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Detail Analysis

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Date:

Status:

Count:

Contributor:

February 20, 2022

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Verified

1

zerofriction.io

Loss Amount:

83,000

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

AssureDefi

None

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Website:

No data

Twitter:

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Avalanche

Protocol

Yield

Scams

Extended Method:

Rug Pull

Data Sources:

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Atom Protocol, an Avalanche-based DeFi platform, was reportedly rug pulled in just 2 hours of launching, the shortcomings of current verification systems were brought to light. On February 20th, the creators of this technology launched a rather “polite” announcement on Twitter before deleting all of their social media accounts. This project also completed KYC with AssureDefi.

Many people took to Twitter and are now upset because the protocol was rug-pulled despite having a KYC process. Users are now puzzled about Assure DeFi’s team since they are responsible for the KYC process. Assure DeFi, on the other hand, tweeted that many people are “misunderstanding the role of KYC/verification.” According to their Twitter thread, “KYC is a deterrent and not a scam prevention”.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.