Alert: Public Chain Project Runs Away with Money, Surprised by Another “MTG”?

It turns out that in addition to worrying about the various effects caused by the various news sides of the market, there is another important but not uncommon event that has been ignored by everyone recently, namely the runaway.

Alert: Public Chain Project Runs Away with Money, Surprised by Another "MTG"?

What happened in the market today gave us a wake-up call, it turns out that in addition to worrying about the various effects caused by various news on the market, there is an important but not uncommon event that has been overlooked by everyone in the recent past, namely the run.

According to the details on the market, BSC Chain ran a project early this morning, namely StableMagnet Finance, an automated market maker for stable coin exchange, rolled away $22 million from users and ran away, said blockchain security company PwckShield, StableMagnet Finance’s SwapUtils code was not verified and inconsistent with the main Swap contract.

The amount of this project running away is as high as $22 million and nearly 200 million RMB, which should be the largest amount of the project running away. Although the victimized people are already contacting the exchange to track it, it is not clear if it can be recovered, and even if there is a chance of tracking, the impact is very big. It is reasonable to say that it should not be recovered, although it is a decentralized project, but such a large amount of the project, on a centralized exchange of the public chain, may still have knowledge of the project side.

If this project runaway is considered okay, then another investment platform runaway is a big deal.

According to Bloomberg, the founder of Africrypt, an overseas cryptocurrency investment platform, is missing and 69,000 bitcoins (currently worth $2.3 billion) have been transferred from the platform. Back in April, Africrypt COO Ameer Cajee told customers that the platform had been hacked and asked them not to report the missing funds to authorities. Although investors hired lawyers to investigate, the lawyers were never able to contact the company’s founder and notified the South African Crime Investigation Department. In addition, the lawyers discovered that funds from the Africrypt platform were transferred from their accounts and customer wallets and made untraceable through bitcoin mixers.

With nearly 70,000 bitcoins on the run, it’s easy to think of the “gateway” platform, except that the value of bitcoin then and now is not the same, and both the “gateway” platform and the current one started out claiming to be hacked, and the “gateway” claim is still being questioned by the market as to whether it was a theft or an outside intervention, and it’s still finding reasons not to pay users for their existing losses, which is pretty disgusting.

All in all, now itself is eventful, and now is the project run and platform run, let everyone worry at the same time is also considered to give a wake-up call, for the platform and project selection or to be cautious, especially the current high pressure environment, if further panic, do not rule out some small trading platforms and projects will “jump the wall”, and the market down and a long time downturn, may also be an event that increases the probability of running, after all, some exchanges or projects in the market downturn, customer enthusiasm is not high when it is difficult to continue, it is also very difficult to persist.

Back to the market, today’s market should be weak, from last night’s high fall, this morning’s wave of rebound is also relatively limited, only rebounded to $ 33,000 above not to 34,000 will continue to fall, the lowest again back to $ 32,000 near, and now step into the rebound phase, mainly to see whether the rebound will exceed the previous high, if each rebound does not exceed, then the market can be seen to be weakening.

The plate itself is nothing to see, or a small range of fluctuations, there is no special explosive news, investors are not too bold to move at this time, there is not a trigger point, the market naturally seems calm.

These two days the market is about the same, the daytime quotes go nothing interesting, only now and then at night there will be explosive points, tomorrow is Friday or need to pay attention to the concern with what kind of emotions into the holiday. The bottom concern is $31000 support, the upper pressure level at $36000.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/alert-public-chain-project-runs-away-with-money-surprised-by-another-mtg/
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