Cryptowhale scammer
After the barest amount of digging, I am going to hazard a guess that the mystery Beeple buyer is Vignesh Sundaresan, a crypto entrepreneur who has been in the crypto landscape for about seven years. Metakovan has given a few audio interviews. Putting aside the matter of why Sundaresan would want to keep his real identity cloaked in the first place, the next question is the grift—how is he spinning a profit off of non-fungible tokens, or NFTs? According to the bio on his website, Vignesh Sundaresan is behind several crypto startups. BitAccess was accepted into the Y Combinator startup accelerator in June , according to Coindesk. And then, in January , he founded the Singapore-based Lendroid Foundation.
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- Ethereum token ‘WhaleFarm’ drops 99% in latest DeFi scam. Team steals $2 million
- Recent Comments
- What's a Cryptocurrency Exit Scam? How Do You Spot One?
- Bitcoin: Fake Elon Musk giveaway scam 'cost man £400,000'
- Have Those Behind Defi100 Crypto Project Scammed Investment $32 Million?
- An Illustrated Glossary of Cryptocurrency Slang (Infographic)
- What's New "simonbaring"
Ethereum token ‘WhaleFarm’ drops 99% in latest DeFi scam. Team steals $2 million
The night leading up to it had been otherwise forgettable. He and his wife watched a series on Netflix, before she went to bed and left him on the sofa messing about on his phone. Then he received a Twitter notification with news from Elon Musk. Sebastian followed the link to a professional-looking website where the Bitcoin giveaway looked to be in full swing. There was a timer counting down, and the website promised participants that they could double their money. The competition was apparently being run by Elon Musk's Tesla team.
It invited people to send anything from 0. Sebastian double-checked the verification logo next to Elon Musk's name, and then tried to decide whether to send five or 10 Bitcoin.
For the next 20 minutes as the timer wound down, Sebastian waited for the prize to land in his Bitcoin wallet. From his house in Cologne in Germany he sat there refreshing his screen every 30 seconds. He saw Mr Musk send a fresh cryptic tweet and felt reassured that the giveaway was real.
But slowly the timer on the website ran down to zero, and Sebastian said: "I realised then that it was a big fake. I thought I'd just thrown away the gamechanger for my family, my early retirement fund and all the upcoming holidays with my kids. I woke her up and told her that I'd made a big mistake, a really big mistake.
Sebastian, who asked that the BBC didn't use his real name, didn't sleep that night. Instead, he spent hours emailing the scammer website and tweeting the fake Elon Musk' Twitter account to try to get some or all of his money back. However, he eventually began to accept the money was gone forever. The blockchain analysis company has tried to get authorities to take action against the scams for months, but says nothing is being done. The analysts use a public ledger that shows all movement of cryptocurrencies in real time to spot trends and track money.
They have identified which Bitcoin addresses or wallets are operated by so-called "giveaway scammers" and have tracked the increasing amount of money they are making. Sebastian's 10 Bitcoin was the most they'd ever recorded being lost in one transaction. Researchers says scammers are making record-breaking sums in Data also suggests the number of victims this year is set to eclipse previous years.
In around 10, people fell for the scams, but already this year researchers say they've tracked 5, who have sent money. Whale Alert founder Frank van Weert says it's hard to say why the scams are not only prevailing, but also becoming more successful. The criminals' actual techniques haven't changed much since the scams emerged in They create Twitter accounts that look like those of celebrities such as Elon Musk or billionaire investor Chamath Palihapitiya. In some cases, like the one that tricked Sebastian, the criminals use stolen accounts of prominent people to ensure they have the blue 'verified' tick to make the account seem more trustworthy.
They wait for the real accounts to tweet, and post a reply to make it look like the celebrities have posted the scams to their millions of followers. Twitter is a popular platform, but giveaway scams can also be found on YouTube, Facebook and Instagram. Bitcoin market activity. When the Bitcoin price goes up, people go crazy and a lot of them are new to the market and they want this idea of quick money," said Mr van Weert. We've received emails from people who have lost Bitcoin and they are very articulate.
Mr van Weert also feels some of the larger cryptocurrency websites giving away Bitcoin to promote their services may have contributed to people's confusion. Three weeks on and Sebastian is clearly still extremely embarrassed. He starts our email conversation by insisting that he is "normally not the biggest idiot in the whole world". I live together with my wife and two children and we have a nice house with a garden. I was greedy that night and it made me blind.
