DeFi-scam WhaleFarm managed to steal more than $2 million from investors
The recently launched DeFi WhaleFarm's tokens plummeted 99% after the project team used the rug pull scheme, stealing more than $2 million from their investors.
The phrase "not all that glitters is gold" has become extremely relevant for the cryptocurrency industry, where now and then other "profitable" projects that "guarantee" their investors a multiplication of capital dozens, and sometimes millions of times, appear. One of these turned out to be WhaleFarm, the creators of which told investors about a potential annual profit of 7,217,848% due to the placement of BTC, ETH, BNB, BUSD, ADA, DOT, and LINK. Yes, the amount seems, to put it mildly, ridiculous, but people did bring their funds to this project!
The main cherry on the cake with WhaleFarm was that the team was completely anonymous. Unlike more inventive scammers who carefully generate the identities of fake team members and their photos using neural networks, these did not even try to hide their original intentions. Some investors just might want to pay attention to who they trust their money to.
The rug pull suffered an estimated $2.3 million in damage. After the scam was completed, the attackers promptly cleaned up their social media pages by deleting their Twitter account and Telegram channel. The token reacted to the incident instantly, dropping to almost zero in a few minutes.
We sincerely believe that the coverage of such cases in the media will have the desired effect and by joint efforts, we will be able to save the funds of the majority of novice investors who can doubt the promises of another group of scammers.