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TL;DR
Over the weekend, builders of the lending platform, Kokomo Finance, carried out an ‘exit rip-off,’ stealing roughly $4 million in customers’ funds.
On Sunday, the Kokomo builders paused the borrow function, modified the reward pace, and created a contract that will permit their account to be paid out nearly immediately.
As soon as transferred, the tokens have been all swapped from the native token of KOKO inflicting the token worth to plummet 97% wiping nearly all worth from the mission.
Full Story
Alright, time to assessment one other rip-off.
To not give it any extra publicity than it deserves (it deserves none), however to ensure all of us perceive how they work.
Let’s dive in.
Over the weekend, builders of the lending platform, Kokomo Finance, carried out an ‘exit rip-off,’ stealing roughly $4 million in customers’ funds.
The platform appeared completely respectable. It had a pleasant easy-to-use interface, and it appeared as in case you might commerce, borrow and lend Wrapped Bitcoin (WBTC), ETH, USDT, USDC and DAI.
However that is precisely what the scammers wished you to assume.
On Sunday, the Kokomo builders paused the borrow function, modified the reward pace, and created a contract that will permit their account to be paid out nearly immediately.
One other malicious developer handle was then used to approve a switch that was greater than the allowed most.
As soon as transferred, the tokens have been all swapped from the native token of KOKO inflicting the token worth to plummet 97% wiping nearly all worth from the mission.
Will this be the final time an exit rip-off occurs within the crypto area? No.
Can we let you know this to scare you? Not completely.
Do you have to analysis tasks completely earlier than leaping in? Completely!
A minimum of now you already know.
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