Security companies warn of fraud from a decentralized financing project… Details here
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Answer Security companies warn of fraud from a decentralized financing project… Details here
Fraud projects continue to target the crypto market and the decentralized finance market, as these sectors carry a large amount of money.
Recently, a blockchain security firm warned that the founders of a decentralized finance (DeFi) project on the EOS network is scamming and escaping users’ money.
I told China-based auditing firm SlowMist said on Wednesday that a DeFi project to mine liquidity on EOS called “Emerald Mine” and bears the coin “EMD” transferred a quantity of cryptocurrency to a user named “sji111111111” early Wednesday, China time. This money is locked into a smart contract.
SlowMist has warned users not to send additional funds to this project because some of the funds have already been transferred to cryptocurrency exchanges.
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Another China-based blockchain security firm, PeckShield, posted a similar notice to SlowMist saying that funds on the move include users’ locked assets, which include about 787,000 USDT, 490,000 EOS and other cryptocurrencies with a total value of about 2.5 Million dollars.
After news of the scam spread, cryptocurrency exchange Changenow suspended the sale of 135,020 EOS from the scam and stored the funds in its cold wallet.
Changenow said:
Anyone who has experienced a scam can turn to the local police and if they contact us, our compliance team will verify the legitimacy of the request and then the money transfer procedure will be carried out.
She told SlowMist and PeckShield that users involved in DeFi liquidity mining should be aware of EOS contracts that do not have a multisig feature, meaning that whoever is behind the contract can transfer coins even if they It’s supposed to be locked.
Since then, the EMD Project website has become inaccessible.
PeckShield said that USDT cryptocurrencies, which are apparently part of the funds transferred from the EMD project, are being sold via decentralized platforms such as DeFibox.
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It is not yet clear who is behind the project, but the event prompted users to text the sji111111111 account on Wednesday with angry messages asking the alleged scammer to return their money.
The so-called Yield Farming has attracted wide interest in the crypto community in recent weeks, which we have already touched upon in some detail in an article titled:
Learn about the latest types of decentralized financing (Yield Farming)
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