The UoT is a DAO foundation embodying ethical capitalism and providing investors peace of mind through it’s truth + proof UoT rubric.  The Union of Transparency has created the rules and regulations to protect investors and DeFi innovators through ethical capitalism we can all prosper and prevent unethical actors from profiting. 

We have established a clear and concise, black and white,  autonomous system to showcase the underlying value and while our regulations do not remove anonymity from ethical persons, it enables prosecution of criminals and consumer protection. 

We clearly communicate our industry to outsiders to elevate adoption rates and demonstrate value to the global community of investors seeking opportunities to prosper in DeFi. 

We intend to work in collaboration with traditional investment products in order to increase institutional adoption bringing the safety and security to DeFi without corruption and intermediaries slowing down or blocking ethical persons from generating equal opportunity revenue in the DeFi ecosystem.

The UoT founding members, founding protocols, founding alliances and founding partners have one common goal that has driven every aspect of its mission, of its services, offering and tools, to ensure that we shrink the vulnerable investor pool to eliminate loss due to overt theft, scams and remove unethical actors for our ecosystem.  We are here to provide a platform and growing number of services, integrations to ensure our members are educated, aware, protected and have knowledge of how to correctly review opportunities presented to them and offer a growing selection of proven safe and ethical opportunities.

The UoT is determined through data, experience and increasingly integrated machine learning we can and will achieve a complete and holistic system for preventing the majority of risks causing unfair losses and allowing unethical actors to run away with our hard earned dollars.

Essentially, rug pulls are theft, but due to the level of sophistication and skill in which thieves blindly pull the earth out from under the feet of investors, they are dubbed “rug pulls”.

Rug pulls are usually executed by unethical actors who construct a plausible facade and extraordinary hype around their coins and then abandon the project, vanishing with the money of blindsided investors. 

These cryptocurrencies are generally done on trustworthy utility blockchains. This is because investors who exchanged their ETH for the listed token allow the token creators to withdraw the ETH quickly and liquidate them.

Scammers will pursue wherever the money goes. Particular elements of the DeFi Ecosystem have enabled rug pulls, however, the Union of Transparency has created an ethical capitalist ecosystem to prevent this from happening.  We have created a self-regulatory system in which investors can easily assess the ethical from the unethical.

As DeFi has opened a completely new world of finance for millions across the world, it has also opened up for potential victims of vicious thieves. The rise in DeFi rug pulls is of great concern to us all, and we are here to put a stop to them all together.

Hard rug pull is when all of the coins are sold off by someone on the inside. Sometimes it is the owners set this coin up as a con, sometimes it is someone like a dev who has access to the coin who goes rogue and sells it all off. This overt theft has stolen Billions from ethical investors since 2014.  

Hackers have stolen billions of dollars from unsuspecting treasuries up until now.  In 2021 alone, hackers stole 1.3Billion dollars.

Some projects were drained when hackers obtained private keys that gave them complete control of smart contracts.

This could have been avoided using multi-signature wallets or decentralized autonomous organizations (DAO) instead of one or a set of private keys.

Which is why all UoT protocols have multi-signature wallets among other security features which prevent hackers from draining their smart contract.

The first honey pot was deloyed in January 2017.  A honey pot is essentially a developer run scam. Trap and bait code written to steal money.  While honey pots were initially developed to take from those seeking to take, the con code has expanded into trapping and baiting innocent investors seeking fair opportunity.

DeFi offers incredible opportunity but the saying still applies, “if it seems to good to be true, it is!”

The Multiplicator Honey Pot

Where a code is written in the transaction to fool a person into believe they are receiving what is actually being stolen.

In 2018, an interesting new Ethereum-based honeypot was discovered that essentially allows hackers to steal from hackers.  It is a smart contract that seems vulnerable but is not.  Trapping hackers into losing funds they believe they are gaining.

Cryptoroulette Honey Pot

The trap and bait code written where by you can never win.

More recently honey pots have evolved to attack people who are not hackers, not seeking vulnerable contracts but have been fooled into believing they are playing a game to win or a lottery scheme, where by there is no possible way to win, but you will in fact 100% of the time lose your funds.

Vaporware as it relates to an unethical act in crypto, is essentially a protocol or project, that is heavily promoted or marketed while it is still in development and never be produced.  The treasure keyholder vanishes into thin air with all the treasury funds once he/she/they have decided the financial reward obtained in promotion of their protocol is sufficient and before any investor is able to liquidate their position.

Please see our Union of Transparency rubric for protocols in development.  We are developers, designers and entrepreneurs who understand that development can and will require investment.  However, the funds must be put to use as promised to investors and their application will enable tracking and seizure of funds if and when they decide to vaporize, abandoning their project and investors alike.