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Detail Analysis

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Date:

Status:

Count:

Contributor:

May 5, 2022

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Verified

1

zerofriction.io

Loss Amount:

1,503,506

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Recovered Amount:

-

Currency:

Dollars, FTM, wFTM

KYC By:

Audit By:

Obsidian Council

Solidity Finance

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Key Indicators

Platform:

Type:

Category:

Method:

Fantom

Protocol

Staking

Scams

Extended Method:

Rug Pull

Data Sources:

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Pragma is a FTM-native rebase token offering the highest FIXED APY on FTM and the fastest payout in the industry. PRAGMA is positioning to lead a revolution in DeFi with the PRAGMA Auto-staking Protocol (PAP), as a new financial protocol, native to the Fantom Opera Network (FTM). Pragma makes staking painless and gives PRAGMA token holders the highest stable returns in the DeFi world.

According to Certik Alert, a rug pull has occurred on the project. Approximately $1.5M of FTM and wFTM were removed from the Treasury and RFV wallets.

Our review of the incident indicated that the rug pull was executed under a pretext of migration from v1 to v2 allow a new contract to be upgraded along with the needed malicious code to pull off the rug pull. Original contract had a timelock limited to 24 hours, and multisig (3 of 5) wallet was utilized, preventing the movement of funds by any one person. We confirmed that Obsidian also did the KYC review of the project. However, for some odd reasons, the KYC record is no longer avaible on their site. AMA from Devs Twitter account went silent since May 4.

Accordingly, all indicators we reviewed confirms that the project was indeed a rug pull by the Dev Team.

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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.