Alpha Finance Copycat Rug Pull - Revision history

Azoundria at 18:04, 4 May 2023

2023-05-04T18:04:35Z

← Older revision		Revision as of 12:04, 4 May 2023
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	[[File:Alphafinance.jpg\|thumb\|Alpha Finance]]Alpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was lost by investors.		[[File:Alphafinance.jpg\|thumb\|Alpha Finance]]Alpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was lost by investors.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="isthiscoinascam-8220" /><ref name="alphaventuredaotwitter-8221" /><ref name="alphafinance-502" /><ref name="alphafinancedao-8222" /><ref name="alphafinanceapp-8223" /><ref name="rugdoc-8224" />
	<ref name="isthiscoinascam-8220" /><ref name="alphaventuredaotwitter-8221" /><ref name="alphafinance-502" /><ref name="alphafinancedao-8222" /><ref name="alphafinanceapp-8223" /><ref name="rugdoc-8224" />

	== About Alpha Finance ==		== About Alpha Finance ==
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	!Description		!Description
	\|-		\|-
	\|October 10th, 2021 ~~12:00:00 AM~~		\|October 10th, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==

Azoundria at 23:55, 27 February 2023

2023-02-27T23:55:02Z

← Older revision		Revision as of 17:55, 27 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/alphafinancecopycatrugpull.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/alphafinancecopycatrugpull.php}}
			{{Unattributed Sources}}

	[[File:Alphafinance.jpg\|thumb\|Alpha Finance]]Alpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was lost by investors.		[[File:Alphafinance.jpg\|thumb\|Alpha Finance]]Alpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was lost by investors.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="isthiscoinascam-8220" /><ref name="alphaventuredaotwitter-8221" /><ref name="alphafinance-502" /><ref name="alphafinancedao-8222" /><ref name="alphafinanceapp-8223" /><ref name="rugdoc-8224" />

	== About Alpha Finance ==		== About Alpha Finance ==
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	== References ==		== References ==
	[https://isthiscoinascam.com/check/alpha-finance-lab Is Alpha Venture Dao a scam? Or is Alpha Venture Dao legit?'] (Jun 29)		<references><ref name="isthiscoinascam-8220">[https://isthiscoinascam.com/check/alpha-finance-lab Is Alpha Venture Dao a scam? Or is Alpha Venture Dao legit?'] (Jun 29, 2022)</ref>

	[https://twitter.com/AlphaVentureDAO/status/1439914839032295424 @AlphaVentureDAO Twitter] (Jun 29)		<ref name="alphaventuredaotwitter-8221">[https://twitter.com/AlphaVentureDAO/status/1439914839032295424 @AlphaVentureDAO Twitter] (Jun 29, 2022)</ref>

	[https://alphafinance.io/ Alpha Finance Homepage] (May 12)		<ref name="alphafinance-502">[https://alphafinance.io/ Alpha Finance Homepage] (May 13, 2021)</ref>

	[https://dao.alphafinance.io/discussion/2016--warning Commonwealth] (Jun 29)		<ref name="alphafinancedao-8222">[https://dao.alphafinance.io/discussion/2016--warning Commonwealth] (Jun 29, 2022)</ref>

	[https://www.alphafinance.app/ Alpha Finance] (Jun 29)		<ref name="alphafinanceapp-8223">[https://www.alphafinance.app/ Alpha Finance] (Jun 29, 2022)</ref>

	[https://rugdoc.io/project/alpha-finance/ https://rugdoc.io/project/alpha-finance/] (Jun 29)		<ref name="rugdoc-8224">[https://rugdoc.io/project/alpha-finance/ https://rugdoc.io/project/alpha-finance/] (Jun 29, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/alphafinancecopycatrugpull.php}} Alpha FinanceAlpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was l..."

2023-01-28T03:49:26Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/alphafinancecopycatrugpull.php}} thumb|Alpha FinanceAlpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was l..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/alphafinancecopycatrugpull.php}}

[[File:Alphafinance.jpg|thumb|Alpha Finance]]Alpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was lost by investors.

This is a global/international case not involving a specific country.

== About Alpha Finance ==
"Alpha Finance Lab is a DeFi Lab, and on a mission to build Alpha Universe. Alpha Universe includes the Alpha ecosystem, which consists of Alpha products that interoperate to maximize returns while minimizing risks for users, and other ecosystems incubated through the Alpha Launchpad incubator program."

"Please make sure you enter our official webpage from our protocol only. Please be aware of scams that try to mimics our dApps, which are very hard to identify without seeing the hyperlink at the top. We have no control over the protection of your assets if it is stolen by these scam websites, so please be very careful."

"There is a project on @avalancheavax under the name "Alpha Finance" with a token name $WOLF."

"Please be aware, as the DApp infrastructure allows developers to take users' money out at any time."

"They rugged. Added a hidden pool, set the multiplier on it to 10,000,000x and set emissions to 100/sec."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Alpha Finance Copycat Rug Pull
!Date
!Event
!Description
|-
|October 10th, 2021 12:00:00 AM
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Which policies could have prevented this event from happening?

== References ==
[https://isthiscoinascam.com/check/alpha-finance-lab Is Alpha Venture Dao a scam? Or is Alpha Venture Dao legit?'] (Jun 29)

[https://twitter.com/AlphaVentureDAO/status/1439914839032295424 @AlphaVentureDAO Twitter] (Jun 29)

[https://alphafinance.io/ Alpha Finance Homepage] (May 12)

[https://dao.alphafinance.io/discussion/2016--warning Commonwealth] (Jun 29)

[https://www.alphafinance.app/ Alpha Finance] (Jun 29)

[https://rugdoc.io/project/alpha-finance/ https://rugdoc.io/project/alpha-finance/] (Jun 29)