Why emergency withdrawal is important?
Many smaller projects and coins out there are popping up these days, especially as we are in the midst of the biggest crypto bull-run in history. It is, therefore, no surprise that some dodgy characters have entered the space with the intention of lying and manipulating users in an attempt to get their hard-earned coins.
These scams can often come in the way of projects and tokens that result in “rug pulls”. This is when a small, previously unknown project appears and gains a minimal following, giving the token some value.
Once this is established, the development team use code they encoded into the system to steal the tokens from the users, or in other cases they sell all of their development tokens when the price is high, netting them a nice profit while the price crashes, crushing users’ investment.
Emergency withdrawal is a great way to prevent against these scams as when you first start seeing signs of things going wrong and feel the need that the project is about to get rug pulled, you can get out straight away. Some tell-tale signs of this are when the site suddenly changes, the dev team suddenly become unresponsive, or more.
How to withdraw funds from a smart contract in a case of an emergency
Step 1: Know the MasterChef address
There are a few things that you need to know in order to use the emergency withdrawal function. The first of these is the MasterChef contract and subsequently, your pool number. These are essential to the process of withdrawing your funds so if you do not currently know these things then it is vital you find out.
Step 2: Navigate to the contract
Step 3: Connect your Wallet to the explorer (ethscan or bscscan)
Next, to connect your wallet to Polygonscan, you need to go to the “connect to Web3” link and choose your wallet. Select your wallet on MetaMask and move on to the next window. This will have finally connected you with the Masterchef and you can use the master withdraw function.
Step 4: Call the emergencyWithdraw function
Within the “Write Contract” section you will find the “emergencyWithdraw” option. This is what you need to select to remove your funds fast. Next, you need to find and enter the pool ID of the pool that you are involved in. You should have your Pool ID noted down. You then need to sign the transaction and you will be able to withdraw your funds from the pool.
Once the transaction is signed you should get the standard confirmation that your funds have been transferred.
This tool is incredibly useful when you suspect that a coin or a project you are invested in has fallen victim to a scam or rug pull, and that all the coins could almost instantly become worthless.
Use the RugDoc emergency withdrawal tool
RugDoc is a system that has an array of DeFi features that help to keep you safe when operating in the ecosystem, they provide the instant withdrawal feature. Their site is dedicated to helping and educating those new to the space, providing an essential service when it comes to avoiding scams. At this link above you can learn about the tool and how to use it.
- Reddit Moons Explained – How Do You Get Moons & Are They Worth It?
- Crypto.com DeFi Wallet Review – Fees, Staking, Withdrawals Explained
- Crypto.com DeFi Swap review
- How to Provide Liquidity on Pancakeswap?
- How to Provide Liquidity on Balancer? How Does Balancer Liquidity Work?
- Best Low Cap DeFi Coins – Best Upcoming DeFi Projects
- Best Crypto IDO Platforms (on ETH and BSC chains)
- Best Hardware Wallets for DeFi – Use DeFi Safely
- Best Defi Portfolio Trackers For ETH, BSC, Polygon
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com