RizeSwap Exiting

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RizeSwap

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.

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

About RizeSwap

"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."

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.

Key Event Timeline - RizeSwap Exiting

Date	Event	Description
March 25th, 2021 12:00:00 AM	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 has been estimated at $50,000 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?

Prevention Policies

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.