PolkaMetaverse Fake Audit - Revision history

Azoundria: Another 30 minutes complete. Prevention added. All sources merged in.

2023-08-28T20:29:06Z

Another 30 minutes complete. Prevention added. All sources merged in.

← Older revision		Revision as of 14:29, 28 August 2023
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	{{Case Study Under Construction}}[[File:Polkametaverse.jpg\|thumb\|PolkaMetaverse]]PolkaMetaverse ~~is currently claiming~~ to be audited ~~when~~ no such audit ~~has~~ been performed~~, according to Peckshield~~. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code.		{{Case Study Under Construction}}[[File:Polkametaverse.jpg\|thumb\|PolkaMetaverse]]PolkaMetaverse claimed to be offering a "next-generation" NFT platform, and that their "Layer 2 scalability engine" would offer a decentralized exchange for "leveraged" transactions. In addition to reporting that the POKA governance token would be listed on Hotbit, Binance, Bybit, and CoinBase, they also claimed to be audited by Peckshield. Peckshield reported that no such audit had been performed. It remains to be seen what will come of this project and any investments. The whitepaper claims funds are stored within a multi-sig wallet, but no one has looked into the code.

	== About PolkaMetaverse ==		== About PolkaMetaverse ==
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	== The Reality ==		== The Reality ==
	Polkametaverse was created by the same individuals who created other fraudulent projects like DYDX<ref>[https://cryptoleda.com/scam-alert/is-polkametaverse-a-scam-project/ Is Polkametaverse (POKA) a Scam Project? - CryptoLeda] (Jul 18, 2023)</ref>.		Polkametaverse was created by the same individuals who created other fraudulent projects like DYDX<ref name=":0">[https://cryptoleda.com/scam-alert/is-polkametaverse-a-scam-project/ Is Polkametaverse (POKA) a Scam Project? - CryptoLeda] (Jul 18, 2023)</ref>.

	"@polkametaverse claims audited by PeckShield, which is not true. The audit report posted on their website is forged."<ref name="polkametaverse-5659" />		"@polkametaverse claims audited by PeckShield, which is not true. The audit report posted on their website is forged."<ref name="polkametaverse-5659" />

			=== CryptoLeda Warning Report ===
			CryptoLeda posted a warning that the audit report, whitepaper, and exchange listings for the token were fake<ref name=":0" />.<blockquote>The Audit Report published on the Polkametaverse site is the same version published on the DXDY site that was allegedly prepared by the PeckShield security team.

			The PeckShield team has previously announced that this is a fake version and posted it on Twitter.

			When you come across such reports, be sure to investigate their accuracy.

			We will discuss this with the PeckShield team.

			The Polkametaverse white paper is also a counterfeit and a copy of the DXDX white paper.

			This white paper has been used in other scam projects before, and if you look closely at other projects launched by this team, you will notice this.

			As a user, when you come across a project, you should first check the white paper. By doing this, you can find out whether it is counterfeit or not.

			They claim that POKA is listed in major exchanges such as Binance, CoinBase and HotBit.

			If you go to the main exchange offices site, there is no announcement about POKA listing on them.

			They have no plans to list POKA and that is a big lie.

			They are trying to deceive users with this lie. So watch out for them.</blockquote>

	== What Happened ==		== What Happened ==
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	\|Promotional Tweet		\|Promotional Tweet
	\|Polkametaverse tweets to promote their airdrop<ref name="polkametaversetwitter-5662" />.		\|Polkametaverse tweets to promote their airdrop<ref name="polkametaversetwitter-5662" />.
			\|-
			\|January 15th, 2022 11:21:04 AM MST
			\|CryptoLeda Warning Article
			\|CryptoLeda shares a warning article about the project, reporting a fake audit, fake whitepaper, and fake exchange listings. In this report, they mention that they will be contacting Peckshield about the fake audit report<ref name=":0" />.
	\|-		\|-
	\|January 15th, 2022 3:34:00 PM MST		\|January 15th, 2022 3:34:00 PM MST
	\|PeckShield Reports Fraudulent Audit		\|PeckShield Reports Fraudulent Audit
	\|Peckshield posts a tweet reporting that the smart contract audit is ~~not true~~<ref name="peckshieldtwitter-5656" />.		\|Peckshield posts a tweet reporting that the smart contract audit claim is fake<ref name="peckshieldtwitter-5656" />.
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost is unknown.		The total amount lost is unknown.

