Cryptocurrencies have come a long way in the past decade. In addition, these digital tokens are gradually gaining widespread attention. At the time of writing, the market has a global capitalization of $ 2.36 trillion. At the same time, however, fraud and other illegal activities have increased just as quickly. From scams to sophisticated systems, there are myriad pitfalls that can wipe out investor or institutional money.

To date, a number of attempts at fraud with coin lists for Metaverse projects have spread Reddit. While many people spot these fake scams early on, some do spot it after they’re trapped. A good example is the beluga whale.

KYpathetic listed on Kucoin

White Whale, an arbitrage platform built on terraced, is currently in trouble as the latest carpeting victim.

The platform was forged by the Kucoin team as a “listing fee” in an ingenious scam. Follow notification, the log lost 2,510,000 WHALE tokens, or approximately $ 510,000 at the time of going to press. The team quickly wrote an article that told the full story.

On December 29th, Minutes announced they would be listed on one of the largest exchanges, Kucoin. However, this is a story of confusion. Oddly enough, the team previously tweeted:

“The WHALE token listed on Kucoin is an ERC20 token and that’s not us.”

Then they will forgiveness about the:

“We apologize for the confusion. There’s a lot more to the story, but it doesn’t stop there. We plan to have a full round-up at our regular community update call on Friday here on Twitter. Hopefully all the details will be clarified. “

Missed advertising opportunity – how?

In the past weeks, months, even years, many exchanges have come up with appropriate protocols to invite listings. Similarly, the “fake” Kucoin operators did the same thing in this case.

At first it didn’t seem unusual. After further discussion, “many team members and advisors from White Whale” were invited to join these so-called Kucoin members. The blog added:

“It was an organized and coordinated team performing a complex operation. They also used the simultaneous listing of another WHALE token on Kucoin to further confuse the situation. “

It’s getting worse here. Publish a joint marketing plan for both parties that has blog said:

“Kucoin has not posted anything on its official channels. After some further investigation it became clear that these were not Kucoin employees, but rather fraudsters. “

Team has divide Incident on Twitter:

“We choose transparency. We will also meet the community face to face and answer any related questions during our regular community update meeting today (December 31, 2021) at 1 p.m. (Synthetic Team hourly). We also have some positive news to offer at the meeting. We expect everyone to be there. “

Damage?

Damage is inevitable.

“Damage up to 2,510,000 WHALE from non-circulating supply and 50,000 USDT from our team development fund sent by our multisig team.”

In the meantime, the native WHALE token is affected by this theft. The price has fallen sharply and is currently trading at $ 0.2.

The source: CoinMarketCap

Next Step

In the crypto space, exchanges tend to reimburse those who suffer and White Whale is no exception. The team here took the same steps. Manager confirm:

“To remedy this, the team bought equal amounts of WHALE on the open market and removed it from circulating supply so the community would not have to ingest the diluted amount.”

In general, other platforms too provided More insights for top logs.

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