The hits in the DeFi market are growing every day, in 2020 alone more than $380 million was stolen through hacks and fake cryptomorphs.
The creator of Yearn Finance announced through Twitter his new project, a loan platform called Deriswap. Attentive hackers took the opportunity and ran like rats to create a fake cryptomoeda named $DWAP, a reference to the project recently announced by the popular Andre Cronje. Several investors believed in the fake token and the scammers were able to raise over $53,000 in less than 30 minutes. [Via Decrypt]
Anyone can create a token on the Uniswap platform in a matter of seconds, Uniswap is a platform that allows trading of several tokens by Ethereum (a cryptomeda that has value), so the new token created can already be purchased by users of the decentralized brokerage house.
This is exactly what happened, Andre Cronje, the founder of Immediate Edge is popular in the DeFi community, he is seen as a skilled developer, so several people keep an eye on his movements, including the scammers.
DeFi is short for Decentralized Finance, a marketplace for blockchain-based applications that provide decentralized financial services such as loans, interest on deposits, and asset exchanges.
The coups in the DeFi market are growing every day, in 2020 alone more than $380 million was stolen through hacks and fake cryptomorphs, the facility to issue tokens makes the sector even more complex than the ICO market in 2017.
In the case of the fake DWAP token, the hackers created the token, carried out some transactions to attract other investors, and then left with about 162 ETH in less than 30 minutes. This process yielded the hackers more than $53,000.
To give more legitimacy to the deal, the scammers sent some $DWAP tokens to the contract that Andre Cronje controls and updates regularly.
The above token was just one of 30 other „DWAPs“ that were issued on the Uniswap platform, all created by scammers trying to attract victims.
It appears that the decentralized finance sector will take time to mature before the scams are eliminated or at least minimized.
Users are always looking for a „bitcoin 2.0“, or a token to make quick and easy money by placing bets on dubious and even completely unknown projects.
The scammers knowing this take advantage and make the party, making $300,000 in less than 30 minutes just watching the market and promising guaranteed profit with a new token called „Guaranteed Profit Token“.