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
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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: https://rugdoc.io/emergency/
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.
How do you get a contract on MasterChef?
A fund’s MasterChef contract is not always the easiest to find, sometimes it is simple, and a pinned post on their telegram. Other times, it is buried deep in the documentation published by the project when it first started. Looking for the code can often be easily found by simply asking the team, who in most places should at least tell you where it is.
If the team seem unsure of showing you the MasterChef, you may want to proceed with caution, as this is the code that will reveal whether or not the team has any devious functions hidden in the code.
What is a MasterChef Timelock?
A timelock is a certain piece of code that can lock the functionality of the fund for a period of time. Timelocks are a greatly important feature in the space as they offer great protection against rug pulls and the most devious actions the devs can conduct in regards to your funds.
What is emergency withdrawal?
Emergency withdrawal is a function used to remove your funds from a fund or token instantaneously. This is most often utilised when you believe that project is about to attempt to try and scam you, by stealing users tokens, or other ways. This is what makes the feature so helpful, is that when you sense something is off. You can get out very quickly and save your precious funds.
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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