	~~How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?~~

	== Immediate Reactions ==		== Immediate Reactions ==
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	There do not appear to have been any funds recovered in this case.		There do not appear to have been any funds recovered in this case.

	~~What funds were recovered? What funds were reimbursed for those affected users?~~

	== Ongoing Developments ==		== Ongoing Developments ==
	TBD		TBD
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	~~Third party audits should~~ be ~~verified at the source~~. Almost all smart contract auditing services publish their audits online.		There were a number of warning signs with this smart contract from their claims of an audit by Peckshield, when Peckshield claimed no such audit had been performed, their whitepaper being a copy of an earlier whitepaper for a fraudulent project, and their claims that the token was going to be listed on Coinbase and Binance when those platforms had made no such announcement. Almost all smart contract auditing services publish their audits online.

	{{Prevention:Individuals:Safe Smart Contract Usage}}		{{Prevention:Individuals:Safe Smart Contract Usage}}

	~~The risk in a smart contract~~ can be reduced by storing most funds offline, and only bringing those assets needed for the specific transaction.		Risks can be reduced by storing most funds offline, and only bringing those assets needed for the specific transaction. Any funds sent to, or left within, a smart contract, are at increased risk of loss.

	{{Prevention:Individuals:Store Funds Offline}}		{{Prevention:Individuals:Store Funds Offline}}
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	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	~~{{Prevention:~~Platforms~~:Placeholder}}~~		Platforms can reduce the risks of fraud such as this by providing more education to their users. They can also work together to create an industry insurance fund to assist affected users.

	{{Prevention:Platforms:Cryptocurrency Safety Quiz}}		{{Prevention:Platforms:Cryptocurrency Safety Quiz}}

			{{Prevention:Platforms:Establish Industry Insurance Fund}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}

	== Regulatory Prevention Policies ==		== Regulatory Prevention Policies ==
	{{Prevention:Regulators:~~Placeholder~~}}		Regulators can reduce the risks by standardizing the third party validation process and ensuring that all blockchain-based projects have been reviewed by at least 2 separate entities. Regulators can run educational programs to ensure citizens are well educated to know how to look up the status of a project. Finally, an industry insurance fund can be established to assist in the event that validation fails to catch a problem or the educational outreach fails to prevent a major loss.

			{{Prevention:Regulators:Platform Security Assessments}}

	{{Prevention:Regulators:Cryptocurrency Education Mandate}}		{{Prevention:Regulators:Cryptocurrency Education Mandate}}

			{{Prevention:Regulators:Establish Industry Insurance Fund}}

	{{Prevention:Regulators:End}}		{{Prevention:Regulators:End}}
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	<ref name="peckshieldtwitter-5656">[https://twitter.com/peckshield/status/1482481256084344838 Peckshield - "#ScamAlert We notice that a project named so-called @polkametaverse claims audited by PeckShield, which is not true. The audit report posted on their website is forged. Thanks!" - Twitter] (Jan 15, 2022)</ref>		<ref name="peckshieldtwitter-5656">[https://twitter.com/peckshield/status/1482481256084344838 Peckshield - "#ScamAlert We notice that a project named so-called @polkametaverse claims audited by PeckShield, which is not true. The audit report posted on their website is forged. Thanks!" - Twitter] (Jan 15, 2022)</ref>
	<ref name="polkametaverse-5657">[https://polkametaverse.io/ Polkametaverse Homepage] (Jan 15, 2022)</ref>		<ref name="polkametaverse-5657">[https://polkametaverse.io/ Polkametaverse Homepage] (Jan 15, 2022)</ref>
	<ref name="polkametaverse-5658">https://polkametaverse.io/whitepaper.pdf (Jan 15, 2022)</ref>		<ref name="polkametaverse-5658">[https://polkametaverse.io/whitepaper.pdf Polkametaverse Whitepage] (Jan 15, 2022)</ref>
	<ref name="polkametaverse-5659">[https://web.archive.org/web/20220111153347/https://polkametaverse.io/assets/audit-report-v1.2.pdf <nowiki>[Fake] SMART CONTRACT AUDIT REPORT for Polkametaverse Safety Module - PolkaMetaverse Website</nowiki>] (Jan 15, 2022)</ref>		<ref name="polkametaverse-5659">[https://web.archive.org/web/20220111153347/https://polkametaverse.io/assets/audit-report-v1.2.pdf <nowiki>[Fake] SMART CONTRACT AUDIT REPORT for Polkametaverse Safety Module - PolkaMetaverse Website</nowiki>] (Jan 15, 2022)</ref>
	<ref name="bscscan-5660">[https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B Polkametaverse Deployer Address - BSCScan] (Jan 15, 2022)</ref>		<ref name="bscscan-5660">[https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B Polkametaverse Deployer Address - BSCScan] (Jan 15, 2022)</ref>

