Binance Recovers $345,000 of Stolen Funds in a DeFi Exit Scam

Binance DEFI

The Binance Security managed to recover 99.9% of the funds stolen from yet another rug pull in the DeFi space. The exchange also urged investors to be extra careful when investing in the field.

The leading cryptocurrency exchange Binance has helped recover almost all $345,000 funds stolen due to an exit scam conducted by an automated market maker (AMM) dubbed Wine Swap.

Binance Security Team Recovers 99.9% of Stolen Funds

In a press release shared with CryptoPotato, the popular exchange shared that Wine Swap launched on Binance Smart Chain as an AMM platform on October 13th, 2020. However, just an hour after the product release, the team behind it “pulled the rug,” taking over $345,000 in customer funds.

Binance identified Wine Swap’s team only by their on-chain BSC addresses and saw a total of 19 different tokens sent to 119 different addresses.

“When the exit scam was executed, funds remaining in the contract (0xa1eaB5F255DD77fED0D8ea81748422ca7ab0eDc4) were transferred to the creator’s address (0x4BA023aA9196a354C008aD595F67e268420b7005)” – reads the statement. Continue Reading

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound