Tuesday, January 11, 2022

When crypto gone wrong, hacked, fraud, rug pulled

We love crypto. We are not quite FUD but that being said, there are some concerning incidents in crypto that you should be aware of. Big hacks, cheats, investors, NFT purchase losing money, rug pull, even seizing of equipment! Let's reveal some costly mistakes in crypto.

  • Crypto being over leveraged, forced liquidation
    • WSJ Behind Bitcoin's Recent Slide: Imploding Bets and Forced Liquidations. Dramatic crash underscores fragility of cryptocurrency's recent gains and vulnerability of individual investors
  • Bitcoin mining machines seized
  • DeFi loss
  • Squid game coin rug pull
  • Polygon genesis contract nearly falls victim to a major hack. Thank goodness the severe loss if prevented by a white hat hacker
    • 'Critical' Polygon bug put $24 billion in tokens at risk until recent hard fork
  • Hong Kong NFT project Monkey Kingdom loses $1.3M in phishing hack, launches compensation fund
  • Discord hacking can be the nightmare of every blockchain project and dapps
    • Security of NFTs, discord and blockchain
  • A user has received a significant discount, resulting in 1697 OHM instead of 59 OHM after bonding an OHM/DAI bond that was supposed to be closed off. "OlympusDAO is an experimental project in the cryptosphere. The DAO manages a token treasury that's used to back the OHM currency. The purpose of the treasury is to make sure the token maintains a certain floor price. If the token drops below that price, the assets in the treasury can be sold to buy back OHM tokens — with the goal to bring its price back above that mark."
    • "The DAO uses a process for helping the token to stay above that mark called Bonding. The DAO buys assets from investors (to go into the treasury) and issues OHM tokens to replace them. These bonds usually get a 5-10% discount and the tokens are handing out after a vesting period, which is currently set to five days."
    • Some already call the DAO a ponzi scheme like pool even before this incident
  • Sandbox

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Crypto & Tech News January 2022

Crypto is very risky. Do you own research. Even news cannot predict the result of volatile assets. Please read our disclaimer before reading...