Solidity's Contract Audit found that the RoboApe team can be "updated". Blacklisting transfers to any account address and setting a "limit transaction amount" or "maximum wallet value at any moment" are both possible with a [smart] contract at any time.
This is reminiscent of Bitsubishi (BITSU), a new altcoin project that was trending on CoinMarketCap as the top percentage gainer after its IDO on PancakeSwap.
The holders, however, were unable to sell and pocket these profits. A warning message was displayed on CMC, but too late for some investors who invested in the presale or bought the day one pump:
The following asset's smart contract can be changed by the contract's author (for example, disable sales, change fees, mint new tokens or transfer tokens). Please DYOR and proceed carefully.
Is RoboApe a scam?
It is unclear whether RBA will be a similar scam or a "rug pull" for BITSU, but this ability to monitor transactions and "update" smart contracts is a worrying red flag.
Solidity Finance goes on to write in their review:
All token transfers on the platform may be restricted by any user acting maliciously by setting these parameters. Make sure you trust the team before investing as they have significant control over the ecosystem."
The RoboApe team reportedly implemented Solidity Finance's recommendations to fix the security issues.
However, the question remains: why do these vulnerabilities exist? Were they really patched? Who are the teams? RoboApe has not been verified by CoinSniper KYC (an audit of the identity of the team and developers to ensure transparency).
Solidity Finance's review also revealed that smart contract owners can charge fees of up to 20% and 30% respectively on purchases and sales; Even if pre-sale investors are allowed to sell their tokens, they may still need to pay a hefty tax to do so.
RoboApe is currently on presale until August 29, having started the RBA token presale on May 17: an ERC-20 token with a supply of 900 million and a presale price of $0.006173.
Tamadoge Strong Test Audit
Another meme coin presale in beta sale until September 2 is Tamadoge (TAMA), also an ERC-20 token. Solid Proof audited the Tamadoge project and confirmed it with CoinSniper.
A copy of the previous audit is available at tamadoge.io. Unlike with RoboApe, no security concerns have been brought up.
Like RoboApe, Tamadoge aims to redefine the meme coin space by offering more utilities and use cases than just being an "internet joke" based on memes like Dogecoin and Shiba Inu. TAMA will be a reward token for the NFT game's virtual pet.
Visit the project website to learn more about this NFT and Cryptocurrency venture. Currently, the beta sale has brought in 1.5 million USDT, 75% of its cap, after which the presale will continue, but without the 25% beta sale discount, until the cap of 10 million USDT is reached.
That Tamadoge and Twitter white paper also states that there will be no transaction tax, so fees of up to 30% charged for selling RoboApe tokens would not apply.
RoboApe's token pre-sale also allocates only 22.2% of its total supply to pre-sale, compared to 50% of Tamadoge's supply available for pre-purchase by investors. Fewer chips held by the team can reduce the risk of a "pump and dump" or carpet pull.