Azoundria: Another 30 minutes complete.

2023-07-18T23:46:39Z

Another 30 minutes complete.

Show changes

Azoundria at 21:42, 7 May 2023

2023-05-07T21:42:14Z

← Older revision		Revision as of 15:42, 7 May 2023
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	[[File:Polkametaverse.jpg\|thumb\|PolkaMetaverse]]PolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code.		[[File:Polkametaverse.jpg\|thumb\|PolkaMetaverse]]PolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="peckshieldtwitter-5656" /><ref name="polkametaverse-5657" /><ref name="polkametaverse-5658" /><ref name="polkametaverse-5659" /><ref name="bscscan-5660" /><ref name="polkametaversetwitter-5661" /><ref name="polkametaversetwitter-5662" />
	<ref name="peckshieldtwitter-5656" /><ref name="polkametaverse-5657" /><ref name="polkametaverse-5658" /><ref name="polkametaverse-5659" /><ref name="bscscan-5660" /><ref name="polkametaversetwitter-5661" /><ref name="polkametaversetwitter-5662" />

	== About PolkaMetaverse ==		== About PolkaMetaverse ==
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	!Description		!Description
	\|-		\|-
	\|January 15th, 2022 3:34:00 PM		\|January 15th, 2022 3:34:00 PM MST
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==

Azoundria at 20:11, 28 February 2023

2023-02-28T20:11:43Z

← Older revision		Revision as of 14:11, 28 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/polkametaversefakeaudit.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/polkametaversefakeaudit.php}}
			{{Unattributed Sources}}

	[[File:Polkametaverse.jpg\|thumb\|PolkaMetaverse]]PolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code.		[[File:Polkametaverse.jpg\|thumb\|PolkaMetaverse]]PolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="peckshieldtwitter-5656" /><ref name="polkametaverse-5657" /><ref name="polkametaverse-5658" /><ref name="polkametaverse-5659" /><ref name="bscscan-5660" /><ref name="polkametaversetwitter-5661" /><ref name="polkametaversetwitter-5662" />

	== About PolkaMetaverse ==		== About PolkaMetaverse ==
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	== References ==		== References ==
	[https://twitter.com/peckshield/status/1482481256084344838 @peckshield Twitter] (Jan 15)		<references><ref name="peckshieldtwitter-5656">[https://twitter.com/peckshield/status/1482481256084344838 @peckshield Twitter] (Jan 15, 2022)</ref>

	[https://polkametaverse.io/ POKA] (Jan 15)		<ref name="polkametaverse-5657">[https://polkametaverse.io/ POKA] (Jan 15, 2022)</ref>

	[https://polkametaverse.io/whitepaper.pdf https://polkametaverse.io/whitepaper.pdf] (Jan 15)		<ref name="polkametaverse-5658">[https://polkametaverse.io/whitepaper.pdf https://polkametaverse.io/whitepaper.pdf] (Jan 15, 2022)</ref>

	[https://polkametaverse.io/assets/audit-report-v1.2.pdf https://polkametaverse.io/assets/audit-report-v1.2.pdf] (Jan 15)		<ref name="polkametaverse-5659">[https://polkametaverse.io/assets/audit-report-v1.2.pdf https://polkametaverse.io/assets/audit-report-v1.2.pdf] (Jan 15, 2022)</ref>

