Saturday, May 18, 2024

Investigating Recent Crypto Scams: Harvest Keeper and Bitlord Honeypot

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In the rapidly evolving world of cryptocurrency, as investors seek lucrative opportunities, there are always actors trying to exploit this hunger for financial gain. In this blog post, we investigate two recent scams that have made headlines: the Harvest Keeper scam and the suspicious activities surrounding Bitlord, both of which have resulted in significant financial losses for investors.

The Harvest Keeper Scam:
One of the most notable scams in recent history is the Harvest Keeper scam. This deceptive project promised investors unrealistically high returns and claimed to utilize an AI bot to guarantee profits. However, further investigation revealed the following concerning details:

1. Unrealistic Returns: CertiK, a leading blockchain security provider, confirmed on March 19, 2023, that Harvest Keeper was indeed a scam. The project advertised a return of 101% in just 21 days, as well as a daily return of 4.81% through the trading bot. However, CertiK found that no such trading bot existed, making these promises nothing more than empty claims.

2. Fictitious Founder: Harvest Keeper presented Markus Peter’s as its founder, but it was later discovered that this individual was nothing more than an actor named ChaseComStock, available for hire on Fiverr. This revelation only added to the mistrust surrounding the project.

3. Fake Team: The entire team of Harvest Keeper was fabricated, with images of the CEO and CTO likely belonging to Ukrainian nationals. It remains uncertain whether these individuals were personally involved in the scam or if their images were simply exploited for deceptive purposes.

4. Centralization Issue: Harvest Keeper’s contract contained a major flaw in the getAmount function, which granted the contract owner the ability to withdraw all funds. This vulnerability, combined with the promises of high returns, allowed the scammers to exploit unsuspecting investors.

5. Tricked Signatures: The Harvest Keeper website deceived investors into unknowingly signing approvals to a wallet controlled by the scammers. This enabled the scammers to initiate transferFrom transactions and steal users’ tokens, resulting in a staggering loss of $933,000.

Bitlord Honeypot:
In addition to the Harvest Keeper scam, recent activities surrounding Bitlord have raised concerns. On Twitter, the #CertiKSkynetAlert highlighted a significant liquidity removal, indicating the possibility of a honeypot scam. Let’s explore the details:

1. Large Liquidity Removal: Bitlord (BITLORD) experienced the removal of approximately 309 WETH (equivalent to approximately $567,000) from its liquidity pool. The individual or group behind this action, referred to simply as the “Deployer,” made off with a substantial amount of funds, raising suspicions of fraudulent activities.

2. Honeypot Scam: CertiK’s SkynetAlert warns that Bitlord may be a honeypot scam, suggesting that the token’s liquidity removal was part of a larger fraudulent scheme. Honeypot scams typically involve luring unsuspecting investors with promises of high returns, only to trap them in a project where their investments become essentially worthless.

The crypto world has its fair share of legitimate opportunities, but it also attracts scams and fraudsters looking to exploit unsuspecting investors. The Harvest Keeper scam and the suspicious activities surrounding Bitlord serve as stark reminders of the need for thorough research and due diligence before investing in any project. As always, it is crucial to be vigilant, consult reputable sources, and engage with trusted platforms to mitigate the risks associated with the crypto space.

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