Having a due diligence done by a competent firm is a must have for any project, and with the expertise of QuillAudits it will be done flawlessly. The due diligence process for Rug Pull is based on the comprehensive approach we follow to investigate the code for security flaws and potential vulnerabilities, and the best possible ways to mitigate them.
Ever since their introduction, cryptocurrencies have attracted the eyes of investors and hucksters alike. Though the crypto space is characterized by some institutional investors and thin liquidity, it is also rife with scammers.
Rug pulls are quite common in DeFi because it is not regulated like the stock market. High APYs and APRs and 100x returns are alluring for new investors.
Rug pull is derived from the phrase “to pull the rug out from under someone”, In the crypto space, rug pull is described as a situation wherein the developers of a crypto project pull out support, thereby leaving the investors and users with worthless tokens.
Rug pulls occur because decentralized exchanges (DEXs) – unlike centralized exchanges (CEXs) – do not audit or verify tokens being listed on them. Anyone can list a cryptocurrency on DEXs, irrespective of whether it’s legit or not. Though there are various ways a scammer can pull out rug using DEXs, they are categorized into mainly three:
Investors as well as institutions looking for high gains should carefully infuse the funds considering the possible risk scenarios.
Exchanges in the Blockchain ecosystem are in a hurry to whitelist new tokens that could be risky considering its volatile nature.
They can take advantage by self-evaluating their strengths & weaknesses, and can discover valuable associates by examining the market.
Migrator functions, proxy functions, unverified contracts, unusual EOA powers, Hardcoded wallet address, also check for concrete proof whether a dev has pulled off malicious scams previously or not.
Check for the owner/admin capabilities along with the owner/admin type, Whether it is a time lock or it is owned by multiple or single entities(Multi-sig wallet).
Check the usual Masterchef Migrator Code, what dependencies could be changed. Some scams switched the Masterchef or the router to an unverified Masterchef or router to steal the locked money.
Some projects don’t add constant (defined) fees as max fee allowed. In this case, the project wonders could unstake fees to 100% and steal the user-funds.
All potential issues are highlighted in the audit report submitted to the project.
Issues are clearly highlighted with explanations in the report including what functions could be hazardous in the future.
All audit reports are produced in-house by highly qualified industry professionals at QuillAudits.
Thorough Rug-pull diligence is carried out by experienced & qualified experts at QuillAudits in a very cost-effective manner.
Between 2012 and 2019, approximately $700 million was lost to hackers, with a low 0.2% recovery rate.
In 2020, $300 million was lost to hacks, but $55 million was recovered with an 18% recovery rate.
In 2021, Web 3.0 saw an immense loss of $2.3 billion, but $652 million of the funds were returned to victims, the highest recovery rate to date.
In 2022, Web 3.0 projects lost ~$4 billion to hacks, scams, and exploits, surpassing the total funds lost between 2012 and 2020.
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On top of doing our security audit, the team identified ways to decentralize further the governance and management of our smart contracts.
Our experience with QuillAudits was pretty good. They helped us improve our protocols in many spectrums, security being one of them.
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Quillhash team was very meticulous in planning our smart contract audit and they did a very good job identifying issues with our code and also provided us with a crystal clear understanding of the potential fix as well. The Audit report is comprehensive and have a pretty smooth flow as well.
QuillAudits helped us with the auditing of our smart contract and even helped us with amazing feedback! It was a good experience with them and hope to work again with them.
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Very satisfied. You were the ones who could start the audit much earlier than others.
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The team was very helpful at solving problems that they identified at reviewing our smart contract.
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Our overall experience with QuillAudits was exceptionally positive. Their smart contract audit services demonstrated expertise, thoroughness, and clear, timely communication, instilling confidence in the security of our smart contract. They not only met deadlines but also delivered results promptly. We highly recommend QuillAudits as a trusted partner for smart contract security.
QuillAudits provided security enhancements for Polygon projects, earning positive feedback for their prompt and high-quality service as an auditing partner.
All great, quick response, high efficiency, high responsible team.
Got a smart contract audit for 10 contracts, spetted and helped solving multiple bugs.
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It was just fantastic. Created a safe and secure contract audit.
We had a great experience working with QuillAudits! Communication was perfect and they delivered on time! Besides working closely with our devs they also took the time to explain their findings to our management who dont have the same level of deep understanding about smart contracts.
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We have sent 6 smart contracts for auditing and experienced the quality auditing service from QuillAudits.
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It was a Great experience getting our Audit done by QuillAudits.
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Fast & Clean.
The whole audit process was done within a desirable time frame. The team demonstrated a high level of professionalism in dealing with us.
It was super smooth and the whole process with QuillAudits was beyond the expectations. As a start-up we guys are looking for something genuine & QuillAudits is way ahead of our expectations.
Initially when we talked with Audit company they said they will deliver it on so and so day but it was delayed by 3-4 days. Reason behind this was complexity of our contract [5000+] which took longer for them and they did it with complete responsibility. Their recommendation also helped us a lot in later stage so I would recommend if any of my friends looking for Audit.
Fast, professional, and always a quick response.
It was really smooth. Team at QuillAudits cooperated and helped us know the vulnerabilities in our smart code and also suggested possible ways to fix. Excellent support during the process.
QuillAudits is a professional and attentive auditing firm.
It felt like the auditing team was available within a short timeframe, which was excellent. The auditing process looked thorough, and I really appreciate the fact that you took time to investigate GAS optimizations. However, some issues found were a bit far-fetched and in were not about the security.
Service from QuillAudits was Smooth as silk.
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In the Cryptocurrency market, the term ‘rug-pull’ means a malicious act in which owners of a crypto project abandon it after stealing investors’ money.
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