Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Scammers have looted thousands of XRP users using fake 50 million XRP giveaway. Numerous posts of the fake giveaway are attached to random tweets on Twitter, with the aim of misleading people into taking part in scam activities.
XRP data aggregator (xrplorer.com) noted on Twitter that people withdrew 6 million XRP from exchanges and sent them for giveaway scams. Interestingly, this figure was close to 3 million XRP this year.
“Do you want to protect your users against scams? You can! In 2019 more than 6M XRP was withdrawn directly from exchanges to giveaway scams. This year, already close to 3M. You can warn your users, when they withdraw, by using our advisory list.”
Renowned exchanges used the most include Coinbase, Binance, Bitstamp, and Coincheck. According to xrplorer, over 8.5 million XRP was cashed out through similar scams:
“In 2019-2020 more than 8.5M XRP was cashed out from the same scams, through normal exchanges and swap services. For some services, a huge part of the business comes these scams.”
Scammers have been targeting majorly XRP users in spite of the numerous cryptocurrency projects in the domain. They are common on Twitter and now on YouTube. In recent times, Twitter CEO Jack Dorsey and YouTube became aware of the scams but they are yet to do what it takes to prevent such activities.
In recent times, scammers created a fake Ripple Inc. page and posted a video claiming 50 million XRP giveaway through airdrops. More than 14,000 individuals watched the video and the channel had 342k subscribers.
According to xrplorer on April 21, XRP accounts perpetrating the scams through fake giveaways have about 5.9 million XRP and launder huge sum every day.
“According to our data, XRP accounts associated with these “giveaway” scams are in possession of at least ~5.9M XRP with many funds laundered every day through exchanges and swap services.”
Such cases made Ripple to file a lawsuit against YouTube because of its “deliberate and inexplicable failure to address a pervasive and injurious fraud” on YouTube.
The outcome of the lawsuit may help towards what is needed to prevent online frauds, while coming up with more rigid monitoring policies.