UNKNOWN

JUNE 2021

GLOBAL

POPIT FINANCE

DESCRIPTION OF EVENTS

"The world is a dark, stressful and demanding place. That is where we come in." "Popit Finance is the #1 anti-stress, multi-asset, deflationary and self-regulating farm running on Binance Smart Chain." "Popit is the Future of ILO and fair launching! We support equality towards every project & individual." "We are building the ILO platform of the future and treat every project and individual equally. We also donate 0.5% of all transactions to LGBTQ+ Organizations."

 

"Website, token & farming launch will be announced live on June 18th, 2021. Everybody in the community will have equal chances to participate! Our goal is providing a more friendly farming experience and ultimate project support." "Main features: – HIGH YIELD FARMING – DEFLATIONARY AUTO BURN – AUTO BUYBACK – REFERRAL BONUS – WEEKLY DONATION TO LGBTQ+ ORGS – CROSS-CHAIN" "Popit Finance Farm & DEX run on Binance Smart Chain, a blockchain with much lower transaction costs than Ethereum or Bitcoin, comparable to major exchanges."

 

"After DEX launch, 0.05% trading fee will be used to buy back POPIT as a weekly growth fund, rewarded to winning projects. Use POPIT to vote for your ideal projects, help them grow." "No presale or team allocation, all tokens are distributed to the community on a fair basis." "Unlike centralized exchanges like Binance, Popit Finance Farm & DEX doesn’t hold your funds when you trade: you have 100% ownership of your tokens, and you can trade directly from your wallet." "Farming Starts 25 June 2021, 08:38 am UTC"

 

"Popit Finance has a migrator and owner's an EOA – it can rug at any time!" The "migrateCakeLPsToPopitSwap() function allows [the] owner to transfer funds to any address." "The MasterChef contract contains the migrateCakeLPsToPopitSwap function that allows the contract owner (not a TimeLock) to transfer LP tokens to any address, resulting in a possible rug pull at any time. Be cautious and DO NOT engage."

 

"Owner wallets are already cashing out." "[L]ooks like its happening. [T]witter account deleted. [Telegram] muted. [H]uge price dump." "The Github account (popit-farm) linked to this project previously existing account has been removed." "Website link takes to McDonalds website."

Banking partially on the goodwill of people wishing to support LGBTQ rights, Popit Farms launched a smart contract which had a backdoor that allowed the draining of all funds.

 

After this was reported, they used the exploit to steal all funds, and removed most social media. popit.farm presently redirects to a McDonald's hiring page.

HOW COULD THIS HAVE BEEN PREVENTED?

The project was launched by an anonymous team, which had no background check. Funds were stored in a smart contract hot wallet. There was no multi-sig or validation of any kind on withdrawals.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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