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Users Lost Deposits Totaling $1.7 Million to Vanished Blockchain Projects

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ByMarcel Bich

Jul 26, 2023
Users Lost $1.7 Million to Vanished Projects
Marcel Bich
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Based on security monitoring by blockchain research platform SharkTeam, ChainAegis and Hotbit News defrauded their subscribers by taking roughly $1,700,000 in assets.

Rich Quack is one of the main casualties as it lost $254,000 as a result of the fraud. 

The Research

The QUACK tokens, which belonged to owners on the PancakeSwap cryptocurrency market, were sold by Hotbit for 256 trillion, according to the project team. Also lost were about $100,000 worth of the organization’s own QUACK and USDT tokens.

The projects BabyDogeCoin and DogelonMars were more victims of the con. They together suffered a $1 million asset loss. Analysts think other projects might be impacted, though. As a result, SharkTeam warned all of ChainAegis and Hotbit News’ partners to be on the lookout and take prompt security steps.

Shortly after launching, Chibi Finance, a DeFi startup in the second layer network on Decision, stole tokens worth $1 million. In order to steal user cash from Chibi smart contracts, the project’s creators implemented a malicious contract. A total of 555 ether (ETH) were taken out of the protocol, amounting to nearly $1 million.

The crypto business lost $655.61 million overall in the first half of 2023 as a result of hacks, phishing schemes, and rag pulls. The hackers executed 108 protocol assaults, 110 rag pulls, and many phishing schemes in total. The consequence was that they each appropriated $471.43 million, $75.87 million, and $108 million.

75.6 percent of the coins lost in the first half of 2023 were on the Ethereum network. Assets released on the Binance Smart Chain network came in second. 

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.