Someone explain this:
https://www.reddit.com/r/ethtrader/comments/68xui9/found_a_major_tokencard_ico_token_distribution_bug/1) We are going to trace the guy with address 0x003cfe33f034a5ea022efa021d78a95b16170c0b
Let's call this guy ZeroThree. We can see he has participated with his SNGLS tokens in the TokencardICO.
https://etherscan.io/token/SNGLS?a=0x003cfe33f034a5ea022efa021d78a95b16170c0bThere you can see two transactions to TokenCardICO contract address 0x49edf201c1e139282643d5e7c6fb0c7219ad1db7
1 million SNGLS and 3.5 million SNGLS
SNGLS have been trading around $0.096 during the tokensale, so that's $96 000 and $336 000 for a total of $432 000 he deposited to the TokencardICO (with SNGLS).
2) Let's see how much TOKEN our guy ZeroThree has received:
https://etherscan.io/token/0x65b9d9b96bcce0b89d807413e4703d2c7451593a?a=0x003cfe33f034a5ea022efa021d78a95b16170c0bHis TOKEN balance is now 0 but there are 2 events where he transferred his TOKENS out, there we can see that ZeroThree has received 6 174 000 TOKEN
ZeroThree has paid $432k for 6.2 million TOKEN, that is $0.0699 he paid per TOKEN. I checked some other SNGLS users to verify, and they've paid a similar price of $0.0699.
Please note, this whale now owns 6.2 million of all TOKENS, while there are only 42 million created. He owns 15 % of the supply
3) In contrast, let's now look to normal investors. We know the initial rate was 150 TOKEN per ETH for the first few investors. ETH was trading at $78. So early investors received 150 TOKEN / $78 so paid $ 0.52. After 10 minutes or so, the rate was 100 TOKEN per ETH, or $0.78
Normal investors have paid $0.52 to $0.78 per token which means our guy ZeroThree has received 750 % to 1100 % bonus due to his $0.0699 price per token.
