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Research by blockchain security firm Hacken has found that most of the crypto projects rug-pulled in the third quarter of 2023 had no audit reports.An independent third-party audit offers a detailed review of a token, identifies the project’s vulnerabilities, and alerts investors. Hacken noted that rug pulls are one of the simplest scams to prevent, as investors can understand their anatomy by taking note of certain patterns. One of them is the presence or absence of an audit.
Although an independent third-party audit may validate a project’s authenticity, it does not guarantee protection from a sudden withdrawal of liquidity. A project can undergo an audit, publish a report, and still make malicious changes to its tokenomics and smart contract, thereby defrauding users.last quarter, some were audited but had poor scores. Unfortunately, users ignored the audit results as they believed the fact that the projects were audited was enough.
“Token owners continued to participate in the protocol for almost three months after the audit results. And by the end of August, the deployer had removed liquidity from LPs in multiple transactions. As a result, we got the 2nd largest rug pull this quarter with over $5 million stolen,” Hacken said.Users of the decentralized crypto staking platform DeFiLabs had a similar experience to those of Magnate Finance.
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