8 ms·

DeFi100 team steal $32m, post abusive message to victims on homepage

78 points by phpnode 5y ago

utdiscant 5y ago
https://twitter.com/RipplePandaXRP/status/1396112820454924290 https://twitter.com/RipplePandaXRP/status/139611282045492429... has a copy of a deleted Reddit post about it.
throwawaysea 5y ago
Is there a chance authorities could track down the scammers? I’m not familiar enough with this space to understand but I’ve seen that people making anonymous Bitcoin payments can be tracked down. What makes this different?
- phpnode 5y ago
  there's a chance, but whose jurisdiction is it, and who is responsible for investigating the fraud?
  - chrisco255 5y ago
    Good question. This occurred on the Binance Smart Chain. Binance gets rather boxy about determining its own jurisdiction and has offices in several different countries, but the activities on the chain itself are supposedly permissionless and Binance will claim they have no control over it. Unfortunately, $32M is probably not enough to warrant an investigation. This kind of stuff is a shame, because there's a lot of ethical and innovative applications in DeFi, like Uniswap, Aave, Compound, and Yearn. There's also index tokens managed via the Set Protocol that have been running for years with no issues. BSC is a fork of Ethereum and the main appeal is lower transaction fees (at the cost of centralization). From my perspective, BSC tends to be forks of Ethereum based projects deployed by devs that have little idea how they work. I look at many projects on BSC as being little better than a casino game.
    - duskwuff 5y ago
      > I look at many projects on BSC as being little better than a casino game. Heck, a nontrivial number of applications running on BSC are literally casino games. It's somewhat popular as a way of implementing (unregulated and probably illegal) online gaming.
ALittleLight 5y ago
At least they were candid about it. I honestly don't get the cryptocurrency hype. None of the coins I've seen actually seem to work. They are slow, expensive to transfer, carry huge risks if you use them incorrectly. I've never seen a "dapp" that was at all good. The whole ecosystem seems to be scammers, pump and dump, and criminals. Who would put meaningful amounts of money into stuff like this?
- smabie 5y ago
  I mean, there are funds who are putting billions of dollars into defi strategies. Yields at the moment are crushed, but during the hayday you could make insane money. Almost all crypto trading firms have some sort of defi yield farming presence, and many tradfi firms were thinking about entering the space. Whether they still will and if yields will recover is still an open question. There are definitely some dapps that are pretty solid imo: uniswap, aave, maker, curve, and alchemix to name a few. Whether it's all a scam is a good question, but from my perspective it doesn't really matter. The goal is to make money by being smarter than everyone else. I don't think I'm making the world a better place or really helping anyone besides myself/firm, but that's okay. Some people think finance is perverse because it attracts tons of top talent and utilizes their skills for a dubious purpose. While this may be true, it's also true of many other industries as well: most notably, big tech. Ultimately, people rarely make employment decisions by thinking of how many people they can help.
  - ALittleLight 5y ago
    I just googled each of the apps you mentioned. They all seem to be things to make money off of cryptocurrency. That's the only thing the decentralized apps seem to be able to do, lending, staking, swapping, new tokens, etc. However, if you think cryptocurrency is useless, and I pretty much do, then creating new forms of it also seems pretty useless. It all seems very zero sum. No value is getting created. It's just musical chairs with money, people putting money in and hoping to pull more money out. Problem being, since no value is created, it won't be possible for everyone to take out more money than they've put in. For every dollar gained there is one lost. As far as doing something like for a job - I wouldn't do it. There's a saying like "Better to be a live jackal than a dead lion, but a live lion is better still and usually easier." In other words, I think if you have the mental equipment to make money in crypto you could probably also make money in an industry that isn't a ponzi scheme depriving the gullible of their savings and the benefit of choosing to do that is that you wouldn't put your own money at risk by interacting with shady exchanges and characters.
CharlieMunger 5y ago
Watch Warren Buffett and Charlie Munger mock cryptocurrency at the 2021 Berkshire Hathaway annual meeting: https://old.reddit.com/r/brkb/comments/n3c78z/im_alright_on_that_one_buffett_realizes_its/ https://old.reddit.com/r/brkb/comments/n3c78z/im_alright_on_...
soared 5y ago
They’ve since said their website was hacked. > The website was hacked yesterday and the message was shown by the hackers. It has been taken down. https://twitter.com/defi100/status/1396361647149633537?s=21 https://twitter.com/defi100/status/1396361647149633537?s=21
emotionalcrazy 5y ago
I wants to say i regret this ugly situations a lot is facing with Defi100 ,but a few victims who lost huge sum of coins had contacted us ; perfect wallet recovery provide mind blowing recovery with maximum perfection, reach out to us for all the details. for 5 years straight we have testimonies of clients we've recovered 100 percent lost cryptocurrencies ,funds diverted to brokers and cyber catfish from YouTube , support groups and many more email perfect wallet recovery at g mail dot com, and What's app us on plus one six one nine three twenty five seven one four. We are available 24/7.
jakesman361 5y ago
There are Lots Of Scammers Out there Scamming and Ripping off people with little Knowledge about Bitcoin Mining or Bitcoin in General, taking advantage of their interest in Investing in Bitcoin. Finally some Good news, Any one who as Ever Fallen Victim of any type of these Scam can now Recover their lost Funds By ËMÄÏĻÏÑĞ ""FÅSTŘËČÕVËŘÝ02 @ GMÃÍĹ ČÕMË"" to hire the Professional Recovery Expert Who successfully Recovered 85K USD Worth Of BTC Stolen from My Wallet by Hackers he also Helped A Close Friend of mine Recover 9.67 BTC She Lost to Fake Bitcoin Mining Website. As a Guaranty That he will Get the Job Done, He Only Takes Charges After The Job Is Done
jakesman361 5y ago
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78 points by phpnode 5y ago

