A two-month-old DeFi project CoinBreeder plays the long game, scams users

There has just been another scam that surfaced in the cryptocurrency market under the guise of a two-month-old DeFi project plays the long game. The project is called CoinBreeder, a multi-faceted Ethereum project that included features related to non-fungible tokens (NFTs) and staking. And in recent times, the project got caught up in fraud allegations.

Most Ethereum DeFi scams have been going on for a few days, for example, CoinBreeder

CoinBreeder (BREE) achieved immediate success, just weeks after its launch in early August 2020. Along with that, BREE has a total market cap of $ 50 million – quite large for a newly launched project.

But just last week, this project turned into a scam.

According to one Twitter user, an admin wallet exploited a hidden backdoor in a BREE contract, allowing them to dump 50,000 coins on the open market. The sale’s return was only approximately 200 ETH, and one million worth of ETH generated in a presale had been counted as good as gone. The project’s website, Twitter, and Telegrams have been pulled. The admin address that executed this scam purportedly has connected his address to addresses affiliated with top exchanges Bittrex and Binance. This may allow law enforcement to find the individual (s) behind this scam.

Even so, BREE price has since dropped a few cents from an all-time high of $ 50. At press time, BREE is hovering around $ 0.06793, up nearly 10% over the past 24 hours but for unknown reasons.

a-two-month-old-defi-project-coinbreeder-plays-the-long-game-scams-users

BREE is just one of many DeFi-related scams that have occurred over the past few months.

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