“Second Uncle Coin” ran away? Fake only 4 transactions, the project party took away 2,000 yuan

The Erji Coin, which has caused countless media forwarding, can be proved by the data on the chain. There is no 130W volume to run away, and even the entire project may not be worth 1.3 million. The actual 1.3B transferred is only 1.3 BNB. Run away for a few hundred knives?

Second Uncle Coin is here, Second Uncle he ran away, I believe you have been swiped by such news today, so did he really run away?

in conclusion!

The so-called security experts on Twitter tweeted that they had run away and triggered numerous media reposts of Erji Coin, which can be proved by the data on the chain. There was no 130W of money to run away, and even the entire project might not be worth 1.3 million US dollars. The 1.3B is only 1.3 BNB, buddy, run away for a few hundred dollars?

Since you want to refute rumors, you must have evidence. The author interprets the smart contract source code of Erjiu Coin and combines the backtracking of transaction records on the chain to disprove the on-chain operation of the project party, and take you to analyze the whole story of the case.

First of all, I declare that the author is not the project party and does not hold any Erjiu coins at all. This article is only from the perspective of technical research. Once again, the regulations clearly stipulate that virtual currency trading speculation is prohibited!

background:

Looking back at this news dissemination, it started with a tweet by a security expert on Twitter, and was forwarded by countless media, through the information dissemination link before and after, the original original text is as follows:

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In fact, from the point of view of rumors, it is true that this kind of language is very simulated, and the professional value is amazing, and Tornado Cash is indeed a common way to clean stolen money.

But is it really so? How is the $130W loss calculated.

The project itself also responded:

At the beginning, the project party also wanted to reward its Twitter followers through airdrops to form the purpose of increasing fans.

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Looking at it this way, it really seems like it is about to run away. The project party is indeed very likely to raise the price of the currency and sell it short and run away! But this time, has it run away? How much of the volume has to be analyzed based on the data on the chain

1. Analysis

1.1. Project release stage

This coin is deployed on the BSC Binance Smart Chain and has been verified as open source, so you can read some evidence through the following address.

Personal address of the project party: 0x469de2c6357666c69156722e83136ad1919a70aa

Second Uncle Coin contract address 1: 0x6e7ad49f67a9fa80d50f9659c3fc938296d68b58

Second Uncle Coin contract address 1: 0xe67cff48da0156e7978bc5a9a44d516a48d2a1d6

The author started writing this article at 3:00 pm on July 31, and pulled a total of 1686 transactions on the Erjiu Coin chain.

In the initialization link of the initial deployment operation, 1.000.000.000.000.000 Erji coins were issued to the project party.

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The functions initialized during deployment have undergone major changes, most of which are related to the interaction method of building the transaction pool, but the core part of generating assets and transferring them is as follows. Tokens come out to him.

Note: The constructor is the initialization function of the contract. It will only be called and executed once when the contract is deployed, and cannot be executed later.

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Come up and give it all to yourself, the more you see it, the more it looks like a precursor to Rug, no wonder rumors are spreading. .

1.2. The cost of issuing coins is actually very low

However, issuing coins is issuing coins. There must be exchange trading pools to exchange different currencies before they can be converted into other funds that run away. It is not difficult to issue coins on the blockchain. Just 5 lines of code can issue coins, let alone With 10 billion tokens, you can give yourself a maximum of 10 tokens followed by 78 0s, because the standard ERC20 storage type for balances is uint256, and the maximum value is 2**256 power.

Can this token be exchanged directly?

The source code has a total of 3000 lines, which not only includes standard ERC20 and most common supporting plug-ins, etc., but also embeds the redemption code for docking with the trading pool.

1.3. The amount of funds involved in the project is extremely low

If you want to run away, you have to have funds to interact. You have to have other funds to enter the game to be swept away. Either other addresses can trade the contract and bring it in or the project party can exchange it from the exchange pool.

The author read all the contract transactions of Erjiu Coin and found that there is only one transaction with BNB in ​​the value, and there is only one transaction with 0.126 BNB injected.

Although Erjiucoin has a large number of transaction transfer records (8K) in the exchange, the total number of addresses now owned by Erjiucoin has reached more than 1,600.

However, if you want to judge whether to run away, you have to see how many tokens the project party held for themselves when they issued it, and how many were converted into other tokens through the pool.

