PolkaMetaverse Fake Audit
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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.[1][2][3][4][5][6][7]
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.
| Date | Event | Description |
|---|---|---|
| January 15th, 2022 3:34:00 PM MST | 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 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?
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
- ↑ @peckshield Twitter (Jan 15, 2022)
- ↑ POKA (Jan 15, 2022)
- ↑ https://polkametaverse.io/whitepaper.pdf (Jan 15, 2022)
- ↑ https://polkametaverse.io/assets/audit-report-v1.2.pdf (Jan 15, 2022)
- ↑ https://bscscan.com/address/0x316a2EaF194bB77928D8bc321e5C10d0e4987A0B (Jan 15, 2022)
- ↑ @polkametaverse Twitter (Jan 15, 2022)
- ↑ @polkametaverse Twitter (Jan 15, 2022)