DeFi Money Market Impersonated - Revision history

Azoundria at 19:34, 1 May 2023

2023-05-01T19:34:14Z

← Older revision		Revision as of 13:34, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/defimoneymarketimpersonated.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/defimoneymarketimpersonated.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Defimoneymarket.jpg\|thumb\|DeFi Money Market]]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.		[[File:Defimoneymarket.jpg\|thumb\|DeFi Money Market]]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.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.		This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="slowmisthacked-678" /><ref name="defimoneymarket-1860" /><ref name="dmmdaotwitter-1861" /><ref name="dmmdaomedium-1862" /><ref name="dmmdaomedium-1863" />
	<ref name="slowmisthacked-678" /><ref name="defimoneymarket-1860" /><ref name="dmmdaotwitter-1861" /><ref name="dmmdaomedium-1862" /><ref name="dmmdaomedium-1863" />

	== About DeFi Money Market ==		== About DeFi Money Market ==
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	!Description		!Description
	\|-		\|-
	\|June 23rd, 2020 ~~12:00:00 AM~~		\|June 23rd, 2020
	\|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?
			== General Prevention Policies ==
			The matter was made right for those affected.
			== 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}}
	~~The matter was made right for those affected.~~

	== References ==		== References ==
	<references><ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17, 2021)</ref>		<references><ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 18, 2021)</ref>

	<ref name="defimoneymarket-1860">[https://defimoneymarket.com/ DMM Ecosystem] (Jul 25, 2021)</ref>		<ref name="defimoneymarket-1860">[https://defimoneymarket.com/ DMM Ecosystem] (Jul 26, 2021)</ref>

	<ref name="dmmdaotwitter-1861">[https://twitter.com/DMMDAO/status/1275244345549938693 @DMMDAO Twitter] (Jul 25, 2021)</ref>		<ref name="dmmdaotwitter-1861">[https://twitter.com/DMMDAO/status/1275244345549938693 @DMMDAO Twitter] (Jul 26, 2021)</ref>

	<ref name="dmmdaomedium-1862">[https://medium.com/dmm-dao/defi-money-market-dmm-dmg-governance-token-public-sale-b6dd09f90eff Defi Money Market Dmm Dmg Governance Token Public Sale] (Jul 25, 2021)</ref>		<ref name="dmmdaomedium-1862">[https://medium.com/dmm-dao/defi-money-market-dmm-dmg-governance-token-public-sale-b6dd09f90eff Defi Money Market Dmm Dmg Governance Token Public Sale] (Jul 26, 2021)</ref>

	<ref name="dmmdaomedium-1863">[https://medium.com/dmm-dao DMM DAO – Medium] (Jul 25, 2021)</ref></references>		<ref name="dmmdaomedium-1863">[https://medium.com/dmm-dao DMM DAO – Medium] (Jul 26, 2021)</ref></references>

Azoundria at 17:18, 17 February 2023

2023-02-17T17:18:13Z

← Older revision		Revision as of 11:18, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/defimoneymarketimpersonated.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/defimoneymarketimpersonated.php}}
			{{Unattributed Citations}}

	[[File:Defimoneymarket.jpg\|thumb\|DeFi Money Market]]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.		[[File:Defimoneymarket.jpg\|thumb\|DeFi Money Market]]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.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.		This exchange or platform is based in United States, or the incident targeted people primarily in United States.
			<ref name="slowmisthacked-678" /><ref name="defimoneymarket-1860" /><ref name="dmmdaotwitter-1861" /><ref name="dmmdaomedium-1862" /><ref name="dmmdaomedium-1863" />

	== About DeFi Money Market ==		== About DeFi Money Market ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* 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.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|June 23rd, 2020 12:00:00 AM		\|June 23rd, 2020 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ 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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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $40,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ 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?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17)		<references><ref name="slowmisthacked-678">[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17, 2021)</ref>

	[https://defimoneymarket.com/ DMM Ecosystem] (Jul 25)		<ref name="defimoneymarket-1860">[https://defimoneymarket.com/ DMM Ecosystem] (Jul 25, 2021)</ref>

	[https://twitter.com/DMMDAO/status/1275244345549938693 @DMMDAO Twitter] (Jul 25)		<ref name="dmmdaotwitter-1861">[https://twitter.com/DMMDAO/status/1275244345549938693 @DMMDAO Twitter] (Jul 25, 2021)</ref>

	[https://medium.com/dmm-dao/defi-money-market-dmm-dmg-governance-token-public-sale-b6dd09f90eff Defi Money Market Dmm Dmg Governance Token Public Sale] (Jul 25)		<ref name="dmmdaomedium-1862">[https://medium.com/dmm-dao/defi-money-market-dmm-dmg-governance-token-public-sale-b6dd09f90eff Defi Money Market Dmm Dmg Governance Token Public Sale] (Jul 25, 2021)</ref>

	[https://medium.com/dmm-dao DMM DAO – Medium] (Jul 25)		<ref name="dmmdaomedium-1863">[https://medium.com/dmm-dao DMM DAO – Medium] (Jul 25, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/defimoneymarketimpersonated.php}} DeFi Money MarketDefi 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. This exchange or platform is based in United States, or the incident targeted people primarily in United States. == About DeFi Mo..."

2023-01-25T17:30:50Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/defimoneymarketimpersonated.php}} thumb|DeFi Money MarketDefi 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. This exchange or platform is based in United States, or the incident targeted people primarily in United States. == About DeFi Mo..."

New page

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

[[File:Defimoneymarket.jpg|thumb|DeFi Money Market]]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.

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

== About DeFi Money Market ==
"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."

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

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 - DeFi Money Market Impersonated
!Date
!Event
!Description
|-
|June 23rd, 2020 12:00:00 AM
|First Event
|This is an expanded 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 ==
It is unknown how much was recovered.

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 ==
The matter was made right for those affected.

== References ==
[https://hacked.slowmist.io/en/?c=ETH%20DApp SlowMist Hacked - SlowMist Zone] (May 17)

[https://defimoneymarket.com/ DMM Ecosystem] (Jul 25)

[https://twitter.com/DMMDAO/status/1275244345549938693 @DMMDAO Twitter] (Jul 25)

[https://medium.com/dmm-dao/defi-money-market-dmm-dmg-governance-token-public-sale-b6dd09f90eff Defi Money Market Dmm Dmg Governance Token Public Sale] (Jul 25)

[https://medium.com/dmm-dao DMM DAO – Medium] (Jul 25)