Beware Of A New Method Of Stealing Coins

Estimated read time 3 min read
    • Scammers have come up with a new way of stealing coins.
    • Fraudsters launch THE token after Vitalik’s comments.

In a tweet by WuBlockchain report, hackers have found a new way of stealing users’ coins directly from any centralized exchanges like FTX. The first case was reported on 19th October, users lost $1.6 million worth of cryptocurrency while using 3commas API.

The users’ trading history shows that someone traded DMG more than 5,000 times and stole $1.6 million worth of ETH, BTC, FTT and other other digital assets from the users account. It is believed that the most likely reason as to why the digital assets from the account have been stolen is a breach in 3commas API that allowed hackers to take control of the account and conduct suspicious trading activities.

The victim submitted the police case filing notice, but FTX did not take any action to prevent other users from the attack via trading API or issue any statement that would lead to freezing funds. According to 3 commas, the service is functioning normally and there were no leaks. In cases where 3commas is not tied to the problem, FTX remains the only source of the hack, which makes it exponentially worse than almost every user on the exchange and may become the target of a hacker.

Fraudsters Launch THE token

Ethereum Co-founder, Vitalik Buterin, recently joked and stated that someone should start a project called ‘The Protocol’ and wondered why the catchy phrase was not in use.

Immediately after his comments, a memetic token contract was put in Ethereum (ETH) and 100 million THE (10% of its supply) was immediately transferred to Vitalik’s address. In two days the token was blowing up like other meme coins. Unfortunately, experts from PeckShield alert, uncovered that some contracts associated with THE supply are actually honeypots, this means that users can only inject liquidity to THE protocol, but withdrawals are blocked.

THE token has been listed on MEXC Global centralized cryptocurrency exchange and also Uniswap V3 THE-WETH liquidity pool gains steam. THE token is being promoted by eponymous English and Chinese groups on Telegram. The groups only show the statistics of THE purchasing.

There is a video trending on Tiktok that shows Vitalik Buterin approving THE Protocol and its token. However, Vitalik does not promote or support THE, and made no such statements. Currently THE twitter account has over 2,500 followers and THE telegram groups have 1500-2000 followers.

Doris Kyende

Open your eyes to the world of digital currency, its unlike anything you've seen!
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Who gave me permission to | take up space | create abundance | and feel worthy of my every desire ?
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