Scammers are feeling themselves in heaven as on daily basis, they loot innocent investors for millions.
A recent report from real-time crypto alerts platform Peck Shield suggests that new decentralized finance (DeFi) has rug pulled unsuspecting investors.
Developers of the investment platform BNB42, a decentralized investment platform, took advantage of a bug in the project to steal users’ funds worth $2.7 million.
Peck Shield noted that the attackers stole a total of 6,400 Binance Coins (BNB), worth around $2.7 million at press time from an unverified contract in the early hours of yesterday.
Moments after the unfortunate incident, the funds were initially transferred to a wallet address. However, the attackers proceeded to split the stolen funds into multiple addresses to avoid being tracked
#rugpulls PeckShield has detected #Bnb42 is rugged: the deployer drains more than 6,400 BNB (~$2.7m) from an unverified contract.
The rugged funds were initially held in 0x9b74fde50f3fcd3a02fafea6a187092630d6eb8f and then split into 8 addresses. pic.twitter.com/iXbkifaA5E
— PeckShieldAlert (@PeckShieldAlert) February 15, 2022
BNB42 Enticing Benefits
The development affected several investors who believed the BNB42 platform would be a better investment initiative that would enable them to make huge returns in a short time.
It is worth noting that BNB42 was able to lure many investors to its platform by promising mouthwatering ROI for all investments made.
BNB42 claims to be a 100% investment platform that is built on the Binance Smart Chain (BSC).
The platform promised investors a 20% daily ROI and subsequently increased the profit margin to 200% of users keep their investments for 10 days, a promise that sounded too good to be true.
The illicit crypto investment platform assures users of their safety, saying that they are free to withdraw their funds at any time.
In addition, users are promised a reward when they refer their friends to use the platform.
Rug pulls are becoming the norm in the crypto space as malefactors take advantage of investors’ quest to make huge profits.
Over three cryptocurrency rug pull cases have been reported in just this month, including Baby Musk Coin (BABYMUSK), Titano Finance, and the YouTuber who allegedly stole $500,000 from his fans via a rug pull scandal.
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