UNKNOWN

AUGUST 2021

GLOBAL

AB FINANCE

DESCRIPTION OF EVENTS

"ABFIN Token Finance is a regulated [c]ompany. All you need to do in order to exchange your ABFIN Token is going through easy step by clicking on the Claim ABFIN Token Button, after this is done, you will be able to Exchange them to BNB in PancakeSwap."

 

"Today I'm bringing you a token called AB Finance, which you probably received eight million, and you're trying to sell it on PancakeSwap and it doesn't work. So, this is a scam. Let's take a look at the token first. As you can see, one million people - one million four hundred thousand people received this token. Everyone seems to be having this almost nine million tokens."

 

"As you can see, uh, there is, uh, the burn address has 100 percent of the tokens. One of the - this is the scammers address has 99 percent, and everyone seems to have, you know, that - this is more than 100 percent, so. And if you add together that a million people received these tokens you can see that it's way more than 100 percent in total. So, when you're trying to unlock this then, it tells you to, tells you to go to this website called abfin.org, but this is redirected to abfin.me. Which this is the website."

 

"The scam only works if you click on this button, right. There is a pop-up and you unlock the wallet. When you do this, you authorize the scammer to take other tokens from your wallet and and take it from you. So whatever you do, don't click this and you know, either MetaMask will pop up and and ask for authorization. Once you do that, you are in trouble." "This is the only way they can take money from you."

 

"From that one million four hundred thousand addresses that received this airdrop, nobody was able to trade the token on poocoin, so it's not possible to get rid of, you know, get rid of the tokens from your wallet. It's not possible to buy or sell this token. So what you can do is just leave it alone in your wallet. Don't go to this website and try to unlock your wallet."

At some point on August 25th of 2021, millions of Binance smart chain addresses received a mysterious ABFin token, which appeared to be valuable and directed them to abfin.org. On that website, AB Finance claimed to be a regulated company and that all users had to do to sell their tokens was to unlock them. The unlocking process only required users to give full control over their wallet to the website, at which point any other tokens in their wallet could be withdrawn. The website appears to have subsequently upgraded to look more similar to PancakeSwap, which likely enticed more users to attempt the swap. It's unclear how many users were affected, and whether any further investigation was performed to attempt to recover funds.

HOW COULD THIS HAVE BEEN PREVENTED?

When self-custodying, users have a responsibility to always take great care with any approvals they make. Approving full permissions to a website is usually not advisable. Another method of reducing risk would be to move the majority of funds to a fully offline wallet which is not interacted with.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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