7 IDO Protocols Rugged: More Than 5,744 WBNB Lost

Key Takeaways:

  • PeckShield Inc. informed people that they have detected 7 IDO protocols that have been rugged.
  • According to PeckShield the 7 IDO protocols rugged are $GOTEM(gotEM), $ONEP (HarmonyPad), $HBARP (HbarPad), $MPLAY (MetaPlay), $ELIT (Electrinity), $PEE (MicroPee) and $QDrop (QuizDrop). 
  • According to PeckShield, more than 5,744 WBNB have been rugged.
  • The rugged funds have been deposited to TornadoCash.
7 Ido Protocols Rugged
7 IDO Protocols Rugged

This morning PeckShield Inc. informed people that they have detected 7 IDO protocols that have been rugged. According to PeckShield the 7 IDO protocols rugged are $GOTEM(gotEM), $ONEP (HarmonyPad), $HBARP (HbarPad), $MPLAY (MetaPlay), $ELIT (Electrinity), $PEE (MicroPee) and $QDrop (QuizDrop). According to them, more than 5,744 WBNB have been rugged. The rugged funds have been deposited to TornadoCash.

Tornado Cash is an Ethereum-based decentralized, non-custodial privacy solution. It boosts transaction privacy by severing the on-chain link between the recipient and destination addresses. Tornado Cash employs a smart contract that accepts deposits in ETH and ERC-20. These deposits are withdrawable from any on-chain address. So once a hacker transfers the fund to Tornado Cash it becomes very difficult to track the hacker.

An initial DEX offering, or IDO, is a new and exciting type of decentralized and permissionless crowdfunding platform that is ushering in a new era of crypto fundraising. When a project launches an IDO, it means it is launching a coin or token through a decentralized liquidity exchange. This is a type of crypto asset exchange that is based on liquidity pools and allows traders to swap tokens such as crypto coins and stable coins. 

Previously this year ArbixFinance was Rugged and More than $10 Million was Lost. The funds deposited by users ($10M) were directed to unverified pools via the depositor contract. The hacker then drained all assets from the pools. The depositor address was identified. One of the unverified pools was also identified. The hacker address was also identified by CertiK Security Leaderboard.

Default image
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.