	[https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B] (Jan 15)		<ref name="bscscan-5660">[https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B] (Jan 15, 2022)</ref>

	[https://twitter.com/polkametaverse/status/1481019279524995074 @polkametaverse Twitter] (Jan 15)		<ref name="polkametaversetwitter-5661">[https://twitter.com/polkametaverse/status/1481019279524995074 @polkametaverse Twitter] (Jan 15, 2022)</ref>

	[https://twitter.com/polkametaverse/status/1481322905585823750 @polkametaverse Twitter] (Jan 15)		<ref name="polkametaversetwitter-5662">[https://twitter.com/polkametaverse/status/1481322905585823750 @polkametaverse Twitter] (Jan 15, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/polkametaversefakeaudit.php}} PolkaMetaversePolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code. This is a global/international case not involving a specific..."

2023-01-28T16:38:26Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/polkametaversefakeaudit.php}} thumb|PolkaMetaversePolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code. This is a global/international case not involving a specific..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/polkametaversefakeaudit.php}}

[[File:Polkametaverse.jpg|thumb|PolkaMetaverse]]PolkaMetaverse is currently claiming to be audited when no such audit has been performed, according to Peckshield. It remains to be seen what will come of this project and any investments. The whitepaper claims a multi-sig but no one has looked into the code.

This is a global/international case not involving a specific country.

== About PolkaMetaverse ==
"Polkametaverse is a Next-generation NFT platform." "Polkametaverse is a new generation of decentralized exchange, using a Layer 2 scalability engine, supporting leveraged transactions, and providing lower transaction rates. POKA is the governance token of Polkametaverse, with a total supply of only 100,000,000. POKA will be listed on Hotbit, Binance Trust Wallet, Bybit and Coinbase exchanges. The estimated listing price of POKA is $30." "A new generation of decentralized exchange using a Layer 2 scalability engine. Trade Perpetual Contracts with low fees, deep liquidity, and up to 100× more Buying Power."

"Polkametaverse joined hands with Kusama and StarkWare which employed StarkEx, a Layer 2 scalability engine that aims to improve the trading on platform. In simple words, the impact will be similar to the upcoming Eth 2.0 upgrade, as the gas costs will become zero, minimum trade sizes will be reduced, and trading fees will be lower."

"The purpose of Polkametaverse is to provide secure trading services with low gas costs and fees. To achieve this, the platform is now moving towards Layer 2 with the help of StarkWare to increase its trade settlement capacity."

"We present a set of protocols that allow several types of financial products to be created, issued, and traded for any pair of underlying ERC20 tokens. Our approach uses off-chain order books with on-chain settlement to allow creation of efficient markets. All described protocols are fair and trustless, creating truly open markets that are not governed by a central authority. The protocols are extensible by anyone, requiring no special permissions to be used with other smart contracts."

"Please share your BNB address here and we will send 500 POKA tokens to first 100 People." "Every participant can get 10 POKA tokens by participating in airdrop. Copy and share your referral link to your friends .After the airdrop ends, POKA tokens will be automatically distributed to your submitted BNB wallet address."

"Use your wallet send BNB to the Pre-sale address. Our system will send tokens to your wallet."

"@polkametaverse claims audited by PeckShield, which is not true. The audit report posted on their website is forged."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - PolkaMetaverse Fake Audit
!Date
!Event
!Description
|-
|January 15th, 2022 3:34:00 PM
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Which policies could have prevented this event from happening?

== References ==
[https://twitter.com/peckshield/status/1482481256084344838 @peckshield Twitter] (Jan 15)

[https://polkametaverse.io/ POKA] (Jan 15)

[https://polkametaverse.io/whitepaper.pdf https://polkametaverse.io/whitepaper.pdf] (Jan 15)

[https://polkametaverse.io/assets/audit-report-v1.2.pdf https://polkametaverse.io/assets/audit-report-v1.2.pdf] (Jan 15)

[https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B] (Jan 15)

[https://twitter.com/polkametaverse/status/1481019279524995074 @polkametaverse Twitter] (Jan 15)

[https://twitter.com/polkametaverse/status/1481322905585823750 @polkametaverse Twitter] (Jan 15)