How team of TokenFi x Floki Developers scammed market & users
Floki team decided to launch their fundamental project named TokenFi (https://tokenfi.com/). From that, I for sure understood that it’s a perfect token to snipe and flip, got my banana bot ready, set a good bribe for the builder and started waiting for the launch.
🍌 0x4507cEf57C46789eF8d1a19EA45f4216bae2B528
I am looking at the chart and thinking "I made so much money", but then I realised that I got a very small amount of tokens. For a few moments, I was wondering what's going on. Let's get into this.
Opening transaction from this wallet 0x998aa1Af01cE20936FF3184EE421c2D0D3B295ca (wallet that bought most of the emission)
https://etherscan.io/tx/0xa79eaf45718918b8e40c324a900ab137d71d8355c36cf3092cb03f1a19e4d00d
At the first look there’s nothing suspicious, just a transaction where user through his own contract made a lot of swaps in one transaction and got tokens on different wallets. But, his transaction is number 0 in this block (https://etherscan.io/block/18442357). Most of the snipers work by simulating a purchase, so exactly after this transaction the rest of the bots proceed.
If we will go to the Logs of this transaction, we can see that there was an interaction with Gnosis contract (https://etherscan.io/address/0xf5d492ffbec47db69333a6812bec227b6f670a86)
⚠️ It’s important to mention that this contract is owner of all the contracts connected with TokenFi. Also, it’s Gnosis contract of the Floki developers.
If you don't know how Gnosis Safe works -> https://phemex.com/academy/what-is-gnosis-safe
In the transaction above, there was a call to the setTaxHandler function (0x488d4a51), which can only be called by the contract owner (Gnosis Safe contract).
function setTaxHandler(address taxHandlerAddress) external onlyOwner
This function changes the tax handler to the one inserted in the function.
In fees handler that was before (https://etherscan.io/address/0x12e39Cd22501Eec967663b9b58946d02dA2DF74c) fee was more than 100% - so trading was not possible. In the following fees handler that was changed (https://etherscan.io/address/0x162E54eb85DD85C3f1d27918d3fa950aF1033BF7) - fee was 20%. This action triggered the start of trading.
Both fee handlers were deployed by the Floki developers.
After 18 minutes, team changes fee on the old fee handler to 20% in block 18442452 (https://etherscan.io/tx/0x47456c2b0435f378015ba92fc46cc754d8bb3126b71eadf50e732cd97268caec#eventlog)
And in block 18442460 they set an old tax handler like nothing happened. (https://etherscan.io/tx/0x6437f15896680c10dcea3bc40d989f1818740ee70a49369f44cf79a1dc8d28ec)
Now let’s look at what happened on the launch in the BSC network.
Look at this transaction (https://bscscan.com/tx/0xb4b4d4c868ccfa7e3729dafe07e582f09de12ba8ff3524ef2476ba8f) from the exact address (0x998aa1af01ce20936ff3184ee421c2d0d3b295ca) that also bought in the ETH network.
Looking at the logs of this transaction.
We see interaction with the Gnosis contract (https://bscscan.com/address/0xe33ee27a75c31511e7b91fb05e1091daa626b4d4) and changing the tax handler again.
Familiar transactions, aren’t they?
It’s exactly the same path as was described earlier.
You can have a look at all transactions in block, to make sure that exactly this transaction had an impact on the trading start (https://bscscan.com/txs?block=32972564&p=14)
In the following transaction team changes fee on fee handler that was before at 100.01% to 20%.
(https://bscscan.com/tx/0xf1c066f18c16144d01f0943b91d74b6dba5f63c670a136e96fe40cd1ef387cad#eventlog)
In the following transaction changes fee from the fake fee handler to the real one. (https://bscscan.com/tx/0xffdf80e1f0bd9dba1be760de937afd64ef77ad0d965bc4657bf619e7)
Floki team published the following tweet after all this activity :)
Some calculations:
We simply open the log of the transaction we checked at the very beginning, going from top to bottom. There is such a function: sync. It records the pool reserves after the swap. Just look at reserve0 (because in this pool TokenFi is token0).
After the first swap reserve0 is 495099019803930348 (this number is divided by 10^9 (divided by the number of decimals), we get 495099020 tokens.
Then we scroll to the very bottom of the logs to see the pool reserves after the last swap: 51593488009382937 / 10 ^9 is 51,593,488 tokens
It was 495,099,020, became 51,593,488.
That is, the devs bought out 90% of the pool for 120 ETH. You can trace reserve1 - first there were 13 ETH in the pool, and after 133.
For everyone who didn’t understand everything that happened on the launch of TokenFi - the developers team simply bought the largest part of the emission and started dumping (selling) into the ordinary buyers. The amount of funds that users lost is over 200 ETH. And even if you bought manually at first minutes, you purchased at Market Cap $200m+.
And realize one thing, they still have a huge bag of tokens on hand that they haven't sold.
Thank you everyone for reading this article, please share it with as many people as possible.
t.me/ETHx177 x Corn
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