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News

Defrost Finance Reveals Scam Signs By Failing To Perform KYC

December 26, 2022 - Around 2 mins mins to read

Key Points:

  • CertiK Alert identified The Defrost Finance project as an exit scam.
  • The Defrost Finance did not perform KYC, but CertiK Team is aiding the authorities with all of the information they have
According to CertiK Alert, a cryptocurrency real-time alerts platform, the Defrost Finance initiative is an attempt to defraud investors by pretending to be an exit scam. In addition to this, they asserted that the Defrost Finance team did not conduct KYC procedures prior to the launch of the project.
Defrost Finance Reveals Scam Signs By Failing To Perform KYC

The Defrost Finance initiative has been identified as an exit scam by the CertiK monitoring service. CertiK made multiple attempts to get in touch with different members of the team, but none of them were successful. In addition to this, CertiK made the statement that “the team did not perform KYC, but we are aiding the authorities with all of the information we have.” According to the rumors, CertiK is the auditing firm that is working on the Defrost Finance initiative.

It had been previously revealed by Coincu that Defrost Finance had introduced bogus mortgage tokens and then deliberately liquidated, resulting in a loss of more than 12 million US dollars. After that, this project shouted at the hacker, indicating that they are willing to utilize 20% of the bounty in exchange for the majority of the stolen assets.

Defrost Finance Reveals Scam Signs By Failing To Perform KYC

Because the adversaries are currently controlling a crucial part of the platform, prompt intervention is required in order to minimize any more damage. In light of the most recent events, the management of the project has made an offer to the hackers and is ready to settle with the perpetrators of the attack.

When the notification was issued, investors stated that they had lost their staked Defrost Finance (MELT) and Avalanche tokens from their MetaMask wallets. The Defrost Finance platform, which is based on the Avalanche blockchain, is a truly fair launch trading platform. In the meanwhile that an internal team investigates the issue and works to find a solution to it, the company has requested that its investors refrain from using its platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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