Squid Game - Rugpul - how did it work?

gwdf1

full member

Activity: 680

Merit: 103

Quote from: Croin on November 07, 2021, 10:40:12 PM

Hey guys!

What I don't get is, how was it possible to set up a pool but make it impossible for the users to swap back to their native tokens.
Like was it ever possible to swap the tokens back or not? Like how do they setup a oneway pool?

Thank you!

You couldn't sell coins because smart-contract was created with proxy features. It means that the owner can renew contract on any logic , so the team have updated logic to an unknown (unverified code), but I suppose that they set the function is a smart contract that can ban all selling transactions, so nobody could sell. So they managed to withdraw all the liquidity in the amount of $ 19 million from PancakeSwap.

vv181

legendary

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Quote from: cryptoaddictchie on November 08, 2021, 12:14:47 AM

~snip~The problem here is the issuance of code might be tricky to some and those who are not reading those will eventually fall on this trick.

It comes to another problem which is not all people can read a code. Though, earlier people should take caution when they are playing around with a shady token, and it's better to stay away from those kinds of tokens.

Anyway, Does anyone know if there are some services that are able to "automatically" check a smart contract and it pointed like what kind of functions is allowed and prohibited?

Also, some said the token is designed to disallow swap, can someone point me in which lines do the function located? I tried to find around information about it but unfortunately, there's nothing that someone made a technical/smart contract analysis about it.

hugeblack

legendary

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You must read how smart contracts work to understand how they are executed there are many conditions that are placed in the contract such as a certain time for the possibility of withdrawal and certain terms of time and date if they are not fulfilled may not be sent.
In other words having private key not mean you have token because they may have condtion that stop withdrawal or make it hard to swap it in other pools

cryptoaddictchie

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Merit: 1377

Fully Regulated Crypto Casino

Quote from: Croin on November 07, 2021, 10:40:12 PM

Hey guys!

What I don't get is, how was it possible to set up a pool but make it impossible for the users to swap back to their native tokens.
Like was it ever possible to swap the tokens back or not? Like how do they setup a oneway pool?

Thank you!

It was probably code designed to trigger that at a specific time and date where the traders can't possibly swap back those tookens they bought. There are too many coders who are doing it where tokens can be bought but blocked to swap back. The problem here is the issuance of code might be tricky to some and those who are not reading those will eventually fall on this trick.

Croin

sr. member

Activity: 490

Merit: 250

Hey guys!

What I don't get is, how was it possible to set up a pool but make it impossible for the users to swap back to their native tokens.
Like was it ever possible to swap the tokens back or not? Like how do they setup a oneway pool?

Thank you!

Topic: Squid Game - Rugpul - how did it work? (Read 79 times)