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DeFi100: the $32 million crypto scam

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Defi 100

The website read: “We scammed you guys, and you can’t do sh*t about it”

This weekend, a cryptocurrency analyst tweeted that the DeFi100 crypto was running a $32 million scam. Since then, the website and inflammatory message have been taken down. The website reads: “Oops, looks like that page is lost” at the time of writing.

The native token of DeFi100, the D100, slipped 25% in valuation since the hacking news. 

Are DeFi100 scammers or hacking victims?

The people behind DeFi100 called claims of a scam “false” and “baseless” in a recent tweet. DeFi100 says the website was hacked.

They added: “The highest market cap project ever had was less than $2 million” and the “project never held any investors funds”.

“Total tokens sold during IDO were 750,000 at $0.80 per token.”

DeFi100 has still not put out a statement on the incident. 

“The rumours of stealing $32 million are absolutely false and baseless. We reiterate it again that we have not made any exit.”

Defi 100 on Twitter

DeFi may be a ‘rug pull’ scam

Crypto experts call this type of scam a “rug pull.” Coin Market Cap says this is where “developers of a project abandon it and disappear with investor funds.”

The Twitter user who originally posted about the scam also warned their followers that they expect more of such instances to happen:

Never invest in projects that are very new, with anonymous teams, made as memes, and have a lack of real utility. Stay safe everyone!”

Do we need to be more aware of crypto scams?

This comes after another scam targeting cryptocurrency investors. The new hack targets people interested in crypto by faking celebrity giveaways. Among these celebrities is Telsa CEO Elon Musk.

The U.S. Federal Trade Commission has reported a jump in complaints about cryptocurrency fraud.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Crypto

North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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