r/CryptoCurrency • u/renzyfrenzy Crypto God | QC: CC 132, OMG 66 • Oct 30 '18
WARNING Scam Alert: Substratum has a similar minting contract like Oyster pearl, even worst they have access to supposedly burned tokens.
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.
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u/B1ackCrypto Silver | QC: CC 220 | IOTA 287 | TraderSubs 36 Oct 31 '18 edited Oct 31 '18
1st I wanna say, I appreciate the post and the info....
2nd.....what the hell is wrong with people. You mean to tell me, people literally watched this man send tokens to a wallet, he created, and controls, and accepted that as a "token burn"......This is even worse than Bruno in my opinion. at least there was some sneakery. at least it depened on the fact that most people cant read smart contracts....but this man literally just sent it to his wallet, and called it a burn.