Audit Company
RugFreeCoins
A company that conducts smart contract security audits and provides token listing and other related services.
DSA presents a unique series of reports on the smart contract and blockchain app auditor market. This report is published for the first time and is not affiliated with any specific vendor. The DSA expert team has performed an in-depth analysis of the blockchain security providers in the market. For that, a methodology was developed, and specific criteria were selected. The data provided in the report are actual for November 2022.
Contents
The main criteria for auditor review
1
Trustworthiness
At this point, we analyze the team, key players, as well as the experience of the company in the field.
2
Media Presence
In this paragraph, we analyze the social networks of the project, the engagement rate, and media publications.
3
Speed and service
In this paragraph, we analyze the speed of the audit as well as the speed of the team's response to the request.
4
Expertise
At this point, we analyze the company's experience with different networks, technological advancements, as well as additional services.
5
Price
In this paragraph, we analyze prices and additional services (We send the same sample contract to every auditor), sales, promo offers, bonuses, discounts, and legal transparency.
6
Quality
In this paragraph, we analyze audit quality, report analysis, and user experience.
Categories and sub-categories
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. The same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
- Team members' separate experiences in the field
- Current team’s experience in the field
- Company experience (years of service, date of the first audit)
Media Presence
- Social media (engagement rate, further – ER)
- Media publications
Speed
- Audit speed
- First response speed (from a real person)
- Follow-up response speed
Expertise
- What blockchains does the company audit (rare chains and language get an additional point)
- Technological advancements (developments, tools, automated tools)
- Services (KYC, Incident research, marketing)
Price
- Prices and additional services (We send the same sample contract to every auditor)
- Sales, promo offers, bonuses, discounts
- Legal transparency
Quality
- Audit quality, report analysis
- User experience
Detailed analysis
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. Same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
Average score 1,7/10
1
Team members' separate experiences in the field
Neither the company website nor the social media pages offer any information regarding the team.
2
Current team’s experience in the field
Neither the company website nor the social media pages offer any information regarding the team.
3
Company experience (years of service, date of the first audit)
The first published audit is dated Jul 28, 2021. In 16 months the company completed approximately 140 audits, so the company experience can be considered as vast, judging from their completed work rather than the time of existence.
Media presence
Average score 1,72/10
1
Social Media
Social media is inactive, although Twitter is regularly updated with posts about new completed audits. No announcements or informational tweets have been found.
The Telegram chat is moderated, yet barely active. Facebook has been abandoned for over a year and even before that it was filled with audit announcements.
The Telegram chat is moderated, yet barely active. Facebook has been abandoned for over a year and even before that it was filled with audit announcements.
2
Media publications
Neither the company website nor the social media pages contain any information regarding media publications. Google doesn’t offer any additional results.
All data is actual at the time of compiling the report in November, 2022.
Twitter - 1.500 subscribers, ER 0.414%
Approximately the account receives:
3.5 likes per tweet
1.2 comments per tweet
1.6 rt per tweet
Telegram chat - 800 subscribers
The chat is not active, 1-2 new messages show up every day.
There is a moderator who answers users’ questions and removes spam messages.
Facebook - 26 subscribers
The page hasn’t been active for over a year. The last post is dated September 2021.
Twitter - 1.500 subscribers, ER 0.414%
Approximately the account receives:
3.5 likes per tweet
1.2 comments per tweet
1.6 rt per tweet
Telegram chat - 800 subscribers
The chat is not active, 1-2 new messages show up every day.
There is a moderator who answers users’ questions and removes spam messages.
Facebook - 26 subscribers
The page hasn’t been active for over a year. The last post is dated September 2021.
Speed
Average score 10/10
1
Audit Speed
Audits are completed within 12 hours of the request.
2
First response speed
The first response came after 20 minutes which can be considered very fast.
3
Follow-up response speed
After receiving the initial response to the request, we provided the necessary information, and since the manager was online at the time, they answered quickly and the communication was held in real time.
Expertise
Average score 6/10
1
What blockchains does the company audit
The company representative mentioned that they mostly audit EVM projects. This statement was supported by the search through the company resources: only EVM project reports are present on both the website and Github. The website also offers a table with the rating of the audited projects (all EVM).
3
Services
The company offers Smart contract development services, Dapp development, Web development, Mobile app/ systems/ IoT, or any software solution.
Additionally, the company provides advertising services on its platforms (banner ads, placement in the top section on their page, etc), video creation, and marketing assistance such as mailing campaigns through the list of 30 000 crypto investors. The company also provides company registration in the UK or the USA.
Additionally, the company provides advertising services on its platforms (banner ads, placement in the top section on their page, etc), video creation, and marketing assistance such as mailing campaigns through the list of 30 000 crypto investors. The company also provides company registration in the UK or the USA.
Prices and additional services
Average score 4,66/10
1
Audit prices, affordability
The price for auditing our default test project is $5 000. The price is affordable for most project owners.
2
Sales, promo offers, bonuses, discounts
The company didn’t offer any discounts this time. However, during a previous review, with a different project, the price was set at $1500 and the company offered a $500 discount that they said, was active until the end of the month.
In addition to the audit report, the client receives the following:
In addition to the audit report, the client receives the following:
- The token remains in the audits section on their platform forever
- All the users interested in coins that show up in their chat will be informed of your token
- The report will be published on their Github page
- A public Twitter announcement will be made after the project accumulates enough followers.
3
Legal transparency
The company representative was asked whether they work with bank transfers or invoices. The response was provided through direct messages which can be interpreted as the company’s wish to keep this information private.
In the DM the rep informed us that the company’s preferred payment method is cryptocurrency, but they want to meet the client’s needs and are prepared to provide an invoice and a bank account number. During further communication, it’s become obvious that they haven’t done it before.
We made another similar request from a different account, and the company rep said that they work with USDT and BUSD.
In the DM the rep informed us that the company’s preferred payment method is cryptocurrency, but they want to meet the client’s needs and are prepared to provide an invoice and a bank account number. During further communication, it’s become obvious that they haven’t done it before.
We made another similar request from a different account, and the company rep said that they work with USDT and BUSD.
Quality
Average score2,6/10
1
Audit quality, report analysis
- Issue description (thoroughness, code examples): NO
- Project description and contracts (what do they do): YES
- Conclusions (automatically generated vs written by specialists): NO
- Recommendations: NO
- Manual audits (a large number of automatically generated audits is a disadvantage): NO
2
User Experience
The only available contact information is the company's Telegram account. Which is how the communication was held. The responses came quickly, the manager was polite and transparent. The audit process, as well as timelines, and additional information, were provided. During the research, we used the tg chat to ask questions and received answers quickly.
Final Score
Considering the results presented in every category, the following points have been assigned:
1,7/10 Trustworthiness
1,72/10 Media presence
10/10 Speed
6/10 Expertise
4,66/10 Prices and additional services
2,6/10 Quality
The Final Score:
4,44/10
4,44/10
This is the analytic report in a series of reports on the smart contract and blockchain apps auditor market. Presented to you by DSA, it’s guaranteed impartial and factual information on the most well-known, new, and obscure players.
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