https://twitter.com/RipplePandaXRP/status/1396112820454924290 https://twitter.com/RipplePandaXRP/status/139611282045492429... has a copy of a deleted Reddit post about it.

throwawaysea 5y ago

Is there a chance authorities could track down the scammers? I’m not familiar enough with this space to understand but I’ve seen that people making anonymous Bitcoin payments can be tracked down. What makes this different?

phpnode 5y ago
there's a chance, but whose jurisdiction is it, and who is responsible for investigating the fraud?
- chrisco255 5y ago
  Good question. This occurred on the Binance Smart Chain. Binance gets rather boxy about determining its own jurisdiction and has offices in several different countries, but the activities on the chain itself are supposedly permissionless and Binance will claim they have no control over it. Unfortunately, $32M is probably not enough to warrant an investigation. This kind of stuff is a shame, because there's a lot of ethical and innovative applications in DeFi, like Uniswap, Aave, Compound, and Yearn. There's also index tokens managed via the Set Protocol that have been running for years with no issues. BSC is a fork of Ethereum and the main appeal is lower transaction fees (at the cost of centralization). From my perspective, BSC tends to be forks of Ethereum based projects deployed by devs that have little idea how they work. I look at many projects on BSC as being little better than a casino game.
  - duskwuff 5y ago
    > I look at many projects on BSC as being little better than a casino game. Heck, a nontrivial number of applications running on BSC are literally casino games. It's somewhat popular as a way of implementing (unregulated and probably illegal) online gaming.

ALittleLight 5y ago

At least they were candid about it. I honestly don't get the cryptocurrency hype. None of the coins I've seen actually seem to work. They are slow, expensive to transfer, carry huge risks if you use them incorrectly. I've never seen a "dapp" that was at all good. The whole ecosystem seems to be scammers, pump and dump, and criminals. Who would put meaningful amounts of money into stuff like this?

