For the past year, there’s been quite a surge in digital asset-based scams and hack attacks and now the decentralized finance space is being targeted.
For the past year, there’s been quite a surge in digital asset-based scams and hack attacks and now the decentralized finance space is being targeted.
The United States Division of Justice has announced the seizure of six ‘virtual currency accounts’ that contains over $112 million in digital property linked to funding scams. They stated that these funds were allegedly used for laundering the proceeds of “cryptocurrency confidence scams” where the attackers create a domesticated long-term relationship with the victims they met online and eventually make them invest in fraudulent cryptocurrency buy and sell. These investments usually present good points, making it more convincing, and as soon as they put their money in, the cash is gone.
The FBI stated that most of these scams contain “malicious good contracts accessed by the way of cryptocurrency pockets software programs”.
The DeFi platforms seem to be attempting attackers. But on the brighter side, Euler Finance a decentralized finance platform that supports lending and borrowing cryptocurrencies announced that they’d been attacked by hackers stealing over $200 million on the protocol but have returned all the recoverable funds.
According to On-chain data, the exploiter made two transactions worth 8,080 ETH and 2,500 ETH and $12 million in DAI stablecoin. The estimated value of these transactions is around $31 million.
Since the hackers returned the funds, the Euler Foundation will no longer accept new information about the attack that would lead to their arrest, and the $1 million reward is no longer available.
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