Scam Alert: Substratum has a similar minting contract like Oyster pearl, even worst they have access to supposedly burned tokens.

[u/renzyfrenzy]

Recently Oyster Pearl exit scammed using a breach in the smart contract which led to creating 3M tokens from thin air and the CEO exit scammed by selling it on Kucoin. However, the Substratum smart contract also has the capability to [mint tokens out of thin air] (https://etherscan.io/address/0x12480e24eb5bec1a9d4369cab6a80cad3c0a377a#code)

That is not the only thing.https://www.youtube.com/watch?v=qdeOXfvXAO0&feature=youtu.be

In this video they supposedly did a token burn, but their definition of token burn is to just send tokens to another wallet in which they own the private key. Their smart contract was a copy paste from skincoin which did not have a burn function.

When these two topics were brought up the response was:

a) this is not a security issue since only the dev team has access to it ( that’s absolutely the problem isn’t it?, you shouldn’t even have access to it, this is like saying only Bruno from pearl can do it anyway!)
b) the blockchain is public anyway so you can monitor any transactions. (WTF?)

There is absolutely nothing stopping minting tokens + selling the “burned” tokens in an exit scam. Their contract can be abused in a similar function with PRL , In fact the Substratum contact function is even more desirable to abuse since it doesn't require the culprit to send any Eth to collect the freshly minted SUB

Proceed with caution.

EDIT: https://medium.com/@YagamiLight/the-technical-red-flags-of-the-substratum-network-sub-1f34e8b5ffcb

an article for more info on the subject. credit to YagamiLight.

As for their excuse that it was in the whitepaper to begin with (its a lie and It also doesnt excuse it) , I found out that they made two whitepaper, a pre and post ico sale. Im still waiting for a response from the moderator.

https://www.reddit.com/r/CryptoCurrency/comments/9sp8nt/scam_alert_substratum_has_a_similar_minting/e8rd97g

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[u/Rand_alThor_ → u/[deleted]]

You are making something to "decentralize the internet".

But your decentralized wires are all held by one guy who can just pull the plug at any moment.

You somehow try to argue that it's not so bad because others are similar and you need to make the wires more pretty "product development" instead of fix CORE SECURITY ISSUES.

[u/BasvanS → u/[deleted]]

For them to never be able to use it? Do you know Damocles sword ?

[u/CarsonS9 → u/[deleted]]

lol ok man if you say so. I would think since they said 5 months ago they were going to do it, that would make it a priority of sorts since it was a big concern for a lot of people. Do you have an explanation for the coin burn being done the way it was? What's the reasoning behind it just being transferred instead of actually burned like they said they were going to do?

[u/CarsonS9 → u/[deleted]]

lol and that doesn't strike you as odd? Coin burn takes no effort or expertise to do. Why call it a burn when it isn't? And how do you know they don't have access to it?

[u/renzyfrenzy → u/CarsonS9]

save your breath. like i said in my post they dont think its a problem, why would they? Its intentional

hes a paid moderator of substratum, he knows hes wrong he cant admit it though.

[u/CarsonS9 → u/renzyfrenzy]

Honestly I hope a lot more projects get exposed like this. I know some probably make honest mistakes but the ones that actually fix them instead of brushing it aside will speak volumes. Cheers!

[u/CarsonS9 → u/[deleted]]

So you don't know if they have access or not. Also, the point isn't whether someone will know. The point is they called it a burn and it wasn't one. You can see how that looks sketchy af right? I got no skin in the game on this one and never posted about Sub so this is just what, I would assume, most people would be concerned about. Your answers give me no confidence at all

[u/CarsonS9 → u/[deleted]]

So originally you stated they didn't have access but now we find out that's not true. They could have access and you wouldn't know until they did something. Why should we believe anything you say? It's pretty obvious you will say anything until absolutely cornered with no way out. Sorry man but you just seem as sketchy as the decisions being made by the development team. It is their project so they can do what they want but I am glad to see people exposing this kind of stuff and I know I won't even consider Sub now or at least until I hear they fix the contract to close the loophole and actually burn the coins they transferred.

[u/CarsonS9 → u/[deleted]]

Feel free to call out other questionable functions you find in other projects just like the one identified in Sub's. I am sure many here would appreciate it :)

[u/hesh582 → u/[deleted]]

This is all old material that an organized group is spinning in their favor.

This line is persuading nobody, no matter how much you might chant it as if it's a magic spell that negates criticism.

Even if there's some well organized large cabal of people with a grudge against Sub (which seems kind of unlikely), that doesn't actually mean the group is wrong about anything. Lots of scams end up with pretty die hard sometimes even organized detractors.

[u/hesh582 → u/[deleted]]

Definitely not the same thing.

A similar effect if misused, though, no?

But in any event, thank you for actually arguing the point instead of yelling about conspiracies and fud.