Track the records of the tokens issued by the project party to itself on a large scale, except for the 1,000,000,000,000,000 that were given to themselves at the time of deployment

There is only the transfer operation in the second line in the above figure. The project party transferred its own 990,000,000,000,000 tokens to the 0 address.

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And calculating all the transactions of the project party’s own address, it can be seen that only the project party exchanged 1.3 BNB with Erjiu coin through pancakeSwapV2. Note: The current price of BNB against USD is 271 USD per BNB.

Dude, run away for a few hundred dollars?

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1.4. So why is there a claim of $130W?

Maybe the security expert thought the transfer was 1.3B USD? Then I thought it was too outrageous and thought that this “B” was not a billion (billion) but a million (million)?

Of course, it is true that the tokens in the total amount of the transaction pool only account for 0.55% of the total, because the project party has destroyed 99% of the tokens. And his destruction does not modify totalSupply (this really shouldn’t be, his destruction is not calling the standard Burn method)

So far, it can indeed be said that the project party has not maliciously profited much money from it.

In addition, the project team also asked the source of the rumors, but did not get a reply.

What does it mean to give up management

On the afternoon of the 31st, in the face of the rumors, the project side also took a decisive action, that is, giving up the administrator rights of the project side.

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As can be seen in the above figure, the last two transaction operations of the project party’s address, that is, the operation of transferring ownership to 0 address for the two contract addresses of Erji Coin.

Is this really a complete relinquishment of ownership?

Yes indeed

The renounceOwnership method is executed to give up the ownership, which will set the _owner address to 0, and in this way, the methods modified with onlyOwner will not be able to be scheduled and used in the entire contract.

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There are about 20 functions that cannot be used, and the most important thing to clear the administrator permission is to clear the method of Mint to generate new tokens. In the entire 3000 lines of code, only _setBalance is the permission to schedule Mint, of course, although he does not appear The onlyOwner symbol decorates him because he is an internal method, which cannot be called externally, but can only be called by methods already defined in the contract

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The corresponding two functions that will use him are as follows, which are obviously modified by onlyOwner, so they will not be used in the future.

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I also further analyzed whether the _balances variable that stores the balance has a backdoor to bypass it with other names, and I did not find it. As for whether there are other backdoors, it depends on the senior contract auditing bigwigs.

summary

The derivation logic for the conclusion that there is no running away

1: If you run away, someone has to lose money first. There are smart contracts on the chain. Due to the limitations of blockchain technology, all transactions must be recorded on the chain. So you can find out who lost money by looking at the transaction history

2: It is found that there are only 4 core transactions in all the records of the project from its issuance to the present. According to their logic, the 3 transactions have nothing to do with the project party taking the money.

3: The only one, the project party took away the funds, the total amount is only 1.3BNB about RMB 2,000.

4: Since the project party performed the operation of giving up the permission, and I read the 3k lines of source code (note that the source code is permanently unchangeable on the chain), I found that after he gave up the permission, there was no reserved backdoor to issue additional Erji coins. this coin.

Why did the project party destroy 99% of the tokens?

Motivation unknown. It is generally due to the control of the token economic model, such as issuing 10 billion, others think it is too outrageous, so he reduces the total amount by himself, which makes it appear scarce,

In the initial stage of the initial deployment operation, 1,000,000,000,000,000 Second Uncle Coins were distributed to the project party, which is the total amount issued.

There is only the transfer operation in the second line in the above figure. The project party transferred its own 990,000,000,000,000 tokens to the 0 address.

The project party used 900,000,000,000 tokens in exchange for 1.3 BNB and more than 2,000 RMB. If this 2,000 pieces are used to estimate the total market value of this coin, it is only 2W pieces, and it is impossible to have 130w at the price at that time.

Is it easy to issue tokens?

It’s really simple. Recently, there have been Erji coins, Aunt coins, Erji Doge coins, etc., all of which are virtual currency speculation scams.

Will Erji Coin be destroyed?

It cannot be modified on the chain. Since the project party has changed the administrator, he himself cannot control the privileged operation of Erjiucoin.

Summarize

The project party did not run away, maybe it was the malicious rumors, or maybe his editor saw the drop and the project party transferred 1.3BNB and thought it was 1.3Milion.

However, the transaction records on the chain will not deceive people, and the contract code will not deceive people. The definition in the code will not change.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/second-uncle-coin-ran-away-fake-only-4-transactions-the-project-party-took-away-2000-yuan/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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