Is bStake legit?

bStake.net is a decentralized financial payment network that uses the blockchain to recreate the traditional payment stack. To promote programmable payments and the creation of open financial infrastructure, it uses a basket of fiat-pegged stable coins that are algorithmically stabilized by its reserve currency, bStake.net.

bStake is DeFi built for adoption, according to the official website: it’s quick, inexpensive, and simple to use. Swap assets on the decentralised market and earn bStake Dollars (bsUSD) or bStake Tokens by supplying liquidity.

As per the claims, you get voting rights and a cut of the network fees with a staked bStake.

bStake is a decentralised autonomous organisation (DAO) run by bStake Token holders. There was no pre-mine for bStake, so from the start, everyone would have a fair probability to own a piece of the company and vote on its future.

The DAO allows users to:

Borrow bStake Dollars: Leverage their  bStake to earn up to 35% of its value in bsUSD while keeping the price fixed at around $1.

Swap and supply crypto: Trade assets on BSC’s decentralised exchange with the largest liquidity pools.

Earn bStake Tokens by minting bsUSD or providing liquidity. To vote and earn network fees, users can stake bStake.

According to the webpage, Slowmist, whose clientele include key exchanges like Binance, Huobi, and OKex, audited the bStake smart contracts.

However visiting the SlowMist Smart Contract Security Audit Result Query section reveals the contract address (0x1f040f15ab15b7e0dfac935873fadbe43d015535) for bStake has not been listed

Security Audit
Security Audit

For further  context, SlowMist is a blockchain security company that was founded in January of this year. Security audits, threat information, bug bounties, defence deployment, security consultants, and other security-related services are among the services offered by SlowMist. AML (Anti-money laundering) software, Vulpush (Vulnerability monitoring), SlowMist Hacked (Crypto hack archives), FireWall.x (Smart contract firewall), Safe Staking, and other SaaS products are also available.

Even the whitepaper is lacking, implying that associated data is missing and difficult to obtain on all supported data sources (BscScan, CoinMarketCap, token website, etc.). White paper / Lite paper is critical for early-stage initiatives since it defines what the project is about and what the plans are in depth. Owners’ assurances are harmed by the lack of a white paper.

According to Laser Desk (a website that examines smart contract security, gauges community strength, estimates business costs, and analyses a variety of other variables), the Swap operation has a high potential of being a honeypot scam because it only permits white-listed addresses to swap. This implies users will be unable to sell this token at ANY price/slippage.

bStake Token Audit

On its website, Laser Desk also states that it was unable to locate an independent contract audit for this project. An audit from a credible source (CertiK, Quantstamp, etc.) boosts project confidence, enables trust, and makes CEX listings easier. Auditing reduces the likelihood of malicious ulterior motives, which is particularly crucial for efficient projects where there is no reason to trust them (working service, official company, etc.).

User reviews:

Some Twitter users also resonate with laser desk’s warnings issues,  @Claudi_leno shared

@zealpeterz also tweeted something similar

@bribrigogosatuk shared a screenshot captioned “scam coin” for bstake.

The reddit community reacted to bStake in the same regard, Cheezus212 appeals  to  not  go to bStake’s website to swap as it is a “NEW SCAM’ . “Please be wary,” says the same reddit user, who feels it’s a fake site set up to steal titano.

Reddit
Reddit

jarjarbinx1904 also revealed their  sorrow of having 39000+ tokens taken away. According to the user, no one should go to bstake.net, and if they do, they should ensure to disconnect their metamask wallet from that site.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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