Twitter user tanjero.eth has identified $SAFUU as a scam token in his Twitter thread.
Below is a quick overview of the Safuu Protocol.
The Safuu Protocol describes itself as a Sustainable Asset Fund for Universal Users. It provides a decentralised financial asset that rewards users with a sustainable fixed compound interest model through the use of its unique SAP protocol.
According to tanjero.eth, the owner of Safuu Protocol can exchange all SAFUU tokens for BNB and withdraw them from the contract to the treasury address at any time.
In addition, the owner can update the liquidity receiver address, the treasury receiver address and the SAFUU insurance fund receiver address. So, basically, he can obtain all funds from the treasury or the liquidity or insurance fund at any time.
SAFUU’s Fire Pit address contains ~15.3% of the total tokens, but it is an EOA, i.e. an externally owned account, rather than an actual recording address; instead, recording tokens must be sent to 0x…0000 or 0x000..DEAD, i.e. a standard recording address.
In the meantime, CertiK has de-listed the Safuu Protocol project due to high-risk indicators related to the owner/SAFUU team’s affiliation with previous high-risk projects.
Certik Team, during the KYC and initial audit process, has found that there are high risks of centralisation in SAFUU contracts. autoLiquidityReceiver is an externally owned account with address 0x5562640B953b6c2f79a655E930aFa68b2a65C627. It can delete $2.53M in tokens at any time.
Moreover, 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.