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False Alarm – CertiK erroneously warns of “scam project” Crypto Cars

 


A misunderstanding has led to CertiK misidentifying the crypto project as a "rug-pull".


In a downturn, the crypto community is particularly vigilant about the developments of the various projects, which is why even the smallest inconsistencies can raise big questions. This has now become the undoing of cybersecurity service CertiK, as the company that verifies the trustworthiness of crypto projects has now gotten quite lost when it falsely classified the CryptoCars project as a fraudulent "rug-pull".


As shown by several screenshots obtained by Cointelegraph, CertiK initially claimed that the CryptoCars website and Telegram channel had suddenly become unavailable. However, some crypto users immediately responded that both the project’s website and Telegram channel are still online. A short time later, CertiK withdrew the corresponding warning.


According to CryptoCars developers, only the project’s Telegram chat will be closed “over the Lunar New Year from January 27 to February 7.” The Vietnam-based project is only temporarily stopping work because of the holidays.


CertiK has this to say about the case to Cointelegraph:


“While our alert mechanisms are thorough, they are very fast-moving in order to be able to inform the community about suspicious activity as quickly as possible. In this case, we had noticed that the Telegram channel went offline, capital movements went to zero and the website became unavailable. Therefore we issued a warning about a possible rug pull.”

Despite the recent error message, CertiK's hit rate remains high. For example, the cybersecurity firm had issued a legitimate warning about Qubit Finance just a day earlier when the protocol was indeed hit by a serious hack .

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