He cashed out and got his initial money back, but then watched excitedly over the years as the 10 coins grew to be worth nearly , euros. Sebastian wants international authorities to take action against the scammers and would like to see the owners of Bitcoin exchanges be proactive in helping.
All the exchange platform websites should know who their customers are and know if a particular wallet address is being used by thieves. The most high-profile giveaway scam happened in July , when a large-scale but shortlived Twitter hack allowed scammers to tweet using celebrity accounts like Bill Gates, Kim Kardashian-West and Elon Musk. Can you spot the difference? Scammers posted replies to Elon Musk using an almost identical profile to trick Sebastian. The advert for the giveaway scam looked professional.
This video can not be played To play this video you need to enable JavaScript in your browser. Bitcoin explained: How do cryptocurrencies work? Record amounts being stolen. Too easy to steal Bitcoin. Related Topics.
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Account Sign Out. Log in Start Now. Top Global Tweets. In reply to CryptoWhale. You hustled people? Bro pic. He has multiple names.
What's a Cryptocurrency Exit Scam? How Do You Spot One?
Early last month, a jargon-laden post by a pseudonymous Twitter handle set off a storm in the cryptocurrency world. The account called itself Gabagool. It called out what it saw as foul play in decentralized finance, or DeFi—a galaxy of blockchain -based apps providing cryptocurrency lending and exchange services. In May, a service called Ribbon carried out such an airdrop, doling out 30 million Ribbon tokens to 1, wallets. The tokens were designed so that they could not be cashed out until October 8. On October 8, Gabagool spotted something suspicious. A cluster of 36 wallets that had received the Ribbon tokens had swiftly exchanged them for the popular ether cryptocurrency, then transferred the ether to one cryptocurrency wallet.
Bitcoin: Fake Elon Musk giveaway scam 'cost man £400,000'
I don't know whether it was an oversight on their part, but Vice fails to mention that "Michael Patryn" also isn't his original name: it's Omar Dhanani[1]. His federal criminal record runs back to It was mentioned in the third paragraph, just not expounded upon further. Yep, that's the graf that made me look for his original name. Go watch "Dead Man's Switch" on Netflix reply.
Have Those Behind Defi100 Crypto Project Scammed Investment $32 Million?
However, the project has now issued a denial of the claims, although some doubt apparently remains. The reports of people behind the project running away with the money started circulating after a rather distasteful message appeared on their website on Sunday. Since then, DeFihas clarified that their website was hacked and the hackers had put the message, which has been taken down now. However, it's much lesser-known than the other popular digital assets. At the time of writing, the website was still down. On Sunday, the crypto project, on its official Twitter handle said they had not exited as was suspected.
An Illustrated Glossary of Cryptocurrency Slang (Infographic)
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. HA HA. Screenshots of the message immediately went viral on crypto Twitter always anarchic, easily risible. A popular anonymous crypto-tracking Twitter account called Mr. Cryptocurrency news outlets , as well as Yahoo Finance , ran with the number. The project owners denied any foul play , and it soon became clear the message was a website hack rather than a serious warning — but by then, it was too late.
What's New "simonbaring"
Bitcoin Foundation chairman Brock Pierce argues cryptocurrency regulation by the U. Treasury Department won't affect the market if the rules are 'sensible. Reports broke late Saturday evening that the lesser-known cryptocurrency DeFi was a "scam" after the now-removed notice went live on the website.
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Times are bad, which means, by the perverse logic of American capitalism, stock markets and speculative investments are flourishing. For those who held on and defended Bitcoin during its fallow periods, its time seems to have finally come, particularly as PayPal promises to allow customers to start buying and selling cryptocurrencies next year. Every bull market has its whales, and for Bitcoin of late the biggest whale has been Michael Saylor, the CEO of MicroStrategy, a Virginia-based enterprise software company. Saylor has done something unusual, turning his unremarkable software company into more like a Bitcoin investment vehicle that happens to make software. But none have made such a project of it, orienting the company around accumulating a chaotic currency that also happens to be an environmental catastrophe.
Another DeFi project turns out to be a costly trap for unsuspecting investors lured by unrealistically high APY. The malicious maneuver occurred in minutes, as the scammers redeemed their token all at once, causing its price to plummet and leaving investors with no time to pull out. WhaleFarm Token is the most recent scam to pull the rug on investors.
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