MOVR News Tutorials: Using Emergency Withdraw
Introduction
Hello MOVRines! Things in the Moonriver Network show no sign of slowing down and we at MOVR News have no choice but to try and keep up. We’ve seen a lot of projects launching in the last couple of weeks, which is a good thing, but as we grow so does the potential for bad actors to enter the scene and take advantage of our users. Security is one of our main concerns, so this time we’re going to show you how to interact directly with a smart contract and use the “Emergency Withdraw” function to recover your funds.
Emergency Withdraw
As Moonriver keeps growing we will undoubtedly see more and more projects launching, and no matter how cool and honest the community is, rugs will happen. It is inevitable. Every DeFi user that’s been in the game long enough knows it.
In the face of an ongoing rug, the “Emergency Withdraw” function may just save your investment. The most common tactic from rugging projects is to shut down its social channels, along with the project’s website that provides the UI, preventing users from interacting with the contracts. When this happens your only choice is to interact directly with the contract via the block explorer. Using “Emergency Withdraw” you are able to withdraw your funds from a smart contract. However, it only works if the scammers still haven’t moved the funds.
How To Emergency Withdraw
To illustrate this guide we have just staked our funds in MoonFarm in the MOON-MOVR pool.
- The first thing you need to know is the farming contract’s address. Usually the farming contract is called MasterChef (or something else that ends in Master or Chef). You can check the project’s docs section for it or even look up your token allowances in https://unrekt.moonswap.in/. In our case we’re going directly to Moonriver’s block explorer at https://blockscout.moonriver.moonbeam.network/. Paste your wallet’s address in the search bar and hit “Enter”.
2. You’re taken to the Address Details screen, displaying all your transactions, starting with the most recent. Since we know the our last transaction was to stake our funds in the farm, simply click on the first transaction’s ID, also identified as a Deposit.
3. The Transaction Details screen shows you not only the farming contract (called MoonMaster in this case) where you have deposited your funds, but also the pool ID (_pid), which identifies the pool in the contract where your funds are. This is why we’ve chosen this method. Take note of the pool ID and click on the farming contract.
4. You’re directed to the Contract Address Details screen. Click “Write Contract”.
5. Now you need to connect your wallet. Click “Connect to Metamask” and confirm in Metamask.
6. Once connected find the “Emergency Withdraw” function, write the pool ID which you took note of earlier and hit “Write”. You’ll have to confirm the transaction in Metamask.
7. And finished. If your funds were still in the farming contract, they’ll be back in your wallet when the transaction is confirmed.
Thanks for taking your time to read our tutorials. DeFi is a risky business so you must always be prepared. Keep a look out for our guides, where we’ll be sharing more safety tips in the future.
Stay tuned and stay safe out there!
Twitter: https://twitter.com/MovrNews
Telegram: https://t.me/MOVRNewsChat
Disclaimer: This article has educational purposes only and should not be taken as Financial Advice. Always Do Your Own Research before you invest in crypto and never risk more than you can afford to lose.
