Beets Finance just did a rug pull on its users, stealing more than 100,000 dollars from its users. If you were providing liquidity to this very project, we urge you to revoke your approval and withdraw your funds after your rug alert.
Beets Farm Finance calls itself next evolution yield farm and has deployed on Polygon network, previously called the Matic. Folks at rugdoc.io had marked this farm as red as their contract was unverified, but due to community pressure, someone got it verified.
Certain users complaint about myriad red flags present in its contract. For instance, following screenshot shows that rug puller could pull more funds from your wallet even though you had only approved the contract.
7) Message to the rugger: Yes, we noticed that you made a mistake in your getAllHolders method, forcing you to do all those manual withdrawals… Did you not learn that an array starts at 0? pic.twitter.com/jwzlbhKYTd
2) The contract allowed anyone to deposit and withdraw for anyone’s wallet: After you approve the contract, anyone could thus force you to deposit additional funds. pic.twitter.com/oo2c9f7678
This exploit allows one to withdraw and emergengyWithdraw funds, which withdrew funds to creator’s wallet, the people who created BeetsFarm.Finance.
Rugger made use of unverified smart contract that forced all approved accounts to deposit all of their remaining tokens, allowing him to make use of aforementioned emergengyWithdraw all funds for them. In other words, exit scam.
So, what have you learnt from this rug pull? Simply avoid interacting with unverified smart contracts and if the developer says “he will not perform a rug pull on you”, then become a contrarian and interpret his statement in opposite manner. That is, he will definitely do a rug pull.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.