Scam Detection

How to Safeguard Your Investments

Warren Buffet, a renowned investor, is often quoted for his two cardinal rules of investment:

  1. Rule No 1: never lose money.

  2. Rule No 2: never forget rule No 1.

In the realm of cryptocurrency, adhering to these rules can be challenging. Lose your keys, and your money is gone. Click on a deceptive link, and your money is gone. Invest in the wrong token, and your money is gone.

If you're new to the world of cryptocurrency, it's crucial to familiarize yourself with the basics. Understand what a hardware wallet is and adopt safe practices such as avoiding clicking on random links and not responding to unsolicited messages on platforms like Discord or Telegram.

OrbAnalytics is here to assist you with advanced scam detection for any token and a comprehensive database where you can easily look up a risk score (OrbScore).

To achieve this, we employ basic strategies such as querying existing security solutions for available data. This is typically effective for larger, more established tokens.

For those who want to stay ahead of the curve, like with our coin sniper strategies, we rely on our proprietary detection methods. Some of these include:

Some of them are:

  • Customizable filters: For each new token or trading pair, you can define a set of rules. If a new token doesn't match your risk profile, you'll receive a warning. For instance, a token must be at least three months old, have a market cap of $10 million, and liquidity of $100,000.

  • Transaction simulation: Most blockchain clients like geth support different methods of simulating a transaction. You can "fork" your own local chain and test the result of a transaction there or you can use debug_tracecall rpc to verify the outcome of a transaction. We test a buy / approve / sell transaction to make sure, that you can sell the token and it is not a honeypot.

  • Static Code analysis: We analyze the compiled bytecode, even of unverified contracts, to detect suspicious behavior.

  • Dynamic Code analysis: We run the contracts with different input params on a test environment to see the actual executed code paths and results of transactions.

  • Code Whitelist: We are building a database of well known default functions from established companies like OpenZeppelin which are "good" to use and can therefore tell, if anything is modified.

Please note, scammers are becoming increasingly sophisticated. While OrbAnalytics will assist you in detecting them, it cannot guarantee the legitimacy of a project. Always exercise caution and conduct your own due diligence.

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