CronjeFinance was launched yesterday but some had already identified hard rug code which we were certain would be executed. This is a tomb fork that contains a recovery function, according to rugdoc’s twitter account. This tomb fork function allows governance to withdraw all staked tokens 90 days after poolEndTime.
CronjeFinance added some code to update this poolEndTime to anytime they like, and that includes 90-days ago. This would allow Cronje Finance developers to set end time to 90-days in past and then recover all tokens – easy as that.
This is why it is required that users do not blindly invest in any project that pops on Ethereum, Binance Smart Chain, FTM or any other blockchain out there.
Cronje Finance has not requested their smart contract to be verified by rugdoc which means there were chances they would perform rug pull once enough funds were deposited. This is why it is important to have a strategy before you ape into any new project even if it is backed some famous celebrity.
Another thing to note is that Cronje Finance did not compile code into onchain code. This basically guaranteed that developers could make changes anytime.
Any user can use Tenderly App to see if non verified smart contract contains a well-known rug function.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.