears to be AI-generated, undermining its credibility. On page 29, the whitepaper discusses the Rexas Finance crypto ecosystem. It highlights several products, including:

• Rexas Token Builder: A platform for creating tokenized assets.
• Rexas QuickMint Bot: A bot for managing token creation through Telegram and Discord.
• Rexas GenAI: A tool for automating NFT artwork creation.
• Rexas AI Shield: A security solution for enhancing the reliability of smart contracts.
• Decentralized Finance (DeFi) solutions like Rexas Treasury and Rexas Launchpad.

'In the rapidly evolving world of blockchain...' Source: Rexas Finance whitepaper

While these crypto products might address genuine needs, the whitepaper provides no technical detail. Instead, it’s filled with fluff about features, benefits, and real-world applications. This lack of implementation clarity makes us question whether these ideas are actionable or destined to remain conceptual.

Domain Age of Rexas Finance Crypto: A Closer Look

The Rexas Finance domain dates back to 2014, matching our initial impression of a reputable firm. However, upon examining ICANN records and web archives, we found that the domain was listed for sale on May 20, 2024. By August 21, it had been purchased and marked as “under construction”, while Rexas Finance's first marketing campaign was launched shortly after, on September 8.

Rexas Finance crypto domain listed for sale in May 2024. Source: web archives

While buying a reputable domain could be a legitimate action, it could also mean Rexas Finance is a new crypto project leveraging the perceived credibility of an old domain.

Certik Audit of Rexas Finance Crypto: What Did It Really Verify?

The Rexas Finance smart contract has been audited by Certik, a respected name in blockchain security. While this could be considered a positive step, compared to other crypto presales, who audit with less reputable auditing firms, it’s important to dive deeper into the actual content of the audit. So we dug deeper, noticing that Certik’s audit was for a simple basic ERC20 token contract.

Rexas Finance audit page on Certik. Source: https://skynet.certik.com/projects/rexas-finance

Although the audited smart contract had some minor additions beyond the typical scope of a simple token, they are too basic and fail to address the complexities of the project’s main products, making them practically irrelevant.

The Rexas Finance website claims that the project is "Audited | 100% Secure & Verified By Certik," a statement we found misleading. Certik found two significant centralization issues, both acknowledged by the team but unresolved. Additionally, Certik gave the token smart contract code a score of 72/100 and the overall project 53/100. These results fall far short of the "100% secure" promise on the Rexas Finance website.

100% secure claim. Source: Rexas Finance website

While the audit is a good start, it doesn’t cover the broader aspects of the Rexas Finance crypto platform, including its RWA tokenization processes, raising questions about the project’s overall security and preparedness.

Rexas Finance Price Prediction and Risks

If you're looking for a Rexas Finance price prediction, remember that the crypto project hasn’t launched yet and is in its earliest stages. At this stage, the $RXS digital token remains in presale, and any price forecasts are purely speculative.

Crypto websites or cryptocurrency professionals claiming to know where the Rexas Finance token price will go may be preying on crypto investors eager to believe. Waiting for the crypto project to show progress, such as providing proof of development for its RWA tokenization products or listing on a crypto exchange, is the only way to make an informed decision.

Who Is Behind Rexas Finance?

The team behind Rexas Finance remains anonymous, and no KYC (Know Your Customer) verification through any reputable service was conducted. Additionally, the website’s terms and conditions and privacy policy provide no information about the developers or the company. This lack of transparency is unacceptable for a crypto project raising $38 million. A KYC certificate should be the bare minimum for a project of this scale, and its absence is a major red flag.

Rexas Finance Marketing: Is It Effective or Overdone?

In the past few months, Rexas Finance has published hundreds of sponsored articles and press releases across the internet. While marketing is essential for gaining traction, this aggressiveness can be suspicious, especially when the crypto project lacks substantial progress or tangible results. It raises questions about whether the marketing is meant to mask underlying issues.

Final Thoughts: Is Rexas Finance Crypto Legit or a Scam?

With a name like Rexas Finance, an old domain, a lengthy whitepaper detailing RWA tokenization, and a Certik audit, the Rexas Finance crypto presale might initially seem like a solid investment opportunity.

However, further scrutiny reveals multiple red flags: an anonymous team with no KYC, a recently acquired domain, misleading audit claims, a whitepaper lacking technical depth, aggressive marketing with what seems like hundreds of sponsored articles, and minimal evidence of tangible progress on the crypto project's core products.

While we cannot definitively label Rexas Finance a scam or legit, the cryptocurrency project raises enough concerns to warrant extreme caution. Since in our opinion, the risks outweigh the potential rewards, crypto investors should avoid Rexas Finance for now.

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