Established in 2016, Rupee Blockchain was designed as a cryptocurrency for Indians and South Asians. At first, it was promoted as a “future currency” for digital transactions. And then as an infrastructure providing “solutions for complex financial problems.”
But beyond all this, there was something else though. There was a panic in the team no one knew about. In fact, on the 9th of June, over 200 users were banned from the Rupee Telegram group. Everyone were questioning the recent Rupee swap (to Rupee 2.0).
This swap raised questions and broke hearts because:
The Founders Tried To Steal 30% of The RUP Coins
Before the swap could happen, the founders Adam and Faraz made an attempt to steal over 30% of the coins from its holders.
In fact, this was first spotted by Adrian (@CaptainRUPster). As someone volunteering for the growth of the project, Adrian wrote blog posts, published the whitepaper, and smelled the fraud right away. He saw the founders trying to shamelessly dupe its investors.
And so we talked to him to learn more. What unfolded was a history of mess, untold manipulation, and bizarre moves inside the Rupee project. That is why we requested Adrian to share the entire episode in his words:
It All Started In 2018
Hi, my name is Adrian. When I joined Rupee this year, the project was dead. It was in the month of January. And no one was active. The website listed about ten team members.
But most of them had left months ago. Why? No one knew.
Despite this, Faraz was running the show. He and his other “secret” members were always behind the scenes. We changed everything. But behind the scenes, the people who had left, resigned, had never actually left.
They formed a secret shadow team. They were forcing decisions. And no one knew about it.
But here’s where it gets worse:
Anytime anyone questioned Faraz? He was rude and arrogant.
I saw this and gradually pushed for a change as I wanted openness, honesty, and transparency.
Fortunately, within two months, the team transformed. We became a fantastic community with over 7,000 followers on social channels. And the project transformed too.
Rupee was about to go mainstream.
At this point, in the month of April, Faraz insisted on a code change. He wanted Rupee to move to Lyra. It was a disaster as Faraz had very limited tech skills.
This quickly prompted a team change.
In short, by the end of the month, we took over the project. Faraz, on the other hand, was on the sidelines — still associated with the project with his secret team, ignoring the team communication for weeks.
With Faraz Was Adam — A Mysterious Dark Force
Adam Syed is a mysterious guy. As we learned later, he founded the Rupee project in Hyderabad, India. And was a dark influence in the background. From what we were told, he ‘left’ the project.
But never really left.
He controlled and blocked any movement. You see, all this was a mess. On the one side, there was a secret team we didn’t know. And on the other, there was a thriving community. The community was vibrant, supportive, and always supported the team.
In between all these, Adam and Faraz were plotting.
Adam premined many more coins than was ever known. And also stole over one million coins, at least 1.4 million from early investors.
But there was no proof until now.
In fact, no one had any idea about this until Faraz was caught:
The Rupee Swap Exposed Their Greed
It is unfortunate to see this happening. But truth be told: a new Rupee swap was in order.
With this, the secret team slowly appeared. This time, we saw Omar. Apparently, he is heading the operations of the project.
He is also the laziest man I ever knew. The most unprofessional and idle man.
Then we heard Adam was back as well.
The secret team was back — Faraz, Adam, and Omar — with an underlying reason.
You see, it was concerning because we haven’t seen them before. With the ongoing Rupee swap, we were also incredibly suspicious.
Beause there are 35000 Rupee wallets. After two weeks, less than 300 have been swapped.
Rest of them were unswapped.
So it was obvious:
Something is going on. We can’t work it out. How can there be less than 1% swap? What about the other wallets? At this point, Faraz insisted on a manual swap.
The way it worked was simple:
First, as an investor, you send your original RUP coins to a specific RUP address. Then you send your details — your transaction ID — to Faraz. He checks it, and then sends you the new RUP coins. This is a manual swap.
To manually swap thousands of wallets is almost impossible
But Faraz said he will do it anyway.
He gave himself one month to potentially swap 35000 wallets. This is when he started showing his true colors.
In fact, both Faraz and Adam were trying to take 30% tax from RUP holders during the swap. He would have succeeded. But we stopped it. Here is his email:
We Told The Community About This
How can you steal 30% of the coins that doesn’t belong to you?
Things blew up very quickly from here.
We knew bad things were coming. But we were trying to stop them. We talked endlessly on how to stop Faraz.
But last night, Faraz and Adam suddenly started changing passwords.
They locked us out.
And kicked 200+ users out of the Telegram group.
Now Rupee’s Twitter handle is gone. And they have deleted their Facebook page. All this to silence the truth.
And so we went to the community and told the truth. We revealed what was going on and resigned. We have now moved out of the Rupee project. Other members unaware of this — Adrian, Victor, Maarten, Josh, Karin, and Malik — have resigned instantly.
Because this is unacceptable. And it all seems shady when you think about.
The secret team — the premined coins — the manual swap — and untold truth around the project posed a red flag. Adam, Faraz, and Omar coming back was a red flag.
Plus, fact that you can steal 30% of the coins from investors for no reason is absolutely unacceptable.
Which is why we wanted to share this with you. We wish to reveal the untold story behind the Rupee project — and show you how these low-key founders will do anything to satisfy their greed. Even scam their own investors.