Brother
Professional
- Messages
- 2,590
- Reaction score
- 525
- Points
- 113
Scammers unloaded stocks, earning $80,000 from gullible investors.
A Check Point Research study uncovered a fraudulent scheme in the cryptocurrency world, in which attackers manipulated the liquidity pool, increasing the value of tokens by 22,000%. Such actions led to the theft of $80,000 from unsuspecting token holders. The incident revealed the evolving strategies of fraudsters used to exploit decentralized financial platforms (DeFi).
Scammers created two wallets to deploy a fraudulent contract that manipulated the price of the WIZ token, resulting in $80,000 being stolen from victims. The method involved creating a new cryptocurrency token, promoting it through social networks and influencers, involving investors, and manipulating the pool's reserves.
Manipulation involves burning WIZ tokens, which reduces the supply and temporarily inflates the token price by 22,000%. Using the inflated price, the scammers sold a significant number of tokens, earning $80,000.
The technical aspect is manipulating the pool's liquidity balance. Liquid pools, which are an important part of various contracts, are vulnerable to manipulative schemes. This manipulation scheme highlights the susceptibility of liquid pools to fraudulent activities, highlighting the importance of vigilance in the decentralized finance space.
A Check Point Research study uncovered a fraudulent scheme in the cryptocurrency world, in which attackers manipulated the liquidity pool, increasing the value of tokens by 22,000%. Such actions led to the theft of $80,000 from unsuspecting token holders. The incident revealed the evolving strategies of fraudsters used to exploit decentralized financial platforms (DeFi).
Scammers created two wallets to deploy a fraudulent contract that manipulated the price of the WIZ token, resulting in $80,000 being stolen from victims. The method involved creating a new cryptocurrency token, promoting it through social networks and influencers, involving investors, and manipulating the pool's reserves.
Manipulation involves burning WIZ tokens, which reduces the supply and temporarily inflates the token price by 22,000%. Using the inflated price, the scammers sold a significant number of tokens, earning $80,000.
The technical aspect is manipulating the pool's liquidity balance. Liquid pools, which are an important part of various contracts, are vulnerable to manipulative schemes. This manipulation scheme highlights the susceptibility of liquid pools to fraudulent activities, highlighting the importance of vigilance in the decentralized finance space.
