2023-08-28 14:16:42
Statement on Base Club
Base Club, which was initially presented as a betting platform, conducted a presale on their own website, amassing nearly 160 #Ethereum from their open round. Regrettably, the project rug pulled, wiping out all traces of their social media presence and even deleting their Telegram accounts used for communication with SolidProof. It is also important to note that the team did not do a KYC.
We also want to mention that SolidProof's audits had indeed identified issues of medium criticality in the contracts. This incident is not an exploit but rather a direct draining of the funds raised during the website presale. You can find the report here:
https://github.com/solidproof/projects/tree/main/2023/Base%20Club
This unfortunate event further underscores the critical importance of due diligence and collaboration with a registered security company, especially for startups embarking on a presale outside of reputable launchpads. Rigorous audits and a thorough KYC process can provide essential safeguards against such instances, ensuring investor protection and bolstering the overall integrity of the blockchain ecosystem.
Sincere regards,
Your SolidProof team.
#InvestorProtection #SecurityMatters #KYC #BlockchainSecurity #SolidProofSecurity
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