In a shocking turn of event, it has come to my attention that people are unable to trade XAMATEK token on Saturn Network. Neither can they withdraw their funds from the DEX, which is an even worse situation. So who is it to blame? I set out to investigate and what I have found out SHOCKED ME.
TLDR: Xamatek has admin functions in token (e.g. like fiat, not like bitcoin) that allow them to
freezea balance. They froze Saturn Network DEX smart contracts, and now honest token holders and traders have had their funds locked up. If you hold XAMATEK, demand the admins to STOP THIS IMMEDIATELY. I do not recommend buying XAMATEK until they issue a new smart contract and purchase a high quality security audit to confirm it has no backdoors.
Let’s jump straight to the code for proof.
Up until line 207 everything is hunky dory, good. But then we see this.
What is this
balanceLocked bullshit? Who controls which balances are locked? Keep scrolling through the code.
So it looks like the
Owner can freeze arbitrary balance, without any warning or court order. Did they really do this? Let’s go down to this other link to test (make sure you have metamask or saturn wallet or trust wallet activated to Ethereum network to proceed and validate my words yourself).
Scroll down to “6. balanceLocked”. Let’s try this with a random trader address.
All good. BalanceLocked is
false, meaning it is unlocked and ready to transfer. But what about Saturn Network smart contracts?
OMG! They froze everybody’s money on the exchange, a whole 8,142,769 XAK are locked up and honest customers cannot withdraw their funds! Let’s scroll down and find out who this dirty motherfucka
owner is. At the moment of writing this, it is this guy. https://etherscan.io/address/0x41ea5a7f865d85f7eccc817bcb72b1f315d14236
And what he is doing SHOCKED ME. Here is their algorithm
Unlock Saturn Smart Contract.
- Wash trade to create an illusion of demand. Notice that it’s same two traders over and over again.
Lock Saturn Smart Contract, along with any customer funds, to prevent people from selling the coin. Luckily nobody can buy it either when it is locked, so more people don’t get scammed… But those who have created sell orders are unable to cancel them!
Unfortunately as a DEX there is nothing we can do. However, I hope this message spreads around and people will find out that XAMATEK IS A SCAM and will not buy it.