smabie 5y ago
I mean, there are funds who are putting billions of dollars into defi strategies. Yields at the moment are crushed, but during the hayday you could make insane money. Almost all crypto trading firms have some sort of defi yield farming presence, and many tradfi firms were thinking about entering the space. Whether they still will and if yields will recover is still an open question. There are definitely some dapps that are pretty solid imo: uniswap, aave, maker, curve, and alchemix to name a few. Whether it's all a scam is a good question, but from my perspective it doesn't really matter. The goal is to make money by being smarter than everyone else. I don't think I'm making the world a better place or really helping anyone besides myself/firm, but that's okay. Some people think finance is perverse because it attracts tons of top talent and utilizes their skills for a dubious purpose. While this may be true, it's also true of many other industries as well: most notably, big tech. Ultimately, people rarely make employment decisions by thinking of how many people they can help.
- ALittleLight 5y ago
  I just googled each of the apps you mentioned. They all seem to be things to make money off of cryptocurrency. That's the only thing the decentralized apps seem to be able to do, lending, staking, swapping, new tokens, etc. However, if you think cryptocurrency is useless, and I pretty much do, then creating new forms of it also seems pretty useless. It all seems very zero sum. No value is getting created. It's just musical chairs with money, people putting money in and hoping to pull more money out. Problem being, since no value is created, it won't be possible for everyone to take out more money than they've put in. For every dollar gained there is one lost. As far as doing something like for a job - I wouldn't do it. There's a saying like "Better to be a live jackal than a dead lion, but a live lion is better still and usually easier." In other words, I think if you have the mental equipment to make money in crypto you could probably also make money in an industry that isn't a ponzi scheme depriving the gullible of their savings and the benefit of choosing to do that is that you wouldn't put your own money at risk by interacting with shady exchanges and characters.

CharlieMunger 5y ago

Watch Warren Buffett and Charlie Munger mock cryptocurrency at the 2021 Berkshire Hathaway annual meeting: https://old.reddit.com/r/brkb/comments/n3c78z/im_alright_on_that_one_buffett_realizes_its/ https://old.reddit.com/r/brkb/comments/n3c78z/im_alright_on_...

soared 5y ago

They’ve since said their website was hacked. > The website was hacked yesterday and the message was shown by the hackers. It has been taken down. https://twitter.com/defi100/status/1396361647149633537?s=21 https://twitter.com/defi100/status/1396361647149633537?s=21

emotionalcrazy 5y ago

I wants to say i regret this ugly situations a lot is facing with Defi100 ,but a few victims who lost huge sum of coins had contacted us ; perfect wallet recovery provide mind blowing recovery with maximum perfection, reach out to us for all the details. for 5 years straight we have testimonies of clients we've recovered 100 percent lost cryptocurrencies ,funds diverted to brokers and cyber catfish from YouTube , support groups and many more email perfect wallet recovery at g mail dot com, and What's app us on plus one six one nine three twenty five seven one four. We are available 24/7.

jakesman361 5y ago

There are Lots Of Scammers Out there Scamming and Ripping off people with little Knowledge about Bitcoin Mining or Bitcoin in General, taking advantage of their interest in Investing in Bitcoin. Finally some Good news, Any one who as Ever Fallen Victim of any type of these Scam can now Recover their lost Funds By ËMÄÏĻÏÑĞ ""FÅSTŘËČÕVËŘÝ02 @ GMÃÍĹ ČÕMË"" to hire the Professional Recovery Expert Who successfully Recovered 85K USD Worth Of BTC Stolen from My Wallet by Hackers he also Helped A Close Friend of mine Recover 9.67 BTC She Lost to Fake Bitcoin Mining Website. As a Guaranty That he will Get the Job Done, He Only Takes Charges After The Job Is Done

jakesman361 5y ago

IF You've ever fallen Victim of any Type of Bitcoin Scam Simply Hire the Best Recovery Expert In the Business by ËMÄÏĻÏÑĞ ""FÅSTŘËČÕVËŘÝ02 @ GMÃÍĹ ČÕMË" . He specializes in this Type of Job. He Had Success Recovering My Stolen BTC and BTC a Friend Lost to Investment Website Operated by Scammers, The Good News About Hiring Him is that He Takes Charges Only After the Job is Done Not a penny Before.