PolyWeed Withdrawal Fee Rug Pull: Difference between revisions
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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/polyweedwithdrawalfeerugpull.php}} | {{Imported Case Study 2|source=https://www.quadrigainitiative.com/casestudy/polyweedwithdrawalfeerugpull.php}} | ||
{{Unattributed Sources}} | |||
[[File:Polyweed.jpg|thumb|PolyWeed]]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. | [[File:Polyweed.jpg|thumb|PolyWeed]]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. | ||
This is a global/international case not involving a specific country. | This is a global/international case not involving a specific country.<ref name="rugsteemertwitter-1379" /><ref name="rugsteemertwitter-1380" /><ref name="explorermainnet-1381" /><ref name="polyweeddocs-1382" /><ref name="polyweeddocs-1383" /><ref name="polyweeddocs-1384" /><ref name="polyweedmedium-1385" /><ref name="polyweedfinancetwitter-1386" /><ref name="latestnews-1365" /><ref name="azcoinnews-1374" /><ref name="rugdoc-1387" /> | ||
== About PolyWeed == | == About PolyWeed == | ||
| Line 47: | Line 48: | ||
!Description | !Description | ||
|- | |- | ||
|June 5th, 2021 | |June 5th, 2021 | ||
|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. | ||
| Line 55: | Line 56: | ||
| | | | ||
|} | |} | ||
== 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 == | ||
| Line 68: | Line 72: | ||
== Total Amount Recovered == | == 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? | What funds were recovered? What funds were reimbursed for those affected users? | ||
| Line 74: | Line 78: | ||
== 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? | ||
== General Prevention Policies == | |||
== Prevention Policies == | |||
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. | 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. | 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. | ||
== 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:Regulators:End}} | |||
== References == | == References == | ||
[https://twitter.com/RugSteemer/status/1401236934756749314 @RugSteemer Twitter] (Jun | <references><ref name="rugsteemertwitter-1379">[https://twitter.com/RugSteemer/status/1401236934756749314 @RugSteemer Twitter] (Jun 8, 2021)</ref> | ||
[https://twitter.com/RugSteemer/status/1401052826109943812 @RugSteemer Twitter] (Jun | <ref name="rugsteemertwitter-1380">[https://twitter.com/RugSteemer/status/1401052826109943812 @RugSteemer Twitter] (Jun 8, 2021)</ref> | ||
[https://explorer-mainnet.maticvigil.com/address/0x0d62e10bC15b4fAF11042cA12AAf35042D409f65/transactions Address 0x0d62e10bC15b4fAF11042cA12AAf35042D409f65 | PolygonScan] (Jun | <ref name="explorermainnet-1381">[https://explorer-mainnet.maticvigil.com/address/0x0d62e10bC15b4fAF11042cA12AAf35042D409f65/transactions Address 0x0d62e10bC15b4fAF11042cA12AAf35042D409f65 | PolygonScan] (Jun 8, 2021)</ref> | ||
[https://docs.polyweed.finance/tokenomics/polyweed-token https://docs.polyweed.finance/tokenomics/polyweed-token] (Jun | <ref name="polyweeddocs-1382">[https://docs.polyweed.finance/tokenomics/polyweed-token https://docs.polyweed.finance/tokenomics/polyweed-token] (Jun 8, 2021)</ref> | ||
[https://docs.polyweed.finance/security https://docs.polyweed.finance/security] (Jun | <ref name="polyweeddocs-1383">[https://docs.polyweed.finance/security https://docs.polyweed.finance/security] (Jun 8, 2021)</ref> | ||
[https://docs.polyweed.finance/help/moving-assets-into-polygon https://docs.polyweed.finance/help/moving-assets-into-polygon] (Jun | <ref name="polyweeddocs-1384">[https://docs.polyweed.finance/help/moving-assets-into-polygon https://docs.polyweed.finance/help/moving-assets-into-polygon] (Jun 8, 2021)</ref> | ||
[https://polyweed.medium.com/polyweed-is-here-a162375421f2 Polyweed Is Here] (Jun | <ref name="polyweedmedium-1385">[https://polyweed.medium.com/polyweed-is-here-a162375421f2 Polyweed Is Here] (Jun 8, 2021)</ref> | ||
[https://twitter.com/polyweedfinance/status/1401017232570920961 @polyweedfinance Twitter] (Jun | <ref name="polyweedfinancetwitter-1386">[https://twitter.com/polyweedfinance/status/1401017232570920961 @polyweedfinance Twitter] (Jun 8, 2021)</ref> | ||
[https://latestnews.plus/exit-scam-in-this-project-beware-of-these-3-altcoins/ Exit Scam In This Project! Beware of These 3 Altcoins - Latest News+] (Jun | <ref name="latestnews-1365">[https://latestnews.plus/exit-scam-in-this-project-beware-of-these-3-altcoins/ Exit Scam In This Project! Beware of These 3 Altcoins - Latest News+] (Jun 8, 2021)</ref> | ||
[https://azcoinnews.com/as-polygon-network-is-growing-scam-activity-migrates-to-this-high-performance-platform-and-latest-victim-is-polybutterfly.html As Polygon Network is growing, scam activity migrates to this high-performance platform and latest victim is PolyButterfly - AZCoin News] (Jun | <ref name="azcoinnews-1374">[https://azcoinnews.com/as-polygon-network-is-growing-scam-activity-migrates-to-this-high-performance-platform-and-latest-victim-is-polybutterfly.html As Polygon Network is growing, scam activity migrates to this high-performance platform and latest victim is PolyButterfly - AZCoin News] (Jun 20, 2021)</ref> | ||
[https://rugdoc.io/project/polyweed/ PolyWeed – RugDoc] (Jul | <ref name="rugdoc-1387">[https://rugdoc.io/project/polyweed/ PolyWeed – RugDoc] (Jul 9, 2021)</ref></references> | ||
Latest revision as of 17:53, 2 May 2023
Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' and 'General Prevention' sections to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
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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.
This is a global/international case not involving a specific country.[1][2][3][4][5][6][7][8][9][10][11]
About PolyWeed
"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.
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.
| Date | Event | Description |
|---|---|---|
| June 5th, 2021 | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
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
The total amount lost has been estimated at $223,000 USD.
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?
General Prevention Policies
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.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ @RugSteemer Twitter (Jun 8, 2021)
- ↑ @RugSteemer Twitter (Jun 8, 2021)
- ↑ Address 0x0d62e10bC15b4fAF11042cA12AAf35042D409f65 | PolygonScan (Jun 8, 2021)
- ↑ https://docs.polyweed.finance/tokenomics/polyweed-token (Jun 8, 2021)
- ↑ https://docs.polyweed.finance/security (Jun 8, 2021)
- ↑ https://docs.polyweed.finance/help/moving-assets-into-polygon (Jun 8, 2021)
- ↑ Polyweed Is Here (Jun 8, 2021)
- ↑ @polyweedfinance Twitter (Jun 8, 2021)
- ↑ Exit Scam In This Project! Beware of These 3 Altcoins - Latest News+ (Jun 8, 2021)
- ↑ As Polygon Network is growing, scam activity migrates to this high-performance platform and latest victim is PolyButterfly - AZCoin News (Jun 20, 2021)
- ↑ PolyWeed – RugDoc (Jul 9, 2021)