The Crypto Finance is decentralised by definition. It brings a lot of security on the system itself, but anyone can define his own rules writing a smart contract.
As a result, there’s more projects scamming/rug pulling/evaporating than honest ones. These ETH (or any other coin) stealers build trust and then go away with your investment. For example, detrade.fund jut rug pulled after showing a non anonymous face and building trust over a real person, while this one was most likely a deep fake one.
Never trust, follow the tech !
The only real guarantee your investment is safe is checking on the contracts you’re investing in. That means the sale has to be processed through a smart contract whose rules prove the owner can’t leave with your investment. Never participate on public sales through websites like bounce.finance. The sale creator can just go away with your ETH. Invest into smart contracts you checked before.
This is exactly one of the problem the unideal.io final product will try to resolve. And this is also why our sale will happen through a smart contract with specific rules:
- The uniswap liquidity will be created and instantly locked through that contract, depositing the entire ETH amount ;
- There’s no function to withdraw these ETH, even for the owner ;
- The UNI-V2 tokens can only be claimed by the investors. They can’t follow another path.
This means the sale is completely secured and we can’t run with your ETH even if we wanted to. Always prefer such a way for your investments.
Once the liquidity has been created and secured, another way to scam would be using a minting process. The mint() function exists in every contract for the initial creation, so you need to check where this function can be called again for the benefit of the owner.
For the UDL token:
- The mint() function is internal, meaning even the owner can’t call it himself ;
- The only use of the function is for minting more tokens to the stakers, following the “0.01% of the missing circulating tokens each 15 minutes” rule.
So our best advice before investing is to check the Tech, not to build trust from some team or website. Anonymous or not, partnered or not, trustable or not don’t matter. Always follow the tech.
You can help yourself by following some telegram channel like “DeFi Audit” (https://t.me/defiaudit), where the purpose is to read the contracts and share opinions on them. We’ll make sure to make the uniDeal contracts to be read by most people and publish them on etherscan as well.
Don’t hesitate to discuss this article in our own TG channel : https://t.me/unidealdiscussion
