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Scam Alert

Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

February 21, 2023 - Around 3 mins mins to read

Key Points:

  • A hacker who made off with everything from the genesis protocol cost Hope Finance almost $2 million in cryptocurrency holdings.
  • The abused smart contract was different from the one that Cognitos reviewed for Hope, according to a Cognitos spokeswoman.
  • Some crypto community members have claimed that the protocol was a rug pull.
Hope Finance, a decentralized finance (DeFi) protocol, lost about $2 million in cryptocurrency assets on February 20 to a hacker who also claimed ownership of the whole genesis protocol.
Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

According to the DeFi protocol, Ugwoke Pascal Chukwuebuka, a Nigerian, was the hacker who defrauded the community while publishing a photo of himself holding a voter’s card.

Some in the crypto community have claimed that Hope Finance was a rug pull.

According to monitoring by AegisWeb3, a rug pull occurred in Hope Finance. The scammers have transferred ETH to the Ethereum blockchain through Celer and Uniswap and used 3 addresses to transfer 1095 ETH (approximately $1.86 million) to Tornado Cash.

According to a representative from its auditor Cognitos, the malevolent player used a different smart contract from the one Hope Finance had examined.

Cognitos said that Hope Finance hired it to evaluate the smart contract code and conduct a security assessment.

Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

The Hope Finance team made several changes to the contract, but each one was rechecked by its engineer, the Cognitos spokesman continued. Moreover, Cognitos stated that the team’s point of contact with Hope Finance “had deactivated his account.”

Markuu, a DeFi enthusiast, said it is possible that the doxing* scammer is not taking people’s money because there are paid services that allow people to dox themselves.

*Doxing is a form of online intimidation using personal information, speech, or other confidential and sensitive information to harass, blackmail or other threatening behavior against the victim.

Hope Finance is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. It utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency HOPE, to facilitate programmable payments and open financial infrastructure development. As of December 2020, the network has transacted an estimated $299 billion for over 2 million users.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Cognitos

ETH

Hope Finance

rug pull

Tornado cash

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Scam Alert

Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

Key Points:

  • A hacker who made off with everything from the genesis protocol cost Hope Finance almost $2 million in cryptocurrency holdings.
  • The abused smart contract was different from the one that Cognitos reviewed for Hope, according to a Cognitos spokeswoman.
  • Some crypto community members have claimed that the protocol was a rug pull.
Hope Finance, a decentralized finance (DeFi) protocol, lost about $2 million in cryptocurrency assets on February 20 to a hacker who also claimed ownership of the whole genesis protocol.
Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

According to the DeFi protocol, Ugwoke Pascal Chukwuebuka, a Nigerian, was the hacker who defrauded the community while publishing a photo of himself holding a voter’s card.

Some in the crypto community have claimed that Hope Finance was a rug pull.

According to monitoring by AegisWeb3, a rug pull occurred in Hope Finance. The scammers have transferred ETH to the Ethereum blockchain through Celer and Uniswap and used 3 addresses to transfer 1095 ETH (approximately $1.86 million) to Tornado Cash.

According to a representative from its auditor Cognitos, the malevolent player used a different smart contract from the one Hope Finance had examined.

Cognitos said that Hope Finance hired it to evaluate the smart contract code and conduct a security assessment.

Hope Finance Appears Rug Pull, Scammers Transferred $1.86 Million ETH To Tornado Cash

The Hope Finance team made several changes to the contract, but each one was rechecked by its engineer, the Cognitos spokesman continued. Moreover, Cognitos stated that the team’s point of contact with Hope Finance “had deactivated his account.”

Markuu, a DeFi enthusiast, said it is possible that the doxing* scammer is not taking people’s money because there are paid services that allow people to dox themselves.

*Doxing is a form of online intimidation using personal information, speech, or other confidential and sensitive information to harass, blackmail or other threatening behavior against the victim.

Hope Finance is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. It utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency HOPE, to facilitate programmable payments and open financial infrastructure development. As of December 2020, the network has transacted an estimated $299 billion for over 2 million users.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News