{"id":9989,"date":"2024-01-22T10:12:21","date_gmt":"2024-01-22T08:12:21","guid":{"rendered":"https:\/\/forklog.com\/en\/automated-scam-scheme-defrauds-32-million-experts-reveal\/"},"modified":"2024-01-22T10:12:21","modified_gmt":"2024-01-22T08:12:21","slug":"automated-scam-scheme-defrauds-32-million-experts-reveal","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/automated-scam-scheme-defrauds-32-million-experts-reveal\/","title":{"rendered":"Automated Scam Scheme Defrauds $32 Million, Experts Reveal"},"content":{"rendered":"<p>Since April 2023, unidentified individuals have created over 1,300 fraudulent tokens, executing a <span data-descr=\"practice of inflating the value of a created token in a liquidity pool followed by a sudden withdrawal of funds; subsequently, other pool participants are left with devalued assets\" class=\"old_tooltip\">rug pull<\/span> that has stolen more than $32 million from approximately 42,000 users, according to analysts at Blockfence.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">? MASSIVE $32M RUG PULLS OPERATION UNVEILED ?<br \/>We are sharing an investigation conducted by our team, which resulted in:<br \/>\u2014 More than 1.300 different token rug pulls<br \/>\u2014 More than $32M stolen<br \/>\u2014 More than 42.000 victims<br \/>\u2014 Novel techniques used to avoid being detected<br \/>A thread ? \u2026 <a href=\"https:\/\/t.co\/Qnr3RHIbCd\">pic.twitter.com\/Qnr3RHIbCd<\/a><\/p>\n<p>\u2014 Blockfence (@blockfence_io) <a href=\"https:\/\/twitter.com\/blockfence_io\/status\/1745861887101993301?ref_src=twsrc%5Etfw\">January 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to experts, the coin creation operation is almost entirely automated. The algorithm selects and creates a token resembling an asset of an existing company or project. <\/p>\n<p>Subsequently, the fraudsters inflate the token&#8217;s volume, and upon reaching sufficient liquidity, they withdraw all funds. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAll of this can be organized by one person because many tasks are performed programmatically, such as token name creation, which involves a multitude of words generated by AI. Deploying the coin, creating liquidity pools, locking tokens, rug pull. Most of them appear automated,\u201d stated analyst Pablo Sabbatella.<\/p>\n<\/blockquote>\n<p>Blockfence initiated an investigation after discovering a scam coin of their own company. The perpetrators limit the &#8220;profit&#8221; from each asset to 5-20 ETH to remain undetected. <\/p>\n<p>To safeguard funds, Sabbatella advised the crypto community \u201cnot to buy tokens you do not understand.\u201d Risk-taking traders can use various scam detectors.<\/p>\n<p>The Blockfence team will now examine the perpetrator&#8217;s activity in the BNB Chain, Arbitrum, and Base networks. <\/p>\n<p>According to Immunefi, in 2023, the bitcoin market lost $1.8 billion due to hacks and fraud, with 319 incidents reported. <\/p>\n<p>In December, prior to the launch of Sleepless AI farming on Binance&#8217;s Launchpool platform, unknown individuals conducted a rug pull of the token bearing the same name.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since April 2023, unidentified individuals have created over 1,300 fraudulent tokens, executing a rug pull that has stolen more than $32 million from approximately 42,000 users, according to analysts at Blockfence. ? MASSIVE $32M RUG PULLS OPERATION UNVEILED ?We are sharing an investigation conducted by our team, which resulted in:\u2014 More than 1.300 different token [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1246],"class_list":["post-9989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=9989"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/9988"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=9989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=9989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=9989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}