Acala and Centrality: Is this shady?

Guys - something has been bought to my attention that really worries me, and I’m hoping the Polkadot Foundation can help clarify this, since Acala are one of their oldest accredited partners.

On the Acala Telegram recently, someone posted some concerns about one of the founders of Acala, Ruitao Su.

It seems he was also the CTO of Centrality - a company that raised 90 million dollars and to date hasn’t delivered anything.

A shareholder too.

He then changed his job title to ‘Head of Mobile’ (despite there being no mobile product)

And then he left. Google shows nothing about why he left, or even announcing his departure.

He then founded Acala.

But weirdly, his LinkedIn profile has excluded his time at Centrality, instead claiming he worked elsewhere during that time.

That’s just the start… because many people then started adding to the conversation, suggesting Centrality was just a copy of Substrate (suggesting it was’t a real product but just a fork), then that Acala have called out RioDeFi and RFuel as ‘scams’ to chase them out of the space, yet seem to be founded by serial-ICO launchers themselves.

I also saw that Bette Chen (his wife, I think) was part of Centrality too, and also left. To co-found Acala also.

Asking Centrality about why Ruitao Su left, weird gets a response of ‘we know nothing about it’ - BUT HE WAS YOUR CTO GUYS!

And take a look at the public records for the Centrality company and there are some very peculiar transfers of shares - again it looks like Ruitao moved his shared to a friend with whom he founded another company, to try to remove his involvement with Centrality. My head spins.

One other thing: SNGLS is a major shareholder of Centrality, and during Ruitao’s time as CTO partnered with Centrality. SNGLS is commonly rumoured to be a scam project, being down 1000% from launch. A rug-pull.

I was about to invest significantly in Acala when they launched, but after all of this, my instincts are to run a mile from this mess. But Acala call themselves “DeFi Hub of Polkadot” which sounds very official to me.

Surely Polkadot do their research - they wouldn’t let a scam project be such a fundamental part of their ecosystem, would they? Can someone here reassure me that Acala are completely legitimate and above-board and the activity of Ruitao and his wife, relating to Centrality and why he left (and then hid the fact he ever worked there) can be somehow explained?

I really hope Acala isn’t another ‘Cryptopia’ (New Zealand doesn’t have a great track record, does it!).

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Hey @GregChapman thanks for sharing concerns

I’m reading up on Centrality now and finding lots of indications the project is legitimate and still under development. For example, here is a 2020 year end video posted on their Reddit and Youtube channels.

Further, the pinned video in their Youtube channel landing page discusses the mobile app software products they’re building.

Is it possible that Ruitao has elected to take the more backseat role of head of mobile in order to shift more of his energy onto Acala?

Looking at Centrality’s venture investments portfolio - appears to be active, supporting 27 projects. I would quantify this as delivering a useful project to the crypto space.

Scrolling through their recent twitter history, I’m seeing a new tweet every 2-3 days.

On their Medium page they have 7 articles since February 25.

Looks like after launching their ICO on Ethereum in 2018 they developed a stand-alone blockchain on Substrate and performed a token migration. Their mainnet (or testnet) is active with 17 peers.

Rather than being a “copy” of Substrate I submit they are using Substrate as it is intended to be used. A framework for building custom blockchains, easily connectable to other substrate chains (if desired) or run as a stand-alone network.

I appreciate that you’re encouraging caution and it is true that many investing in crypto fall prey to scams. In this case, however it appears Centrality and Acala are legitimate and well-managed projects. I suspect Ruitsao, like many developers in the crypto space, is talented, in-demand, and simply contributing to multiple projects.

Obligatory disclaimer: Always do your own due diligence when making investments. I’m not a financial advisor and the views I express on this forum are my own and are not financial or investment advice.

This is a good and legit call out. There appears to be something shady going on.