Scams in crypto space
Again and again fraudsters try to steal capital. The crypto market is not excluded from this either. Due to its young appearance and the complications that occur more frequently, this market is even very popular with defiantists.
There are many different ways scammers can steal money from other users in the crypto market. Probably the most lucrative way is to set up a scam. The owner of the biggest scam in crypto history – the OneCoin scandal – Ruja Ignatova was able to raise over $4 billion with OneCoin. This puts Ignatova on the FBI's 10 Most Wanted list.
But there are also far less complex methods of cheating users out of their money, in which the fraudster's own identity becomes less public. These include phishing emails, hacks, etc. You can find out here how you can protect yourself from fraud .
A hacker or a hacker group has taken on one of the weak points in the crypto market - the chain bridges. Cross-chain bridges allow tokens to be transferred from one blockchain to another without losing them. For example, you can deposit BTC in a smart contract that you want to transfer to an ETH address. The corresponding ETH address is then credited via the chain bridge with wBTC, i.e. Wrapped Bitcoin, which has the same value as regular Bitcoin.
The cross-chain bridge model was used for the first time in 2017. As you can see, a very young age. Due to the very high complexity and the young research, these chain bridges are very error-prone.
Hackers exploited this BSC vulnerability to steal cryptos worth around $600 million. The hacker created $600 million worth of coins including Ethereum, Polygon, BNB, Aalanche, Fantom, Arbitrum, and Otimism out of thin air.
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