What is a Rug Pull and how Bridge Oracle is far from being considered such a scam?
In the great world of cryptocurrencies and blockchain, there are many malicious actors that have ambushed your funds and are waiting for even a tiny opportunity to reach out to your assets, leaving nothing behind for you at all.
Rug Pulls are considered to be one of the most notable actions these bad actors take to pull the rugs beneath those who have trusted them and take whatever is lent to them.
Crypto Rug Pulls (Exit Scams)
Cryptocurrency Rug Pulls occur when crypto developers abandon a project and run away with investors’ funds. In this space, most Rug Pulls usually happen in the DeFi ecosystem, especially on decentralized exchanges (DEXs), where malicious individuals can create different tokens manually and list them on a DEX and pair them with another cryptocurrency, mostly the leading ones like Ethereum.
During such a process, a significant number of unsuspecting investors swap their crypto funds — for example ETH — for the listed token. This is a phase that might take some time — maybe even a year. After that, the creator steps in and withdraws everything from the liquidity pools of the scam token. By doing so, the token’s price falls to Zero and the creator easily escapes with the funds that people have invested in the token to gain profits, leaving them with nothing as even nearly valuable as their initial assets.
Avoiding Scams
While there are many ways to avoid such scams, it is not possible to always be certain about the projects we are investing in, unless we receive the best proof and audits regarding the projects and their technologies. With this article, we are going to demonstrate the process projects such as Bridge Oracle might need to go through in order to provide the most secure and trustworthy services to their clients and investors.
Audits and proofs for each crypto project can already be provided by several auditors and inspectors working in this space, such as Certik and Token Sniffer, making them far more reliable for the many investors looking for high-potential projects to invest their money in.
Certik
A Certik audit is one of the most important proofs each project can achieve just by providing the Certik team with qualified documentation and proof. When the requirements are delivered to Certik, they will go through all security aspects of the project and then refer back to the project’s core team with results or more instructions to process. A successful audit ensures that everyone looking to invest in the project can rest assured that the platform and its services are secured from malicious actions that target people’s assets through the project.
Token Sniffer
Token Sniffer, on the other hand, is another inspector of the crypto space which goes through the actions and contracts of each project to make sure trading each token on DEXs is safe from malicious contracts, rug pulls, and hacks. Token Sniffer claims to scan contracts for known scams, compute helpful token metrics, and maintain a list of scams so that users would be aware of the projects they are eager to invest in. Also, the newest tokens in the crypto space are easily discoverable using this website.
Bridge Oracle’s method
Before the relaunch of the project’s mainnet, Bridge Oracle received Certik’s audit while proceeding with the swapping from the Tron network to BNB Chain. The audit was claimed after many conversations and efforts the team made to provide the best and most secure technology for the services they provide, so according to the audit, clients would have no reasons to be worried about their funds in Bridge Oracle’s utility token, BRG.
It is worth mentioning that renouncing the project’s contract was required as an optional procedure to follow, to secure the contract from further manipulations in Certik’s audit. This is also one of the steps the Bridge Oracle team has taken toward a more secure BNB Chain-based token which is used in service fee payments as well as other features provided by BRG.
Regarding this phase, the ownership of BRG’s official contract on BNB Chain is now renounced as it was also broadcasted on Bridge Oracle’s social media such as Twitter:
“$BRG Ownership Renounced
The contract’s owner of #Bridge token by the decision and voting of the most community members was permanently Renounced!”
Twitter / @bridge_oracle
Having the contract’s ownership renounced, there will be no manipulation allowed on the contract anymore and further on, no more tokens will be minted into the BRG’s total supply as the minting permission is disabled since no individual has any authority over the contract at all.
Furthermore, according to BRG’s detailed page on the Token Sniffer website, the token has managed to achieve the overall score of 100 out of 100, which is not a common thing among the wide range of crypto projects listed on this website.
This also indicates the highly secured fundamentals of Bridge Oracle’s native token, BRG. This achievement has also been announced on Bridge Oracle’s social media in regards.
“We’ve got a full score (100/100) in http://tokensniffer.com, which is rare among #crypto projects.?
Twitter / @bridge_oracle
Conclusion
Security and safety of funds have always been a great concern among people when they are looking forward to investing in an asset or opportunity. This concern even gets bolder when it comes to crypto assets with the huge rate of hacks and scams that have been done through even great DeFi platforms in the past few years. Therefore, each platform and service provider in this space should prioritize addressing these concerns in order to ensure they are more trustworthy and secure.
In this case, Bridge Oracle, as a public and secure oracle service provider, has implemented a wide range of security measures to ensure the funds within its system and native token, BRG, are safe and secure.
The actions mentioned in this article are aimed at achieving the acclaimed goal for Bridge Oracle and BRG token as well, in order to bring more adoption to the entire crypto and blockchain space and specifically the smart contracts field.
Let’s “Bridge” the worlds…
