POLYWEED

DESCRIPTION OF EVENTS

"We are glad to present PolyWeed, a complete brand new DeFi Yield Farming Platform, active on the recently growing Polygon Network. We are a fresh team of devolopers, willing to bring innovation and improvement in the extraordinary and highspeed world of Decentralized Finance."

"Polygon is a multi-chain system, which provides secure, fast transactions with extremely low transaction fees. We believe that being one of the earliest adopters of Polygon has given us an innovative edge against other platforms."

"PolyWeed was designed to be provably secure--please feel free to verify our source code. We have removed the commonly abused migrator code and added timelocks for full transparency and security.

PolyWeed created a high yield staking platform, and then adjusted the withdrawal fees to remove funds to 98%, which basically trapped everyone's funds on the platform. As far as is known, users have not been able to get funds off, except 2% of them.

HOW COULD THIS HAVE BEEN PREVENTED?

The key problem here was that the smart contract configuration was under the control of an anonymous individual, who had to be trusted to execute their role in the best interest of platform users.

If there was a reasonable way for a platform to launch without significant financial and regulatory burden, there would be much less incentive for legitimate innovative platforms to launch anonymously outside the system.

Check Our Framework For Safe Secure Exchange Platforms

@RugSteemer Twitter (Jun 8)
@RugSteemer Twitter (Jun 8)
Address 0x0d62e10bC15b4fAF11042cA12AAf35042D409f65 | PolygonScan (Jun 8)
https://docs.polyweed.finance/tokenomics/polyweed-token (Jun 8)
https://docs.polyweed.finance/security (Jun 8)
https://docs.polyweed.finance/help/moving-assets-into-polygon (Jun 8)
Polyweed Is Here (Jun 8)
@polyweedfinance Twitter (Jun 8)
Exit Scam In This Project! Beware of These 3 Altcoins - Latest News+ (Jun 8)
As Polygon Network is growing, scam activity migrates to this high-performance platform and latest victim is PolyButterfly - AZCoin News (Jun 20)
PolyWeed – RugDoc (Jul 9)

More case studies

PolyButterfly
Flies Away

MetaMask Wallet Cleaned
Out echodelta79