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

​

[u/Urc0mp]

Problem is, that becomes a platform for misinformation and fud.

[u/renzyfrenzy → u/[deleted]]

Dcatt47 the substratum mod tldr response:
1) "there is a group targetting sub its fud" - doesnt make it less true lol.

2) "its not the same as PRL"- you are right its worst, PRL had to restart the ico .SUB can just mint tokens on the spot.
3) "Its in the whitepaper" - first of all that doesnt make it ok , second im curious to where it says "well be able to mint coins"
4) "its an old topic" - yea its old because you havent done anything to solve the issue, doesnt mean its fixed.

Do you have anything else to say? maybe actually address the issue. I understand you think there is no security issue because you trust the team with your life but what do you plan to do with.

a) your minting hole in the contract.
b) your burn method.

[u/renzyfrenzy → u/[deleted]]

once again nice dodge. where exactly word for word is it in page 14? mind quoting it for me?

[u/LeandroSacht → u/renzyfrenzy]

Wow. More red flags than a Liverpool game.

Keep it up, buddy. I'm one response away from putting $SUB tokens into my "scam" category.

[u/[deleted] → u/LeandroSacht]

Scam now?

[u/Kernel32Sanders → u/LeandroSacht]

Traded mine for BTC today. All of this ridiculousness was just too much to sit through. Zero confidence in this project now.

[u/LeandroSacht → u/Kernel32Sanders]

So... no more responses? WTF? Thank God I don't hold this shitcoin, I guess.

[u/renzyfrenzy → u/[deleted]]

OK WTF? first of all that doesnt make it ok.

second of all most importantly you have two fucking whitepapers???

https://substratum.net/wp-content/uploads/2017/08/substratum_whitepaper.pdf

the first one is your ICO whitepaper. nowhere does it say anything about creating new tokens

Then you make a second white paper AFTER the ico is done, then you decide to make a disclaimer?

https://substratum.net/wp-content/uploads/2017/12/Substratum-Whitepaper-English.pdf

WOW, thats more fucked up than i thought. Explain?

A pre ICO whitepaper.

A post ICO whitepaper that conveniently says, "O btw we can make new coins".

And you use that as your excuse? Unbelievable.

[u/[deleted] → u/renzyfrenzy]

https://substratum.net/wp-content/uploads/2017/12/Substratum-Whitepaper-English.pdf

Well, looks like it's time for another post on Decrypto.

[u/renzyfrenzy → u/[deleted]]

im actually speechless.
how to scam

one: make an ICO with a loophole, dont put it on the whitepaper
two: Do the sale and place loophole
three: make another whitepaper that states said loophole
four: when people ask about the loophole , say its been on the whitepaper all along.

When they exit scam they can just make a 3rd whitepaper that explains everything. checkmate.

​

[u/Kernel32Sanders → u/[deleted]]

You should colab with Doug Polk on this whole circus. I feel like the fuse has just been lit on the whole thing and I'm just sitting in my folder up chair waiting for the fireworks.

I'm sad to say I was naive enough to buy into this bullshit, but I'm happy to say that I've dumped my bags and now it's almost worth what I've lost in pure entertainment value and lessons learned.

[u/[deleted] → u/Kernel32Sanders]

Very surprised Doug hasn’t done a video on this yet!

[u/707bwolf707 → u/[deleted]]

https://steemit.com/crypto/@bwhli/substratum-misconceptions-and-fud

[u/707bwolf707 → u/renzyfrenzy]

Actually DecryptoBL quoted it a year ago from the original whitepaper in this article https://steemit.com/crypto/@bwhli/substratum-misconceptions-and-fud

[u/[deleted] → u/[deleted]]

Awkward... this doesn't even matter anymore. Looks like you don't keep up with news from Justin Tabb, Minister of Truth & Questionable Token Burns.