Is Safuu Protocol a Scam Project?

Key Takeaways:

Below is a quick overview of the Safuu Protocol.

Safuu Protocol describes itself as Sustainable Asset Fund for Universal Users. It provides a decentralized financial asset that rewards users with a sustainable fixed compound interest model through the use of its unique SAP protocol.

According to tanjero.eth, Safuu Protocol’s owner can swap all SAFUU tokens for BNB and withdraw it from the contract to the treasury address at any time. In addition, the owner can update the liquidity receiver address, treasury receiver address, and SAFUU insurance fund receiver address. So basically, he can get all the funds out of the treasury or liquidity or insurance fund anytime.

Is Safuu Protocol A Scam Project?

The Fire Pit Address of SAFUU holds ~15.3% of the total tokens but is an EOA, i.e., Externally Owned Account, rather than an actual burn address; instead, burn tokens should be sent to the 0x…0000 or 0x000..DEAD ,i.e., a standard burn address.

Is Safuu Protocol A Scam Project?
Is Safuu Protocol A Scam Project?

Meanwhile, CertiK has delisted the SAFUU Protocol project due to high-risk indicators concerning the SAFUU owner/team affiliation with previous high-risk projects.

Is Safuu Protocol A Scam Project?

Certik Team, during the KYC and the initial auditing process, has found that there are high centralization risks in SAFUU contracts. The autoLiquidityReceiver is an Externally Owned Account with address 0x5562640B953b6c2f79a655E930aFa68b2a65C627. It can remove $2.53M worth of tokens at any time.

Is Safuu Protocol A Scam Project?
Is Safuu Protocol A Scam Project?

Also, the Founder of Safuu Protocol, i.e., Bryan Legend, was previously associated with high-risk projects Clever DeFi & Tagz Exchange. Therefore, we would like to alert our readers.

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)