The Ridiculousness Continues: Retik Finance Fails CertiK Audit

By ADA Crunch | ADA Crunch | 17 Jan 2024

As I covered in my last article, Retik Finance is obviously a scam. But that didn’t stop them from rushing to reassure the public that their scammy token isn’t actually a scam by informing us all on their Twitter page that their CertiK audit is complete (spoiler: it’s still a scam).

A quick look at the audit report reveals that Retik Finance still did horribly on the audit. Take a look at this detail in the contract code found by CertiK:

The owner of the Retik Finance contract has the ability to take Retik tokens from users (renounceOwnership) and send them to his own account (transferOwnership). This alone should scare away any users. Retik Finance is entirely centralized.

But it doesn’t stop there. CertiK also reports a very low Fundamental Health score for Retik Finance. Largely because Retik Finance hasn’t verified their identity. Probably because scammers don’t want to reveal who they are, making it more difficult to hold them accountable.

To top it all off, CertiK reports that their website has vulnerabilities as well:

So Retik Finance is a centralized mess with dangerous code and unverified owner(s). The only good thing on their audit report is that they have thousands of followers on Twitter/X and a lot of telegram users, which is a sad sight to witness. Hopefully people don’t keep falling for this obvious scam.

This also brings up another point: why is CertiK not immediately warning users that Retik Finance is a scam? Any body with any sense can figure out for themselves that Retik Finance is a malicious project in less than a minute (I highlighted the reasons why in my previous article). CertiK is supposed to be a professional crypto audit company; auditors at CertiK should be more than capable to see behind Retik Finance’s lies and point them out as a scam. CertiK needs to do a better job of exposing scummy projects.

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ADA Crunch
ADA Crunch

No opinions, no nonsense, no shills. Just a Cardano aficionado with things to share.

ADA Crunch
ADA Crunch

No opinions, no nonsense, no shills. Just a Cardano aficionado with things to share. Writer for Block Magnates and Age of Awareness. Find me on Publish0x, Medium, r/CryptoGasFees, and r/CryptoNews.

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