 | Hi! With this October (and the whole of 2022) being one of the worst months in hacks and scams, I decided I would start a monthly post exposing and explaining the latest scams, so people can stay informed of the types of scams going on. The point of this posts is that fellow redditors can avoid being scammed in the future by recognizing patterns in past scams. Knowledge is power. Please, be supportive to any redditor who might have lost money on any of these scams. ----------------------------------------------------------------------------------------------------------------------------------------- Data Table and Graph for October '22 ----------------------------------------------------------------------------------------------------------------------------------------- THE TOP 3 HACKS/SCAMS/EXPLOITS The Bitcoin Sheik Scam – 766M$ Lost In this case, an individual (now doxed) organized a Ponzi scheme, targeting people in Brazil and 10 other countries. He promised monthly 20% returns to his victims and claimed to have a large team of crypto experts that would work tirelessly to bring returns to investors. Even some Brazil celebrities fell for this scam. After an International investigation, Federal brazilian police in cooperation with Interpol raided his house on the 6th of October, where they found multiple luxury goods. Mango Markets – 116M$ Lost In this case, one individual pumped the Mango, a token on the Solana blockchain used as a governance token on the Mango trading platform. His pump was very successful (token from 0.02$ to 0.90$ since the token was very illiquid). If he sold, probably he would have ended with the same amount he invested (as the pairing on the liquidity pool adapts as tokens are boing sold), but he decided to do something different. He used the tokens he bough to collateralize a loan of 116M of USDC, a loan that he never intended to repay, of course. After the pump, the price of Mango went back to 0.02$, but the exploiter got to keep all the borrowed USDC. BSC Token Hub – 89.5M – 100M$ lost BSC token Hub is the native bridge between the BNB Smart Chain (BSC) and the BNB Beacon Chain (BEP2). The hacker exploited a bug in the code that allowed him to withdraw 2 million BNB from the bridge’s pool of funds. Thanks to the expertise of Binance blockchain experts and chain validators, most of the funds remain under control of Binance and a governance vote will be held to determine the following actions. ----------------------------------------------------------------------------------------------------------------------------------------- OTHER INTERESTING HACKS/SCAMS/EXPLOITS HIS MONTH Freeway – 20M$ Lost Freeway is a platform that advertises itself as combining the best of traditional finance with the best of DEFI (smh). Users can stake their crypto to obtain up to a claimed 43% APY. The truth is that Freeway utilizes user’s funds to trade using overleveraged accounts, which this time led to 20M$ in losses. ----------------------------------------------------------------------------------------------------------------------------------------- This is the end of this post. If you’re interested in further comment about any of the month’s hacks/scams/exploits, please leave it in the comments and I will do my best to answer you. [link] [comments] |
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