$68 000 USD
DESCRIPTION OF EVENTS
"Coin Breeder is a Decentralized Autonomous Organization (DAO), focused on researching & developing efficient Decentralized Consensus Protocols (DCP) on the blockchain. CBDAO is governed and ruled by a community of #DeFi developers, yield farmers and fans alike with the help of a decentralized, incentivized and cost-efficient consensus system."
"CBDAO serves as the ultimate sandbox for blockchain researchers, developers and users to proof-test and experience various governance protocols as a DAO. CBDAO actively on-boards new users by providing additional yield in the form of $BREE to users who are already familiar with DCPs as they hold and farm governance assets such as $MKR, $COMP, $SNX, $BAL, $DMG, $AKRO."
"Coin farming and yield generator DAO." "CBDAO aims to offer a Decentralized Autonomous Organization (DAO) sandbox for researchers, developers, and users to experiment and proof-test various decentralized consensus protocols on DAOs."
"Given that the team waited for the coin to bleed from $50 to under $4 and pulled the plug in order to secure (only) an extra $60,000 is quite sloppy. Prior to the pull, the team had been developing the project and meeting deadlines. They recently hired new team members and pushed a new website the night before the attack. Deadlines were met and their contracts worked."
"CBDAO ($BREE): The project had a presale for $SBREE tokens which would be swapped for $BREE. One of the admin wallets exploited a backdoor in the SBREE token contract, minted 50,000 SBREE, converted it to BREE and sold it on the market, pushing down the price of BREE at the expense of other holders. The 50,000 BREE was sold for under 200 ETH."
"This morning, one of the admin wallets exploited a backdoor in the Synthetic Bree (SBREE) token contract. They minted 50,000 SBREE, converted to BREE, and dumped onto the open market. Here is the mint, and here is the activity of the dev wallet. The original sale funds (roughly $1 million in ETH) are also as good as gone."
"The project is currently having a token swap from SBREE (synthetic BREE) to BREE." "There are reports that the CBDAO team has deleted the website and social media accounts. Please exercise caution when interacting with this address."
"Their twitter and medium accounts are gone. Price massively plunged. Really what a shame. Many people believed in this project and they do a rugpull like this. And they do it at the lowest point of people's lives right now. Thats why hodling doesn't work a lot of time. Crypto is a short term game of playing hot potato. You don't wanna be holding it too long or you are gonna get burnt."
"Fortunately, law enforcement has already been contacted, as have the exchanges and firms that did business with CBDAO (Binance, Bittrex, Poloniex, Etherscan, Somish labs). As information has been compiled and delivered to proper authorities, I will not spend time here to dox the suspects or divulge compiled information. There are many BREE holders working on compiling more information."
CBDAO boasted itself as a DAO, focused on decentralized consensus protocols. The smart contract hot wallet had a deliberate backdoor, which the team exploited to steal funds before deleting Twitter and other social media.
It is very likely that these fraudsters will not get away, as they were not very careful and some claim to know who they are.
HOW COULD THIS HAVE BEEN PREVENTED?
The issue could have been avoided by having a known team with background checks and funds stored in an offline multi-signature wallet.
List of Defi scams (Jul 12)
Newsletter #11 (Jul 12)
12 Defi Con Artists Exposed – Are Rug Pulling Incidents Threatening the Future of Defi ? – Bitcoin worldReport (Jul 24)
CBDAO price today, BREE to USD live, marketcap and chart | CoinMarketCap (Aug 22)
$0.0867 | CBDAO (BREE) Token Tracker | Etherscan (Aug 22)
CBDAO price, BREE chart, market cap, and info | CoinGecko (Aug 22)
logo-icon (Aug 22)
@EndReceiving Twitter (Aug 22)
Ethereum Transaction Hash (Txhash) Details | Etherscan (Aug 22)
Address 0x85c90f369676789d3234ecf07adb5262df1bcf15 | Etherscan (Aug 22)
Coin Breeder DAO – DeFi League Governed by Developers and Yield Farmers (Aug 22)
CBDAO BREE exit scam : CryptoMoonShots (Jan 15)