DeFi project Beetsfarm accused of scam
One of the projects in the field of profitable farming on the Polygon blockchain, Beetsfarm Finance, was called fraudulent. Representatives of the RugDoc service announced this in their Twitter account.
RugDoc experts reported that the scanner for finding unverified smart contracts marked Beetsfarm as a “dangerous” project. Verification assumes that the code matches what the developers have uploaded to the blockchain. After the community of the project forced the Beetsfarm team to carry out the necessary operations with the code, the scanner re-checked the smart contract, finding a huge number of warning indicators. RugDoc stated that “there were more of them than they had ever seen”.
To imagine the scale of what the programmers saw, think about the fact that a smart contract gives anyone access to your wallet after you have approved the interaction with this very smart contract. In other words, anyone can make a transaction from your wallet to the project team's wallet.
The code also can initiate an emergency withdrawal of funds, containing an exploit with one small "nuance". In the part of the “[_wallet]” parameter, the withdrawal of funds is configured so that when the transfer is made, the function sends money to the wallet of the founders of the Beetsfarm project.
According to DappRadar, the project now has 304 unique users, and its smart contract has already processed over $261,500. At the same time, most of the transactions noticed by RugDoc specialists were made yesterday. The last transaction to the developers' wallet took place just over an hour ago.
Following the "classics" of scams, the Beetsfarm developers keep a mysterious silence, and the team's Telegram channel has already been deleted. There are only a couple of entries left in their Twitter account, but access to it is also partially limited by the social network.
Users are sounding the alarm on social media, claiming that their LP tokens disappeared right after they made a deposit. Meanwhile, the amount on the developers' wallet has already exceeded $146,000 and is still growing.