Advertisement
AD

Main navigation

Ancient ICO Scam Wallet Suddenly Activated, Pulling Out $22 Million of Funds

Advertisement
Mon, 23/05/2022 - 8:16
Ancient ICO Scam Wallet Suddenly Activated, Pulling Out $22 Million of Funds
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

wallet with funds that had been collected from the 2018 ICO scam suddenly became active for the first time in around three years by swapping a massive amount of ETH for USDC across five wallets, zachxbt reports. It is not yet clear if the swap was made by the owner of the wallet or someone else. The stolen funds are not blocked either.

Advertisement

One of the most commonly used Ethereum blockchain explorers in the industry, Etherscan, has not yet marked wallets associated with the scam ICO addresses. Besides leaving funds untagged, the money in the aforementioned wallets is still not blocked, which allows hackers to move them around.

Sparkster ICO, which raised $30 million in the ICO, concluded in July 2018, reportedly misled investors by promising extremely high returns 300 times more than their initial investment. Such a marketing strategy has been commonly used by cryptocurrency projects, as there was nothing but speculative value behind relatively new tokens or coins.

Ironically, zachxbt published a screenshot of a comment made on the ICO wallet's page by an anonymous user who is expecting tips for warning scammers about the post made by the on-chain sleuth and the possibility of their funds being frozen by exchanges and blockchain security companies.

Related

In the period between 2017 and 2018, the cryptocurrency industry was filled with a variety of scammy projects and teams that were aiming at collecting funds from inexperienced users for inherently worthless tokens.

Unfortunately, the massive rise of the market capitalization of the crypto market attracted even more scammers in 2021 and 2022, as the market saw a massive number of DeFi and NFT-related scams and hacks worth millions of users' funds.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD