Market

White whale fell victim to the “Kucoin list” and lost millions of tokens

White whale fell victim to the “Kucoin list” and lost millions of tokens.

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

15 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

45 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

This website uses cookies.