Friday, June 14, 2024

Investigating Recent Crypto Hacks: Tracking Funds and Unveiling Scams

- Advertisement -spot_imgspot_img

In the world of cryptocurrency, where fortunes can be made and lost in the blink of an eye, security remains a paramount concern. Unfortunately, despite ongoing efforts to safeguard assets and transactions, hacking incidents continue to plague the industry. In this investigative report, we delve into the recent crypto hacking news, tracking the movement of funds and uncovering potential scams.

1. Immutable Project Development Treasury Transfers Funds:
Around 22 days ago, the Immutable Project Development Treasury sent approximately $47.16 million worth of IMX tokens to the address 0xE911…4c2E. Just 16 hours ago, a portion of these funds, equivalent to $1.02 million, was transferred from the address to Coinbase Prime Deposit. The motive behind these transactions remains unknown, but they raise questions about the development project and its financial actions.

2. PEPE Deployer and GnosisSafeProxy Transactions:
Four months ago, the PEPE Deployer transferred a staggering 26.7 trillion PEPE tokens to the address 0x5BdE…e9BA, which is associated with PEPE GnosisSafeProxy. Curiously, seven hours ago, the GnosisSafeProxy address moved 16 trillion PEPE tokens, equivalent to $16.85 million, to various centralized exchanges, including Kucoin, Bybit, OKX, and Binance. This sudden movement of tokens and subsequent market volatility with a 20% price drop raises concerns about a potential “exit scam.”

3. Magnate Finance: A Rise and Fall:
The Total Value Locked (TVL) in Magnate Finance, a DeFi project on Base, has plummeted by approximately $6.4 million. Further investigation reveals that the developer modified the provider of the price oracle and removed all the assets. This alarming act by the developer rings loud alarms of fraud and prompts questions about the security measures in place during the project’s development.

4. Magnate Finance Scammer in Action:
In a parallel development, the Magnate Finance scammer has transferred approximately $1.34 million worth of DAI tokens to a new address, 0x0664…06A3. Moreover, a community contributor has flagged an additional $1 million of stolen funds being bridged to the Binance Smart Chain, potentially enabling the scammer to launder their ill-gotten gains.

5. Fake CIRCLE Token Liquidity Removal:
In a separate incident, CertiKSkynetAlert has detected suspicious activity involving a fake CIRCLE token. The scammer, operating on the Binance Smart Chain, removed $265,000 worth of WBNB liquidity in six transaction over a four-day period. This systematic removal of liquidity highlights the sophistication and audacity of those involved in such deceptive schemes.

Though the crypto industry has made leaps in terms of security, recent hacking incidents remind us that threats still lurk in the shadows. Investigating and analyzing the movement of funds in these incidents not only exposes potential scams but also underscores the importance of due diligence within the crypto community. By staying informed and vigilant, we can collectively work towards building a more secure and trustworthy crypto landscape.

- Advertisement -spot_imgspot_img
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img


Please enter your comment!
Please enter your name here