In the fast-paced world of cryptocurrency, the ever-looming threat of Rug Pulls has once again taken center stage.
Check Point’s Threat Intel Blockchain system, a vigilant guardian of the blockchain realm, recently uncovered a meticulously executed scheme that swindled nearly $1 million from unsuspecting investors.
The Threat Intel Blockchain system sounded the alarm on an ongoing Rug Pull event, exposing the malevolent actor orchestrating this financial caper.
Exploiting the fervor surrounding cryptocurrency, the perpetrator deftly lured in victims, capitalizing on the allure of the latest trends and creating tokens such as GROK 2.0.
This sophisticated scam unfolded in multiple stages, from the creation of fake tokens to the manipulation of liquidity pools, simulated trading activities, and the eventual extraction of funds.
In the upcoming webinar, Karthik Krishnamoorthy, CTO and Vivek Gopalan, VP of Products at Indusface demonstrate how APIs could be hacked. The session will cover: an exploit of OWASP API Top 10 vulnerability, a brute force account take-over (ATO) attack on API, a DDoS attack on an API, how a WAAP could bolster security over an API gateway
Delving into the technicalities, the scammer utilized two smart contracts to trade and pump the token volume, executing functions like simulated trading and artificially boosting token volume through Uniswap Router.
This Rug Pull incident is a stark reminder of the importance of awareness and due diligence.
Check Point researchers, committed to safeguarding the crypto community, actively monitor domains associated with the identified scammer’s wallet address and similar threats.
Stay informed, stay vigilant.
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