Warning: Beware of Multi-Million Dollar Rug Pull Scam Network
If youโre involved in the crypto space, you need to be vigilant about potential scams. A recent investigation by ZachXBT has uncovered a group of scammers who have been responsible for stealing millions of dollars through rug pulls in various projects.
- The group has a history of executing rug pulls in projects like Magnate, Kokomo, Lendora, Solfire, and now, a new project called Blast, Leaper Finance.
- ZachXBTโs findings reveal that the group is known for letting Total Value Locked (TVL) grow to significant amounts before stealing usersโ funds and using low-tier audit firms.
Expanding Scam Operations Across Multiple Blockchain Networks
According to ZachXBT, the group has now expanded its scam operations across different blockchain networks, launching fraudulent projects on platforms such as Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche.
- The group has been linked to scams involving Hash DAO, Glori Finance, and ZebraDAO, with total losses exceeding $20 million.
- Users have been warned to withdraw their assets immediately from scam projects like ZebraDAO to prevent further losses.
Scammers Unleash New Scheme on Blastโs Leaper Finance
The scammers have resurfaced with a new scheme involving Blastโs Leaper Finance, injecting nearly $1 million acquired from previous scams into the project to attract unsuspecting victims.
- Leaper Finance and Glori Finance X accounts have been deactivated, and the associated websites are now offline.
- An industry report by Web3 security firm Immunefi indicates that over $200 million in cryptocurrencies have been lost to hacks and rug pulls in the first two months of 2024, a 15.4% increase from the previous year.
Crypto Community Alert: Stay Safe and Secure Your Assets
With the crypto space becoming increasingly susceptible to scams and fraud, itโs crucial to stay informed and protect your assets from potential threats.
- Always conduct thorough research before investing in any project or platform.
- Be cautious of high-risk investments promising unrealistic returns.
- Keep your private keys secure and avoid sharing sensitive information with unknown entities.
- Stay updated on the latest security practices and trends in the crypto industry to safeguard your holdings.
Hot Take: Safeguard Your Crypto Holdings Against Scammers
As the prevalence of scams and rug pulls continues to rise in the crypto space, itโs essential to remain cautious and vigilant in safeguarding your assets against malicious actors.
By staying informed, conducting due diligence, and implementing robust security measures, you can protect your investments and navigate the crypto landscape with confidence.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.