Solidity Finance Audit RoboApe Token Presale Legit or Scam

Solidity Finance’s review of the RoboApe presale – its smart contract audit – has a centralization warning. Is RoboApe (RBA) a legit project?

Solidity Finance Audit

RoboApe token had a pass result in all of the vulnerability categories Solidity.Finance audited for – except the ‘centralization of control’ category.

The Solidity audit found the RoboApe team can ‘upgrade the [smart] contract at any time’, including the ability to blacklist transfers to any account addresses, and set a ‘maximum transaction amount’ or maximum wallet value at any time.

That is reminiscent of Bitsubishi (BITSU) a new altcoin project that was trending on CoinMarketCap as the highest percentage gainer after its IDO on PancakeSwap.

However holders were unable to sell and realize those gains. A warning message was displayed on CMC, but too late for some investors that invested at presale or bought the day one pump:

‘The smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please DYOR and proceed with caution.’

Is RoboApe a Scam?

It’s not clear if RBA will be a similar scam or ‘rug pull’ to BITSU but that ability to control transactions and ‘upgrade’ the smart contracts is a concerning red flag.

Solidity Finance goes on to write in its audit:

‘Any user can nefariously set these values and place restrictions on all token transfers on the platform. Please ensure trust in the team prior to investing as they have substantial control in the ecosystem.’

Reportedly the RoboApe team has implemented the recommendations made by Solidity Finance to fix the safety and security issues.

The question remains however – why were those vulnerabilities there? Have they really been patched? Who are the team? RoboApe has not been been CoinSniper KYC verified (an audit of the identity of the team and developers for transparency).

The Solidity Finance audit also found that the smart contract owner can impose fees on buys and sell of up to 20% and 30% respectively – so even if presale investors can sell their tokens, they may have to pay a high tax to do so.

RoboApe is currently on presale until August 29th, having began its RBA token presale May 17th – an ERC-20 token with a 900 million supply and a 0.006173 USD presale price.

Tamadoge Solid Proof Audit

Another meme coin presale on beta sale until September 2nd is Tamadoge (TAMA), also on the Ethereum blockchain. The Tamadoge project was CoinSniper verified and audited by Solid Proof.

Solid Proof Audit

A copy of the audit above is available at tamadoge.io. Unlike RoboApe, no security issues were raised.

Similar to RoboApe, Tamadoge aims to redefine the meme coin space by offering more utility and use cases than just being an ‘internet joke’ based on memes like Dogecoin and Shiba Inu. TAMA will be rewards token of a virtual pets NFT game.

Read more about this NFT and crypto project on the official website.

The Tamadoge whitepaper and Twitter also states there will be no transactional tax – so the up to 30% fees applied to selling RoboApe token wouldn’t apply.

The RoboApe token presale is also only allocating 22.2% of its total supply to the presale, compared to 50% of the Tamadoge supply being able to be bought by investors in its presale. Less tokens being held by the team can reduce the risk of a ‘pump and dump’ or rug pull.

We reviewed eleven of the latest token presales in our 2022 guide to crypto presales. RBA wasn’t one of our top picks.

Is RoboApe safe to buy? The audit results do resemble some past scams. Only invest funds you can afford to lose and consider diversifying your portfolio into other presales or ICOs.

Update – commenters have pointed out RoboApe’s Instagram account is now down, another red flag. It’s also been pointed out that no contract address has ever been given.

RoboApe contract address

The RoboApe team has stated no contract address being provided is ‘for security reasons’ however normally crypto presales such as the ones we’ve reviewed on this site do provide a contract address, from the beginning of the presale period.

Instead those that buy RoboApe at presale have to login to the website where they have a dashboard that reflects their token holdings amount – which could easily be faked in WordPress or any website creator software.

Update – RoboApe presale investors never received their tokens, from reports on Reddit.

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