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Scams emerge in an endless stream under the trend of DeFi, and investors need to avoid losses caused by insufficient knowledge and underestimation of risks.
Original title: “14.39 million scams in 12 hours of online, beware of these scams when mining! 》
Written by: Mark
Witnessing the popularity of DeFi, investors may be impressed by the miracle of YFI and the strength of YFII, and may also be dumbfounded in the face of YFIII’s crappy scam.
In fact, with the popularity of DeFi, in addition to the influx of more and more investors in the industry, scammers have also mixed in in troubled waters. They use the various hot spots of DeFi to deceive the world and commit fraud.
As ordinary investors, we face all kinds of scams, both open and secret. Perhaps the most important thing is to learn how to survive in the currency circle, see through various scams and prevent being harvested.
Liars are crazy too, the god of the jade project scam is reversed
On September 9, the liquidity mining of EOS was in full swing. When the miners of EOS were busy mining and were complacent about the future revenue, an unfortunate news exploded in the EMD community, which was quickly alarmed. The entire currency circle.
Some users found that the website of the No. 1 DeFi product “Emeraldmine (Emerald)” on EOS could not be opened, which was suspected of running away. Then the founder emptied the project’s fund pool and transferred tokens worth 2.5 million US dollars, including 490,000 EOS and 780,000 USDT (56,000 DFS was frozen by the developer), with a total value of approximately 14.39 million yuan, and passed DeFiBox was sold, and this became the first liquid mining project on EOS.
At the same time, in the telegram group of the Emerald project, the administrator is also madly kicking people, not wanting to leave any clues to avoid errors in the fund transfer process.
The founder stolen the liquidity pool tokens
It is understood that the project claimed to be the latest project of dolls from the beginning, and the token EMD will be issued in a form similar to Bitcoin and YFI. No founders, no investors, no additional issuance, no pre-mining, start mining at 8pm on September 8th.
But unlike other matryoshka projects, Jade is a super-authority project in charge of the project, and many knowledgeable people suspected that the funds might be run away from the beginning.
Not surprisingly, after 12 hours of operation, the Emerald project team ran away.
After the project ran away, most of the victims transferred remarks to the scammer’s address in order to retrieve the tokens. From the Chinese characters in the remarks, it is obvious that the project parties and users are highly likely to be Chinese.
Later, some users began to form rights protection groups and called the police for help.
A message begging the scammer to return the token user
At 9:46 on September 9th, some users found that they could withdraw small amounts. At this time, users were still charging in, and it was not clear that the project party had run away. At this time, there are about 10,000 EOS in the pool.
Because of the rights protection of a large number of users, TP Wallet subsequently launched an in-depth investigation, and the incident soon had a breakthrough. TP Wallet used technical means to locate the scammer’s IP and mobile devices and other key information, and worked with security companies to find more information about the scammer. Through these key information and transfer notes, TP Wallet quickly got in touch with the Jade project and negotiated.
Article 266 of the Criminal Law of the People’s Republic of China: Where the amount is particularly large or there are other particularly serious circumstances, it shall be sentenced to fixed-term imprisonment of more than ten years or life imprisonment, and a fine or confiscation of property.
Obviously, 14.39 million yuan is enough for the jade project party to be imprisoned for more than 10 years.
In the end, at 17:19 pm on September 10th, the Emerald project was under pressure and agreed to return the assets and agreed to trade close to 120,000 EOS on Coinswitch.
But the prerequisite is that the investigation must be stopped, otherwise the private key will be destroyed and these EOS will also enter the black hole address.
Details of the amount of EOS returned by the scammer
Only one day after the user was stolen, the incident has made new progress: on September 10th, 261,595 EOS and 56,000 DFS were returned. On September 11th, crooks successively returned 7,156, 10707 and 10685 coins through Coinswith in 3 transactions. , A total of 28548 EOS, or approximately RMB 9.03 million.
This incident reminds us that although liquid mining is hot, projects rarely run off the road. But you also need to pay attention to whether the project has undergone a security audit, whether the smart contract has a time lock, or whether the super authority is transferred, and whether there is a multi-signature. Try to choose reliable projects for mining to ensure the safety of the principal.
Phishing crowdfunding scam, over 200,000 scams a day
The recent YFI series has experienced a particularly strong rise, with the highest price reaching 1YFI=4BTC, becoming one of the ten thousand times currency with the largest increase this year. The subsequent YFI fork project, YFII, has also seen a skyrocket and will soon enter the age of thousand times.
In addition to hackers, the popularity of DeFi also attracts all kinds of scammers. They use the hot YFI project hotspots on DeFi and carefully design scams to commit fraud.
For example, YFIII followed YFI and YFII.
The project party stated that users only need to fill in the Ethereum address or invite new users to get YFIII, or they can also crowdfund YFIII at a ratio of 1ETH=90YFII.
In fact, airdrops are just a trick to scams. They spread the news with the help of users through all kinds of fleece. The main purpose of scammers is to attract users to use Ethereum to participate in crowdfunding. Because this kind of scam appeared for the first time, many users wanted to get early bargaining chips and get high profits, and soon many users were fooled.
One of the YFIII crowdfunding addresses of scammers on the Ethereum browser
Through the Ethereum block explorer to query the data on the chain, it can be found that the scammer’s Ethereum address has exceeded 109 ETH. There are still defrauded investors depositing coins at the defrauded ETH address. The scammer changed the address of ETH several times in the middle to avoid tracking, so the number of ETH defrauded is far more than 109, and the scammer will be worth 270,000 in just one day ETH is in the bag.
