Posted on: 16. November 2020 Posted by: admin Comments: 0

The Binance security team has helped to recover almost all the funds stolen from users as a result of the recent Wine Swap automated market maker (AMM) exit scam. Representatives of the exchange told ForkLog about this.

The launch of the Wine Swap platform at Binance Smart Chain (BSC) took place on 13 October. Just one hour after the launch, the creators of the project made an exit-scam, appropriating the cryptov currencies invested by users for about $345,000 (at the exchange rate as of November 2).

In total, the affected investors sent 19 different tokens to 119 addresses. At the time of the exit scam, the funds on the smart contract 0xa1eaB5F255DD77fED0D8ea81748422ca7ab0eDc4 were sent to 0x4BA023aA9196a354C008aD595F67e268420b7005.

Binance and the BSC development community received an incident report, after which specialists were able to track the flow of funds from Wine Swap. This included crosscheck exchanges between BSC and Binance Chain followed by a transfer to Ethereum. A small portion of the funds ended up on two central exchanges and on the Binance Bridge, where they were frozen.

By that time, almost all coins had been converted into stablecoins, as well as BNB, ETH and LINK.

The Binance team analysed the transactions and identified the addresses whose owners were victims of the attacker and the exact amounts each of them had lost.

The next day, 14 October, the attacker was also identified and soon afterwards contact was made with the attacker. According to representatives of the exchange, understanding that they had been caught hot and avoiding undesirable consequences, the creators of Wine Swap agreed to cooperate.

From that moment on, the process of returning the stolen money began – the attacker sent the stolen money directly to the exchange so that it could distribute it to the victims.

It is reported that most of the funds have already been converted into original tokens. At the time of writing, the process of returning the funds to the affected users is ongoing and is expected to be completed in the coming days.

We would like to remind you that the launch of Binance Smart Chain, the main network that allows creating smart contracts and earning on BNB token stacking, took place in September this year.

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