An Uprising Trend of Scams Availing Ethereum Investors

03/16/2023 05:05 • Digital Disruptors • 82 views

On March 16th, the Web3 Knowledge Map Protocol 0xscope tweeted that someone (the address beginning with 0x2A) sent a message to a Euler hacker stating that all of his savings (78 ETHs) were in Euler Finance, requesting the attacker to return 90% or 80% of them, and then the attacker sent him 100 ETHs. Currently, other addresses have emulated the behavior of the 0x2A address.

Euler hackers sent 100 ETHs to a user after receiving a request on the chain

Analysis based on this information:

The world of cryptocurrencies is continually evolving, and with its evolution, the scams are also advancing. The recent tweet of the 0xscope captured a new scam, which is termed as the Euler Hacker scam. The tweet shared the story of an Ethereum investor who had invested all his savings, 78 ETHs, into Euler Finance. The investor then contacted the Euler Hacker, who had already devastated the Euler Finance by exploiting its vulnerabilities. The investor requested 90% or 80% of his savings, and oblige to his request, the hacker returned 100 ETHs.

The message shared in the tweet signifies the emerging trend of hackers and fraudsters in the Web3. The Web3 Knowledge Map Protocol, by sharing this message, aims to create awareness among investors to be cautious of the scams while investing in cryptocurrencies. The message also reveals the ongoing hacking activities in Euler Finance, which has become a soft target for the hackers.

The scam performed by the Euler Hacker is a classic example of ‘exit scam.’ In the exit scam, the fraudsters establish a pool or platform and publicize it to attract investors. After investors deposit money into the pool or platforms, the fraudsters then take advantage and exploit the vulnerabilities in the systems to extract all the investments. This is called an exit scam since the fraudsters exit the business without providing any returns or proper communication to the investors.

The tweet from Web3 Knowledge Map Protocol depicts a growing concern for the investment community, which is grappling with the emerging and sophisticated scamming techniques. The growing number of scammers and fraudsters in the cryptocurrency space indicates that there is a need for stringent regulatory measures to prevent the exploitation of investors’ vulnerabilities.

In conclusion, the message shared by the Web3 Knowledge Map Protocol about the Euler Hacker scam signifies the increasing sophistication of scammers in the Web3 and highlights the necessity of investors’ awareness about such scams. The Euler scam is a classic example of how fraudsters establish an attractive program and prey on the investors’ trust. Investors must assess the available data and apply a thorough risk analysis before investing their funds. The regulatory measures in the cryptocurrency space must evolve along with the emerging scamming trends to create a secured space for investment.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/16/an-uprising-trend-of-scams-availing-ethereum-investors/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

An Uprising Trend of Scams Availing Ethereum Investors

Euler hackers sent 100 ETHs to a user after receiving a request on the chain

Recommended articles