Fraudsters Extorted $2.5M in Crypto Exit Scam: CertiK Report |

With less than two weeks into the new year, malicious entities have already begun doing what they do best.

as per latest Update Two contracts recently created by blockchain security company CertiK – CirculateBUSD and CirculateWBNB – have been given away by the creators.

  • Funds are linked to Ethereum and deposited into OFAC-approved coin mixer, Tornado Cash.
  • In doing so, the producers of the two contracts managed to pull off what looked like an exit scam, netting $2.5 million. Sertic Explained,

“This incident has been made possible because of the backdoor in the `Start Trading` function. The function calls SwapHelper(0x112f8), a malicious unverified contract with signature 0x6343756. CirculateBUSD Deployer is set to SwapHelper that receives funds.”

  • In a recent report, CertiK observed a large number of incidents last year despite the crypto bear market and said that there will be no respite to exploits, flash loans or exit scams this year as well.
  • In fact, according to the Chainalysis ‘Crypto Crime Report’, the illegal transaction volume of crypto-assets reached a record high of $20 billion.
  • The firm also found that transactions related to sanctioned entities increased more than 100,000 times in 2022, accounting for 44% of the previous year’s illegal activity.
  • Chainalysis recently pointed out that it’s not very easy to pull the plug on decentralized protocols like Tornado Cash, which explains why coin mixer activity hasn’t completely stopped following the OFAC sanctions.

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