New airdrop phishing scam project YFIM
Coincidentally, next to YFIII is another scam called YFIM. Unlike previous scams, this time there has been a “trust” in the Crazy Amway project to induce users to participate. The same is true of airdrops that allow users to spread independently and engage in crowdfunding projects.
YFIM crowdfunding ETH address information
However, this scam was quickly spotted. Few users were deceived. According to the data on the chain, there were only 6 transaction records. There were no large-scale deceived users in this scam.
There is only one miraculous YFI, but there are more than one fake projects using YFI to deceive, and there may be more in the future.
Investors must keep their eyes open during the investment process.
There are various counterfeit currency phenomena on Uniswap, but also pay attention. Scammers generally use similar names to confuse users, so it is extremely easy to buy counterfeit currency. When buying tokens, you must pay attention to the smart contract address and confirm it. Buy again.
At present, as long as you check a DeFi currency on BitKeep, there is a high probability that you will see that a currency has several identical names, and there are many counterfeit coins among them. So that if users want to conduct transactions, they have to find the real currency through the contract address.
In addition, there is a more sophisticated scam on Uniswap. Some tokens are modified in the contract and can only be bought but not sold. This will create an illusion of rising tokens and attract more users to be cheated field.
In addition, in addition to identifying fake YFI scams, investors should also beware of other scams, such as candy airdrops.
Start from the wallet, imtoken fake wallet new scam
Imtoken fake news issued by scammers
Candy airdrop scams have been around for a long time. Since 2017, various communities and telegram groups have often appeared. The previous gameplay was to add a token address to get an airdrop, and finally induce users to inject ETH to the ETH address to get an airdrop. Now the scammers have upgraded their deception. Taking advantage of the popularity of Polkadot and imtoken wallets, fraudulent use of fake wallets.
In order to attract users, the promotion headline uses Polkadot’s transfer function. Staking DOT can obtain KSM and other airdrop tokens, but this is not the case.
The project has nothing to do with Polkadot. It is only used to increase the sense of trust. The scammers also took screenshots and released users to get airdrop rewards to make the activity appear real, so as to induce users to download fake wallets and recharge.
The fake announcement shows that users only need to deposit one Ethereum to get the value of the airdrop. The more they deposit, the more tokens they can get. It is limited to the first 200 users. One mobile phone can only participate once and deposit one ETH. You can receive value coins in your wallet.
The details of depositing ETH and giving away value coins as described by the scammer
This kind of scam is actually very easy to see. ATOM is not on the Ethereum chain at all. The scammers are just trying to catch the token hotspots with relatively large short-term growth, and extend their magic claws to greedy users from the beginning.
imtoken officially reminds users of fake wallet details
The imtoken official also issued a statement on this number of scams. The purpose of the scammers is to allow users to use fake wallets, and then steal user assets or steal private keys around fake wallets, so that the assets recharged by users may also be transferred.
In addition to the airdrop of candy, there is also the recent increase in the gas fee of ETH due to liquidity mining. Therefore, there are online tutorials on how to use imtoken to reduce miner fees to induce users to download fake wallets.
But we all know that Gas changes according to the congestion of the Ethereum network, so at any time as long as the speed of Gas miner packaging is reduced, it will slow down, so this gimmick is also fake.
Details of fake official website address published by imtoken
In addition to candy airdrops and gas fee reduction scams, even imtoken’s wallet address may be fake. The main reason for this is that the imtoken wallet has many basic users, and the scammers mainly cheat ETH, so they will choose to design a series of scams around the imtoken wallet.
The imtoken scam is actually easy to identify, as long as it is downloaded from the official website, it is fine. The most important thing is not to be greedy, to trust some projects easily, and to make money in the designated ETH wallet. The best way is to find out if it is a scam when encountering a link to make money, and then make a decision.
Cover your money bag
In recent years, the scammers of the currency group have become more and more rampant. Although the various scams have not changed much, because there are too many scams, it is inevitable that they will be deceived and have no way to defend their rights.
For users, being deceived is mainly caused by limited knowledge, insufficient experience, and greed.
For example, Emerald’s scam is mainly due to our contempt for risk. Liquidity mining is still the biggest hot spot in the currency circle, from ETH, to TRON, to EOS, and even domestic chains and platform coins’ own public chains, each chain There will be different ways of playing the game, but scams are often hidden in it and it is difficult to identify them.
Airdrop phishing is a relatively new type of scam, but it is generally easy to distinguish. The current crowdfunding of projects will be announced on the formal official platform, while this scam is spreading the net. As long as the spread is faster, the audience The more, the users will always be fooled.
The imtoken fake wallet is to keep an eye on the traffic entrance. At present, the projects on the ETH chain are hot, and the number of users using the Ethereum wallet has increased significantly. The scammers can still deceive the newcomers when they find this opportunity.
Various scams are gradually escalating. If many scams only look at the surface without in-depth understanding, it will be difficult for users to distinguish the authenticity of the project. In particular, there will be many new public chain projects coming out, which is a challenge for new users. Therefore, we need to continue to learn, improve our own cognitive level, and understand the principles of these scams, so as to remain invincible in the scam-crowded currency circle.