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RugDoc Review
- UPDATE 9: The project has completed its Certik audit. We don’t have the resources to check all the strategy contracts, so we’ll revert this project to Not Eligible.
- UPDATE 8: The rugged Banshee project (which, again, was created by a Grim dev account) has moved all of its funds out into Coinbase. Grim has still not been forthcoming with its users on the true nature of the connection between the two projects, only going as far as to say they funded it, instead of (publicly) admitting that there was a developer connection.
- UPDATE 7: The project has been compensating affected users of the hack with airdrops of a new token (Grim EVO) and those who lost smaller amounts (less than $300) in USDC. It is in the middle of a Certik audit, but it has not been completed yet.
- UPDATE 6: The Grim strategy account (0xaa42…142c) also sold off large amounts of GRIM (~50,000) and REAPER (~2,000,000) and removed a lot of GRIM liquidity (~990,000 GRIM). It’s unclear what all the sales and liquidity removing are for – we hope this is a last-ditch effort to regain funds for users who got exploited.
- UPDATE 5: Another Grim treasury recipient (0x3acf…ff36) also sold off ~400,000 GRIM and ~1,500,000 REAPER, withdrew 15,715 FTM from the Grim harvester account, sold for USDC and bridged all the funds ($154k) to their ETH account.
- UPDATE 4: The Grim developer (0x45a0…950f) who created Banshee has sold off large amounts of GRIM and REAPER tokens in the wake of the exploit. Their entire balance, ~390,000 GRIM and ~2,000,000 REAPER were sold off over the course of an hour.
- UPDATE 3: 🚨 Project has been exploited. See here for more details: https://twitter.com/RugDocIO/status/1472293712185151492. ChargeDeFi also has a breakdown of the timeline of their exploit and how it relates to Grim too. Do not stake in here until new vaults have been deployed and have been fully audited by a user-focused audit house.
- UPDATE 2: The project has removed the TG ban on our scanner, and admits that they transferred FTM to Banshee Farms via Shade cash from their strategy account, and that the developer removing liquidity and selling tokens is an active external contractor who also develops Banshee. In light of this transparency we’re downgrading from High Risk. Please DYOR and if you have any queries on how it funds other projects, please ask them.
- UPDATE 1: A Grim developer’s wallet has been observed removing liquidity and selling tokens — see example transactions: https://ftmscan.com/tx/0x3b0450e7335c4e77de14493ae064b1f3e49b8cbd1a8c8027fa7108032acef506 https://ftmscan.com/tx/0xcd76d86a656dfc2a46d15d9951b289856747a32b964fc5cfdb5fd051fa87021f
On top of this, they banned our scanner in their TG when they asked if they were connected to, and transferred funds to Banshee Farms.
Compounding Yield Optimizer with a separate contract for each vault strategy, we do not have the resources to go over each and every vault. We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours.
Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.
Since our resources are stretched thin and we don’t have the funding for these kind of massive endeavors, we may pass on projects that meet this level of complexity. DYOR.
*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.
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