Scammers created fake DWAP tokens and stole $ 53K worth of Ethereum after CEO Andre Cronje’s Deriswap announcement
Yearn.Finance’s new platform – Deriswap – had just come under attack when hackers created fake DWAP tokens to steal $ 53,000 worth of ETH. This is the incident that occurred following the announcement of Deriswap by CEO Andre Cronje.
Deriswap: Capital efficient swaps, futures, options, and loans https://t.co/5QZLOBobZd
— Andre Cronje (@AndreCronjeTech) November 23, 2020
Hackers steal ETH from Yearn.Finance’s new platform – Deriswap
Shortly after Yearn.Finance CEO Andre Cronje announced on Twitter about the new platform Deriswap, and the hackers took action. A group of scammers created fake DWAP tokens and stole more than $ 53,000 worth of ETH. At least 30 DWAP counterfeit tokens were released during the incident. Then a Twitter user also provided information about the fraud in question.
The user named “Halfapple” commented in the post he shared:
“Andre shared an update about Deriswap 30 minutes ago. Someone also created a fake token called $ DWAP. With 60 addresses and over 150 ETH, transactions were made in less than 15 minutes and everything was gone. When you see something new, do not take action without confirming it on Etherscan.”
According to the report, the fake tokens were created on the Uniswap exchange. First 72.4 ETH and then a total of 162.3 ETH were transferred to the exchange within 20 minutes. As such, scammers made $ 53K by stealing over 90.1 net ETH.
The scammers sent the DWAP token to the “Yearn: deployer” contract address so that the DWAP token transaction would not be detected as tampering. That action is clearly shown on the information board provided by Etherscan.io below:
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