DeFi project EMD suspected of $2.5 million exit scam

The EOS-based DeFi project EMD’s organizers allegedly carried out an exit scam, siphoning $2.5 million of client funds, as reported by the Chinese analytics company SlowMist.

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According to available information, from the contract ’emeraldmine1′ 780,000 USDT, 490,000 EOS and 56,000 DFS were withdrawn. They were sent to the account ‘sji111111111’. Subsequently, 121,000 EOS tokens were moved to the ChangeNOW exchange.

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In ForkLog’s comment, exchange representatives said they had tracked over 135,000 stolen EOS tokens (over $379,000 at the time of writing). The funds will be returned to users after an official request by law enforcement; the attackers’ addresses have been added to the blacklist.

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SlowMist specialists added that the EMD contract had been altered after release, and urged users not to send cryptocurrency to the project’s addresses.

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PeckShield has found that USDT tokens are being moved to DeFibox and other platforms.

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Representatives of DeFibox have already reached out to SlowMist and other interested companies to provide them with information to help locate the attackers.

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In June, the Ukrainian crypto investment fund Bitsonar carried out an exit scam. For more on the history of the pyramid built by a former official, read ForkLog’s special feature.

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