Andre Krung is the founder of projects in the field of decentralized finance, DeFi, his most famous project is “Yearn Finance” known as the digital currency YFI, which rose from $ 30 to more than 40 thousand dollars.

Since then, the crypto community has been stalking any new project set up by Andre Krung to pounce on it and deposit their money without much thought because the founder is known for his innovations and the power of the projects he launches.

But not all projects issued by Crong are investment profitable, which is what we followed in the Arab Bitcoin from investors losing their money in projects that have now expired, such as: “Keep3r Network” and “Eminence”.

Read:Cuba turns to cryptocurrency amid fears of new economic crisis

Recently chirp André Krung about a new product in the lending and loan space called “Deriswap”.

Knowing that the “Deriswap” project told “Krung” about it that it is a product without cryptocurrency.

But a group of opportunistic scammers seized the opportunity and made over $53,000 in less than 30 minutes.

André just gave an update on deriswap 30 minutes ago. Someone created a fake token called DWAP dollars. 60 titles in less than 15 minutes with 150+ ETH.

Aaaaanddd gone.

Take a few minutes to hover around the etherscan before you jump in, it’s not that hard.

– Huffable (@icefrog772) November 23, 2020

As we mentioned, the “Deriswap” project was announced without a digital currency, perhaps “Krung” was trying to avoid the problem of user manipulation and the large number of complaints.

However, this new strategy did not prevent fraudsters from issuing fake digital currencies called “DWAP” and putting them on the decentralized trading platform Uniswap, providing them with liquidity of 72.4 Ethereum and offering them to trade against Ethereum, then attracting victims to them.

Read:OpenSea announces its position on the upcoming Ethereum upgrade and the only network it will support

After entering the victims, the complex was drained within 20 minutes and the deposited cryptocurrency was withdrawn, which was a total of 162.3 Ethereum, meaning that the scammers made 90.1 Ethereum, which is a value of $ 55,000 at the current prices.

Scammers have posted pictures of fake DWAP coins to convince traders that the coin is real:

Read:In the largest financial seizure ever: the US Department of Justice recovers the stolen funds from Bitfinex

Since then, more than 30 DWAP aggregators have been released on Uniswap, each attracting cash to fraudsters as the victims’ Ethereums have been taken.

But scams are part of a larger trend in the decentralized finance space and the crypto market in general, but in general, it can be said that frauds have subsided between what they were and at the moment.

But it still exists and requires care and awareness on the part of the users of encrypted digital currencies, which is what we are trying to plant and raise awareness about.

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