Saturday, May 18, 2024

**Investigative Update: Recent Hacking Incidents and Exit Scams Plague the Crypto Market**

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*Subtitle: High Stakes and Deep Pockets in the Cryptoverse*

**Introduction**

The world of cryptocurrency has always been associated with both financial opportunities and risks. The decentralized nature of blockchain technology has ushered in a vibrant ecosystem, but it has also attracted malicious actors seeking to exploit vulnerabilities. In this investigative update, we delve into recent hacking incidents and exit scams that have wreaked havoc in the crypto market over the past 24 hours.

**Validator Rewards and MEV Manipulation**

A validator recently received a substantial reward of 74.01 ETH, amounting to approximately $120.5k, through the beaverbuild relay. This incident raises suspicions of potential Manipulation of Ethereum Virtual Machine (MEV) opportunities. The validator appears to have been enticed by a bot, which allegedly bribed them with 75.19 ETH to backrun a large WETH-USDT swap via Curve.fi, a decentralized exchange known for its WETH-USDT pool. The transaction details can be found on Etherscan.io. While the exact mechanics of this manipulation remain unclear, it underscores the importance of vigilance in the crypto space.

**Exit Scam Alert: Corede Finance**

Cryptography has often been associated with trust and security, but unfortunately, not all players adhere to these principles. An exit scam has recently been detected within the Corede Finance network. This cryptocurrency, represented by the wallet address ETH: 0x6fe397b88675beb98797e14eeaf84021e5c054c9, has experienced a 100% drop. The mastermind behind this malicious move managed to profit 27 ETH, equivalent to around $43.9k. Investigators have identified an EOA (Externally Owned Account) associated with the scam—0x18500. These developments serve as a harsh reminder that users must exercise caution and conduct thorough research before engaging with unfamiliar platforms.

**Warning: Airdrop Scam and Wallet Drainer**

Fraudsters often exploit popular platforms to carry out scams, capitalizing on unsuspecting users seeking opportunities in the crypto market. It has come to our attention that a fake Beefy Finance X account has been promoting a fraudulent airdrop campaign. Users are advised not to interact with hxxps://beefy.gifts/claim, as the website is known to connect to a wallet drainer. This malicious scheme aims to drain users’ wallets of their hard-earned crypto assets. A thorough understanding of the platforms being used and verifying the authenticity of airdrops is crucial to safeguarding one’s crypto holdings.

**Conclusion**

The dynamic and ever-changing world of cryptocurrencies presents both tremendous potential for financial gains and risks. Recent incidents have once again underscored the need for heightened vigilance and research within the crypto space. As users, it is of paramount importance to remain cautious of potential scams, exit schemes, and manipulative practices. By staying informed and employing best security practices, we can strive to ensure the stability and integrity of the crypto ecosystem.

*Disclaimer: The information in this article is intended for informational purposes only and should not be construed as financial or investment advice. Always conduct thorough research and consult with professionals before making any investment decisions.*

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