SIRIUS FINANCE is a Scam, RugPull of the Century: PolkaBridge in a Tweet
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Polkabridge, an IDO platform, called Sirius Finance IDO a scam in a publicly shared tweet. Sirius Finance is PolkaDot and Astar’s first cross-chain stablecoin AMM and cultivation center. It has more than 56,000 followers on Twitter. Let’s find out what went wrong for Sirius Finance IDO participants who participated in IDO through Polkabridge.
What exactly happened to Sirius Finance IDO?
Sirius Finance IDO participants who purchased their tokens through the Polkabridge IDO platform were unable to transfer their tokens to the MEXC crypto exchange when the tokens started trading. Polkabridge claims that the IDO participant’s wallet was prevented from moving to MEXC via a smart contract, and this was done on purpose.
For the first 40 minutes, users could not transfer to the MEXC exchange, so the tokens traded on the exchange belong to the members.
They threw tokens heavily and by the time users were able to transfer their tokens, it was already trading below the IDO price.
All this time, the Polkabridge team was in constant contact with the Sirius finance team, but to no avail.
The Polkabridge team has warned that Sirius Finance has a fully centralized and monitored smart contract organized by Sirius Finance developers. Their team can block any address at any time, just like they did with PolkaBridge.
This is indeed a serious problem if found to be true.
The Sirius Finance smart contract is written with a proxy mechanism, which means they can change the code at any time, and most importantly, “n” many times. The code has also not been audited.
Because anyone with a huge amount of tokens can end up locking their tokens from transfer and selling.
What will the Polkabridge Sirius Finance Team do in the future?
The Polkabridge team believes that their developers will continue to quietly sell tokens, draining the market liquidity to almost zero.
They can make changes to the smart contract to create black holes on purpose.
Many big bag holders may be blocked from token transfer through no fault of their own.
Since the contract is not audited, the code can be made malicious and if you use their smart contract, you might lose all the money from your wallet in the future.
PolkaBrdige grants a full refund to all 35 IDO investors
The Polkabridge team will issue a full refund to all 35 investors who have invested in Sirius Finance IDO through their platform. This is a welcome step taken by the team to protect the interests of investors. However, this is not the first time such problems have occurred with any new crypto project. Ignoring the lock part has many times, with many crypto projects, caused a bunch of token dumping issues, resulting in investors losing their money.
Pokabridge plans to do more due diligence in the future before listing any tokens on its platform.
The Sirius Finance team has not responded to the same Twitter thread.