Lưu trữ cho từ khóa: crypto scam

DeFi

Mystiko Network accused of insider trading in second airdrop  

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Allegations of insider trading have marred Mystiko Network’s second airdrop after a few select wallets amassed more airdropped tokens than regular users.

The accusations started with an X post from blockchain reporter Colin Wu, who highlighted suspicious activities involving newly created addresses and large token distributions.

Notably, Mystiko Network’s second airdrop is meant to reward holders of the vXZK, the ERC-20 wrapped version of the XZK, which functions as the governance token. The team disclosed that the second airdrop was distributed, according to a snapshot of vXZK balances, from June 30 to July 17.

Interestingly, citing on-chain data, Wu revealed that on July 5, the official Mystiko-Vault Community Incentives wallet moved 20 million XZK tokens to 1,487 newly created addresses using Multisender, a crypto app that allows market participants to send tokens to multiple addresses.

The new addresses then received gas funds from major exchanges like OKX or Bybit just a day after receiving the airdrop. The community has attributed such coordinated actions to an orchestration aimed at favoring insiders, who then benefited from these substantial token allocations.

Moreover, the number of airdropped tokens received by these new addresses was notably higher than that of regular users, prompting accusations of insider trading. The event has intensified scrutiny on Mystiko Network, especially since the project secured $18 million in a funding round led by Sequoia Capital India in March.

Mystiko Network responds

In response to these allegations, the Mystiko Network team issued a statement on X, addressing the community’s concerns and outlining their steps to investigate the matter. 

Mystiko stated that they immediately launched an internal investigation upon learning about the allegations. The investigation confirmed the existence of the addresses in question and reviewed their transaction history. 

The team stressed that these addresses met the criteria for early contributors to the ecosystem, having conducted multiple transactions within the network. This marks the second airdrop controversy in two months following the lack of anti-Sybil concerns around the zkSync airdrop.

Meanwhile, the Mystiko Network has continued to attract over 150,000 users and over $276 million in transaction volume. since the mainnet launch in March 2023. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

NFT

Solana-based Jupiter sparks controversy for collaborating with Irene Zhao

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Decentralized crypto aggregator Jupiter has found itself in the middle of controversy after announcing a collaboration with an exposed influencer.

Solana decentralized exchange aggregator Jupiter has sparked a furious outrage in the crypto community following its announcement of a collaboration with Irene Zhao, a Singaporean influencer previously implicated in multiple crypto-related dubious activities.

In an X announcement on Jul. 22, the anonymous founder of Jupiter, known as @weremeow, unveiled the collaboration aimed at improving the “meme coin meta” and giving “degens an on-chain mom to care for them when they are sad.” With the initiative, the Jupiter founder said the trading platform wants to address “major problems” plaguing the current meme coin launch environment, such as “fake wide distribution, sniping,” and “lying influencers.”

“If these works, ideally it can serve as a model for other memecoins in contrast to the sniping, opaque control, instadumping prone, paranoid launch meta we see today.”

@weremeow

The announcement, however, was met with swift backlash as the crypto community accused Jupiter of endorsing shady activities by associating them with Zhao.

Blockchain sleuth ZachXBT highlighted the irony of the collaboration, noting that Zhao had previously engaged in opaque dealings with her project So-Col. He alleged that Zhao previously “literally did exactly this [opaque allocations] with her project SOCOL by rugging all of the early investors by doing a secret deal with DWF where terms were not disclosed to them and community had zero knowledge about.”

In February 2023, market maker DWF Labs invested $1.5 million in Zhao’s startup So-Col by acquiring native SIMP tokens. Zhao had reportedly pledged to lock the tokens in a one-year vesting period set to end in February 2024. However, blockchain data later revealed that DWF received over 3 million SIMP tokens in March and within the same timeframe transferred approximately 2.6 million SIMP to the KuCoin crypto exchange.

Zhao gained popularity in the crypto space in early 2022 by selling her photos as non-fungible tokens (NFTs), amassing over $5 million. She later launched an NFT collection called IreneDAO, aimed at “disrupting the creator economy.” Initially, the collection saw a price floor surge to 1.49 ETH but has since plummeted to 0.05 ETH, representing an 87% decline from its all-time highs, according to CoinGecko data.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

NFT

Ledger warns of new ‘address poisoning’ scam

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Ledger took to X to reveal how crypto users are targeted by a scam known as “address poisoning”. 

Address poisoning is a scam where scammers ‘poison’ a user’s wallet by sending a small amount of crypto or an NFT disguised as a voucher.  The aim is to trick users into copying the scammer’s wallet address from their transaction history and returning the voucher. This will send funds to the scam account instead of a legitimate one.

“These dummy transactions are meant to deceive you into believing that you sent funds to their address in the past – but unless you initiate a transaction to one of these addresses on your own and sign the transaction with your Ledger, no value will actually be transferred from your account,” Ledger tweeted.

Scammers have been using open-source software to create addresses similar to Ledger addresses. They may create addresses with the same first four or five characters and the last four or five characters to trick users into sending them assets.

The scam has been particularly prevalent among users of Ledger Live, a crypto wallet management tool. 

How to avoid the scam 

If there are concerns that a wallet may be compromised or notice a suspicious transaction on an account, it’s best to disregard or ignore the transaction and the associated addresses.

Clicking on or following a link in a malicious NFT is insufficient to jeopardize a wallet. The only potential risks to wallets include sharing or typing out a 24-word recovery phrase or signing a malicious transaction with a Ledger device.

It’s best to avoid engaging with any unwanted tokens or addresses. Ledger advised users to right-click and ‘hide’ the token to remove it from visual sight. 

In general, it’s best to be cautious of malicious links in a wallet that could lead to scam websites attempting to trick users into sharing sensitive information or authorizing harmful transactions.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News