The CoreDAO community has urged the blockchain platform to take action against Cake Core following reports of fraudulent activity.
CakeCore, a Decentralized Finance (DeFi) platform offering features such as Airdrops and Staking, is under intense scrutiny by the CoreDAO community.
The platform is under careful examination within the CoreDAO ecosystem following several red flags raised by users, including Decentralized Exchange (DEX), IceCreamSwap.
Initial Warning from IceCreamSwap DEX
The first red flag was raised in early September by IceCreamSwap. The DEX discovered a vulnerability in CakeCore’s smart contract. According to IceCreamSwap’s tweet, the vulnerability in the contract allows anyone to drain users’ assets.
The tweet reads, “Pay attention, the @cakecore_io token contract has a vulnerability that lets everyone drain anyone’s tokens. This token is not part of the IceCreamSwap token list and there is a huge warning when manually importing non-listed tokens. Don’t ignore it!”
IceCreamSwap didn’t stop there. They issued another warning on September 9 via Twitter. The DEX disclosed that CakeCore’s new contract “allows the admin to clear anyone’s balance, mint unlimited amounts of new tokens, and even transfer tokens directly out of your wallets or smart contracts.”
Just three days after this warning, one user took to Twitter to express his ordeal. He complained that all his funds were drained, including his $CORE and $CAKE tokens, after interacting with CakeCore’s website.
CakeCore’s Response
In response to these controversies, CakeCore has announced plans to launch a new version of the $CAKE token. They have advised users who have previously delegated their tokens to undelegate them and receive the new $CAKE token.
According to its tweet, the new token will be listed on LFGSwap, another DEX, on September 28. Additionally, the plans to list $CAKE on a Centralized Exchange (CEX) has been postponed until October.
“Due to the problems of the old version of the CAKE token, the plan to list CAKE token on CEX will be moved to October (a specific time will be announced soon),” a part of the tweet stated.
It’s worth mentioning that users are not allowed to comment on CakeCore’s tweet about the new $CAKE token. Also, LFGSwap has yet to make any announcements concerning the upcoming listing of the new $CAKE token.
Community Reactions
Despite CakeCore’s announcement, users have continued to voice their concerns. Many have urged the Core DAO team to take action against CakeCore for their alleged fraudulent activities:
Additionally, there have been reports from users who have faced issues while trying to undelegate their tokens:
With all these red flags and community backlash, CakeCore is increasingly perceived as a risk within the CoreDAO ecosystem. The community is keenly watching the unfolding events and awaiting action from the Core DAO team.
What is Core DAO
Core DAO Network is a new Layer one blockchain project, backed by the Satoshi Plus Consensus mechanism, which aims to solve the blockchain Trilemma—Scalability, Security, and Decentralization. The project is new after launching mainnet in early 2023.
Core DAO is EVM-compatible, looking to provide the ability to migrate and deploy contracts and dApps or transfer tokens between chains. The protocol is backed by its native $CORE
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