$UKE does NOT pass the Vidma test as a trustworthy charity project - more information is required.
Vidma’s security team continues to monitor Ukrainian Relief Donation Platforms to separate the credible from the scams.
Browsing relief platforms we found a Telegram chat called $UKE. This project describes itself as “The first tokenized solution to send financial aid to Ukrainians automatically with each transaction”.
Our team did a deep dive into this Telegram chat token solution analyzing all available information in order to understand the credibility of the project, the plans, and the team.
The key outcomes of our research:
- The original project setter cheated the community on the presale (stole 5 BNB). So the dev who helped in creating the project website / solidity (and who was also cheated ) continue setting up the current project ( TG — Chad King — @sy700k)
- $Uke Token is launching on Sunday, March 6th @ 2 PM EST
- Mentioned website address — https://ukraineaidbsc.com/
Please note that the website is loading long and it takes minutes to load it. (Tuesday Mar 1, 2022 at 5.45 pm EET).
- Based on the given information, 5% of each transaction goes directly to a Ukrainian charity, hardcoded into the contract. 35% is taken from every transaction on day 1: that is to punish early dumpers. Of that 35%, 75% of it goes to liquidity, 20% to reflection, and 5% goes to Ukraine. Each day the tax lowers, as it no longer needs to protect as much from early dumpers until it gives 1% each to liquidity and reflection, and 5% to Ukraine (of the total transaction amount.).
- From the administrators TG: “The DAO is what will handle all of that. The DAO will decide where the coin goes to. There are other options to help besides that. We can pay directly to other charities if the community wants”
- The plan is to launch an NFT auction site before the token launches. The funds raised from the auction should go to Ukrainian charities.
- The team is planning to make an airdrop among the first 100 TG subscribers.
- How funds should be transferred to Ukraine charity -> The hardcoded address from UkrainianDAO BNB charity addresses should be in the smart contract.
Our Concerns and Summary:
- There are no open sources or deployed and verified code of smart contract yet. Hence, from a security standpoint, the Vidma team can’t guarantee if this project is safe enough for token holders and for supporters of Ukrainian nation relief.
- It should be a reflection token so the user holding the token could also earn on it. Project setter says TG: “There will be user reflection because the selling point of our token is that not only can you help Ukraine, you can also make money doing it. But there will be more reflection directly to a Ukrainian charity fund than to users.”. The Vidma team would like to draw attention to the fact that based on the promotional picture, only 5% from each transaction (sell / buy / transfer) will go to Ukraine charity addresses and funds.
- They are going to take the BSC address that is provided by Ukraine DAO (one more crypto charity organization) to send funds for charity purposes.
- Any tech documentation or official documentation is absent.
Final Conclusion: More information needed
Based on the given facts and statements, Vidma security team can not state that the $UKE project is completely safe and trustworthy. We are engaging the UKE team to request more transparency and to submit the documentation and Github codebase to our team for more analysis and review.
We appreciate the initiative and hope for cooperation on additional information and assurance for the sake of the support of the Ukrainian nation and people.
To find out more about Vidma blockchain security services — www.vidma.io