Thread by @RobotDefi

Remember my on-chain analysis thread, where I talk about looking for suspicious functions?

(Here it is in case you missed it:

https://twitter.com/RobotDefi/status/1516127319890477062?s=20&t=ezBgQuMctlNT_-YfM7dCkQ

)

Well, with the Simian Nodes rug, I have a couple of thoughts...

🧵/1

First, we saw our favorite Rug Police Agent @0xLosingMoney do a post-mortem on what happened (here:

https://twitter.com/0xLosingMoney/status/1526092269081677825?s=20&t=ezBgQuMctlNT_-YfM7dCkQ

)

In it he discovered the function in question: boostRewards.

Before this, it was likely that most non-devs wouldn't have known this was suspicious

🧵/2

One thing that sticks out to me though is that this was an OnlyOwner function.

So, I'd like to suggest to anyone looking at getting into a new protocol...consider looking at the contract and search for all of the "Only" functions.

🧵/3

This would allow you to see what functions are restricted to only a specific person (it isn't always Owner...there are also OnlyDev functions, etc).

It's good to know who has control of what...ya know?

🧵/4

Also, I can't seem to find an audit for this project...yet I see a lot of influencers (who have deleted their posts now) that promoted it.

So another suggestion I'd like to make...perhaps influencers shouldn't push the "next big 100x gem" if it hasn't been audited?

🧵/5

This would protect your communities and keep them safer.

It's just frustrating when projects with OBVIOUS malicious code are pushed to big audiences.

It should've been caught...in my opinion.

🧵/6

If you read @0xLosingMoney's thread you'll see the boostRewards function that was only available to the contract Owner.

Unfortunately you'd have to wait a couple days to see it in action, but tracking the owner wallet would've revealed what was going on.

🧵/7

Look, hindsight is 20/20, and there is no way everyone will catch every potential scam.

But, seriously...influencers, I blame you if you push a project with NO multisig or any contract protections, NO audit, etc.

🧵/8

And as investors, we really need to hold our influencers and protocol representatives to a higher standard.

We're probably still going to get rugged and scammed from time to time...but it shouldn't be on a project with activities THIS obvious...out in the open.

🧵/9

Sorry for the rant. I just hate to see scammers get away with people's hard earned money. I wasn't in this one, but it makes me even madder than the MaxAPY rug cuz they got away with almost HALF A MILLION DOLLARS!

🧵/10

Anyway...please stay safe. Don't ape just cuz a YouTuber says so.
Hold protocols to a higher standard.
Require an audit.
Require multisig.
Require locked liquidity.

WE DESERVE TO BE SAFE!

🧵/end rant

#rugpull #DeFi