$50 000 USD

MARCH 2021

GLOBAL

RIZESWAP

DESCRIPTION OF EVENTS

"RIZESWAP is a new type of Layer-2 scalability solution for increased security, cost, TPS and usability." "The extended DeFi platform can aggregation other DeFi platforms such as Uniswap, SushiSwap, Balancer, PancakeSwap, SwipeSwap, 1inch, etc." "30% from profit will be used to redeem RIZE Token. Token redeemed will be bernt monthly." "We are always open and we welcome and questions you have for our team. If you wish to get in touch, please fill out the form below. Someone from our team will get back to you shortly."

 

"We have developed a state-of-the-art marketplace where you can securely and reliably buy and sell any items. The fastest and most flexible asset platform in existence. It will include easy cryptocurreny payments integration, and even a digital arbitration system." "At the end, Out aims to integrat all companies, employess, and business assets into a unified blockchain ecosystem, which will make business truly efficient, transparent, and reliable."

 

"Contract address: 0xAB5b81a829398D4886f2935fd82bb619334941Eb, Creator address: 0xBeAd323CA85fE0a30E2850C510f3758976174F5e, Drained funds address: 0x3C46559a5BE37761C2661c0F897b00A271188e9c, Drained funds to Binance Hot Wallet 1: 0xfA07870c85978cB24b2F80b242C43b14a7c492a4, Drained funds to Binance Hot Wallet 2: 0xa647A634243DD0F8Ff69863045D376927c2E1CE6"

 

"Alert inbound received from our community on a project called RizeSwap that may indicate high risks. Its website is currently down and the token contract is not verified on BSCScan, meanwhile the deployer (owner) of the contract holds 99% of the token supply."

 

"The IDO for Rize Swap (rizeswap.finance) has drained multiple wallets who have participated in the IDO for close to $50K. After initial approval of BUSD spend to join the IDO, the contract owner initiates a transfer function some time later to drain all BUSD from the participant wallets. Furthermore they ban everyone from they Telegram group who confront them about this issue. The funds are being sent to a Binance Hot Wallet and I believe that Binance should freeze their assets as the IDO owners are complicit to a crime."

RizeSwap promised a new decentralized exchange platform, which was going to connect together multiple existing platforms to increase liquidity. However, the project took the raised funds and did not deliver any product.

HOW COULD THIS HAVE BEEN PREVENTED?

RizeSwap was run by an anonymous team, and there was no accountability to ensure that anything was delivered. A simple and lightweight framework would ensure that projects could launch with less need for anonymity, and as a result, investors would not expect anonymity.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

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

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