$40 000 USD

JUNE 2020

UNITED STATES

DEFI MONEY MARKET

DESCRIPTION OF EVENTS

"DeFi Money Market (DMM) empowers everyone to once again earn stable interest on their currency, backed by real-world assets represented on-chain." "We at the DeFi Money Market Foundation, backed by billionaire Tim Draper’s venture firm Draper Goren Holm, are initiating the first public sale of the DMG governance token which will be used to oversee and direct the DeFi Money Market (DMM) DAO. DMM is a protocol that brings revenue-generating real world assets onto the Ethereum blockchain and into the DeFi ecosystem. The DMG public sale is being launched as an Initial DEX Offering (IDO) in order to enable broad and permissionless access for anyone with just an Ethereum address and an internet connection. The sale is opening today, June 22nd, and will run for one month or until all the allocated tokens have been sold."

 

"The official DeFi money market agreement DMM Twitter said that during $DMG public sale today, its telegram was unfortunately brigaded by malicious actors who impersonated the DMM Foundation with sole the intent of stealing funds. After digging through the on-chain transactions to find those affected, the official sent a total of $40k worth of DMG to those affected at an exchange rate of $0.40 per DMG, hoping to make sure everyone who lost funds were made whole."

 

"During the $DMG public sale today, our telegram was unfortunately brigaded by malicious actors who impersonated the DMM Foundation with sole the intent of stealing funds."

 

"We sent everyone who was scammed during the token sale the respective amount of DMG they should have gotten."

 

"We didn't feel right what happened and wanted to make sure everyone who lost funds were made whole. After digging through the on-chain transactions to find those affected, we sent a total of $40k worth of DMG to those affected at an exchange rate of $0.40 per DMG."

 

"On Dec. 15, 2020, DMM received an investigative subpoena from the United States Securities and Exchange Commission (SEC)."

 

"DMM IS CEASING OPERATIONS. mTokens can be redeemed with interest accrued to-date by following the link below. A process for DMG token redemption is being rolled out."

 

"As a result of regulatory inquiries, DMM is shutting down. Effective immediately, mToken minting is no longer available. mToken redemption will remain available indefinitely, though the interest rate on mTokens will drop to 0% on or about February 10th, 2021. Capital and interest are currently available to fund redemption of all outstanding mTokens plus accrued interest. Please redeem your mTokens as soon as possible."

 

"The SEC’s investigation is ongoing and, at this time, we are unable to predict what the ultimate timing or outcome of the SEC investigation may be."

Defi Money Market launches a fundraiser token sale. Malicious actors impersonate the project and scam some participants via Twitter. The protocol then compensates the affected users.

HOW COULD THIS HAVE BEEN PREVENTED?

The matter was made right for those affected.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

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

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