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Solidity Finance review of RoboApe pre-sale – its smart contract audit – has a centralization warning. Is RoboApe (RBA) a legitimate project?

Solidity Finance Audit

RoboApe token had a positive score in all vulnerability categories Solidity.Finances audited – with the exception of the category “centralization of control”.

The Solidity audit found that the RoboApe team can “upgrade”. [smart] contract at any time”, including the ability to blacklist transfers to any account address and set a “maximum transaction amount” or maximum wallet value at any time.

This is reminiscent of Bitsubishi (BITSU), a new altcoin project that trended on CoinMarketCap as the top winner by percentage after its IDO on PancakeSwap.

However, the holders were unable to sell and realize these gains. A warning message was displayed on CMC, but too late for some investors who invested in the pre-sale or bought the first day pump:

“The smart contract of the following asset can be modified by the contract creator (e.g.: disable sales, change fees, mint new tokens, or transfer tokens). Please DYOR and proceed carefully.’

Is RoboApe a scam?

It’s not clear if RBA will be a similar scam or “rug pull” to BITSU, but this ability to control transactions and “upgrade” the smart contracts is a worrying red flag.

Solidity Finance goes on to write in its review:

“Any user can set these values ​​nefariously and restrict all token transfers on the platform. Please ensure trust in the team before investing as they have significant control over the ecosystem.’

According to reports, the RoboApe team implemented Solidity Finance’s recommendations to fix the security issues.

However, the question remains – why did these vulnerabilities exist? Were they really patched? Who are the teams? RoboApe has not been CoinSniper KYC verified (an audit of the identity of the team and developers for transparency).

The Solidity Finance review also revealed that smart contract owners can charge fees of up to 20% and 30% respectively on purchases and sales – even if pre-sale investors can sell their tokens, they may have to pay a hefty tax to do so.

RoboApe is currently in pre-sale until August 29, having started the RBA token pre-sale on May 17 – an ERC-20 token with a supply of 900 million and a pre-sale price of $0.006173.

Tamadoge Solid Proof Audit

Another meme coin presale in beta sale through September 2nd is Tamadoge (TAMA), also an ERC-20 token. The Tamadoge project was CoinSniper verified and audited by Solid Proof.

A copy of the above audit is available at tamadoge.io. Unlike RoboApe, no security issues have been raised.

Similar to RoboApe, Tamadoge aims to redefine the meme coin space by offering more utility and use cases than just being an “internet joke” based on memes like Dogecoin and Shiba Inu. TAMA will be a virtual pet NFT game reward token.

Read more about this NFT and crypto project on the official website. Currently, the beta sale has brought in 1.5 million USDT, 75% of its cap – after which the pre-sale will continue, but without the 25 percent discount of the beta sale, until the 10 million USDT cap is reached.

Quick reminder that Tamadoge is TAX FREE pic.twitter.com/ozO14Ffpfz

— Tamadoge (@Tamadogecoin) July 28, 2022

That Tamadoge white paper and Twitter also states that there will be no transaction tax – so the fees of up to 30% charged for selling RoboApe tokens would not apply.

The RoboApe token presale also allocates only 22.2% of its total supply to presale, compared to 50% of Tamadoge’s supply available for presale to purchase by investors. Fewer tokens held by the team can reduce the risk of a “pump and dump” or carpet pulling.

We reviewed eleven of the latest token presales in our 2022 crypto presales guide.

Related

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• How to buy a coin before it hits the market
• Meme coin Tamadoge raises $1 million in 14 days
• What is CoinSniper? How to find new crypto projects 2022
• What is a Solid Proof Audit? New legitimate crypto projects

The post Solidity Finance Audit Issues RoboApe Token Presale Warning and appeared first on Business 2 Community.

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