11.3 C
Los Angeles
Friday, March 24, 2023
HomeCryptoAurora Labs exec details...

Aurora Labs exec details ‘fascinating and devious’ crypto scam he almost fell for

Aurora Labs’ head of product, Matt Henderson says there is a sophisticated over-the-counter (OTC) transaction scam running about that almost duped him into losing a stash of his hard-earned cryptocurrency. 

Henderson detailed his personal run-in with a scam artist known as ‘Olai’ to his Twitter followers on Aug. 5. 

Olai’s scam essentially involves tricking a victim into believing payment had been received for an OTC crypto transaction, when in fact it wasn’t.

How it worked

Henderson explained the crypto scam began when Olai contacted him on the Telegram messaging app, inquiring about purchasing AURORA tokens with USC Coin (USDC).

The pair agreed to conduct the transaction via escrow, a common strategy by which a trusted, neutral third party holds assets on both sides of the transaction and releases them to the counterparty when payment conditions are met.

In this case, Henderson selected Aurora Labs’ head of security Frank Braun to act as the escrow agent, who he initially referred to as “Steve” in the Twitter thread. 

However, Henderson caught wind of something suspicious when his escrow partner shared a screenshot of him supposedly giving the go-ahead to release the full amount of AURORA tokens to the buyer. 

According to Henderson, the scammers replicated his Discord profile and directed Braun to release the AURORA token balance to the scammers.  

Discord’s blocking function made sure Henderson was unaware his profile had been cloned and scammers were impersonating him. 

After successfully evading the con, Henderson later unpacked the intricacies of the scheme, warning anyone trading crypto through OTC means to take extreme caution and avoid falling victim to the sophisticated scheme.

Related: Solana-hacked crypto could be claimed as a tax loss: Experts

He also shared that the scammer named ‘Olai’ may still be active in the community, as a person using a similar name and tactic has been spotted on Telegram, according to Twitter user Scott Yeager.

“How curious… I was recently approached by an Olai Olsen on Telegram attempting to initiate an OTC deal and offering USDC. Same character?”

Earlier this year, the United States Federal Trade Commission found that nearly half of all crypto-related scams originated from social media platforms in 2021. 

In a report in June, the FTC reported that as much as $1 billion in crypto has been lost to scammers throughout the year, more than a five-fold increase from 2020. 

Source link

Most Popular


Please enter your comment!
Please enter your name here

More from Author

Ari Lennox Shares ‘Princess And The Frog’ Video Audition

Ari Lennox revealed her fans were heartbroken late last year age gender location tourism Will be her last. "I love my loyal fans so much and can't wait to give you my all every night!!" she wrote on social media. "Europe, I love you, but...

DefiLlama resolves internal conflict, quelling ‘hostile takeover’ accusations

Decentralized finance (DeFi) analytics platform DefiLlam has resolved an internal conflict that threatened to result in a “fork” of the platform. The issue was first raised by developer 0xngmi, who claimed on Twitter on March 19 that DefiLlama was "subject to a hostile takeover" for launching a token...

Sifflet raises cash to expand its data observability platform

Organizations working with large amounts of data often struggle to ensure that data remains high quality. According to a research from Great Expectations, which creates open source data testing tools, 77% of companies have data quality problems and 91% believe that this affects their performance. With this...

Matt Kuhnemann gets ‘awesome tips’ from Ravindra Jadeja

Ravindra Jadeja he is a man of his word. India allrounder promised Australia spinner Matt Kuhnemann masterclass after the Border-Gavaskar series - and he did just that.Soon Fourth exam in Ahmedabad ended in a draw on Monday, Jadeja took time to speak to the Australian visitor....

At Ukraine’s front, police try to evacuate holdout families

AVDIIVKA, Ukraine -- Pale and grimy from living in a damp, dark basement for nearly a year, the crying teenager and her mother emerged to the sound of pounding artillery and made their way to a waiting armored police van that took them into salvationRussian forces were...

Rabbit Hole Cast Had No Idea About The Show’s Twists Until The Very End [Exclusive]

Meta Golding also came as a bit of a surprise to co-star as Hayley Winton in the series alongside Kiefer Sutherland. she told me: "When I first got the script, I think I had two episodes. At that point, I didn't even understand if she was good or...

Will Amazon Or Apple TV + Offer The Pac-12 Deal They Can’t Say No To?

By Jim Williams If we're to believe what we're reading in the trade press, the new Pac-12 media deal with ESPN, Amazon Prime Video, and Apple TV+ remains on the table. What we've been reading in the tea leaves is that potential conversations are heavy on distribution...

Abdur Rehman to be Pakistan’s head coach for Afghanistan T20Is; Umar Gul named bowling coach

Pakistan mentioned Abdur Rehman as a long-time principal and Umar Gul as the bowling coach for the three T20I matches against Afghanistan. Mohammad Yousuf and Abdul Majeed will continue as batting coach and player, respectively.Rehman is an experienced homework trainer with more than ten years of experience...

Ari Lennox Celebrates Sobriety With Splits In A Sexy Dress

go through Kay Lewis Posted on March 21, 2023 1:00 amAli Lennox released a series of Behind-the-scenes A picture was taken before she hit the stage, and they were kind of spooky. Ari Lennox Bling The singer wore what appeared to be gold coins, held together...

Arbitrum token finds its way to OTC market before the airdrop

The Arbitrum community has been speculating and selling its unissued ARB tokens in the over-the-counter (OTC) markets following Arbitrum's announcement. Arbitrum Foundation announced that ARB, Arbritrum's new token, will be released to eligible community members on Thursday, March 23rd. It was explained that ARB Marks Arbitrum's...