Zao Finance Exit Scam: Difference between revisions

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(Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/zaofinanceexitscam.php}} {{Unattributed Sources}} thumb|BSC Smart Chain Exit ScamBitBoy Crypto was a highly popular YouTuber who regularly promoted different projects, often as part of sponsorship deals where he would receive compensation. One such project was Zao Finance, which was a smart contract on the Binance Smart Chain which existed as a Telegram group without a...")
 
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[[File:Binancesecurity.jpg|thumb|BSC Smart Chain Exit Scam]]BitBoy Crypto was a highly popular YouTuber who regularly promoted different projects, often as part of sponsorship deals where he would receive compensation. One such project was Zao Finance, which was a smart contract on the Binance Smart Chain which existed as a Telegram group without a website. The project quickly exited with everyone's money. It does not appear that any affected user funds have been recovered.
[[File:Binancesecurity.jpg|thumb|BSC Smart Chain Exit Scam]]BitBoy Crypto was a highly popular YouTuber who regularly promoted different projects, often as part of sponsorship deals where he would receive compensation. One such project was Zao Finance, which was a smart contract on the Binance Smart Chain which existed as a Telegram group without a website. The project quickly exited with everyone's money. It does not appear that any affected user funds have been recovered.


This is a global/international case not involving a specific country.<ref name="redditold-13391" /><ref name="redditold-13392" /><ref name="etherscan-13393" /><ref name="etherscan-13394" /><ref name="zachxbttwitter-13395" /><ref name="cryptodefilordtwitter-13396" /><ref name="cryptodefilordtwitter-13397" /><ref name="zachxbttwitter-13398" /><ref name="fatmanterratwitter-13399" /><ref name="zachxbttwitter-13400" /><ref name="hvcryptoversetwitter-13401" /><ref name="0faithinvestortwitter-13402" /><ref name="burntrxtwitter-13403" /><ref name="0faithinvestortwitter-13404" /><ref name="doodhwaladailytwitter-13405" /><ref name="itsmidnightshowtwitter-13406" /><ref name="protocolupdatetwitter-13407" /><ref name="rhinofitwitter-13408" /><ref name="something27192twitter-13409" /><ref name="cryptodefilordtwitter-13410" /><ref name="theinnoviotwitter-13411" /><ref name="spadesinveststwitter-13412" /><ref name="bycasecoldtwitter-13413" /><ref name="aicoincomtwitter-13414" /><ref name="solanalyytwitter-13415" /><ref name="singh1aryantwitter-13416" /><ref name="youtube-13417" /><ref name="youtube-13418" /><ref name="youtube-13419" /><ref name="youtube-13420" />
This is a global/international case not involving a specific country.<ref name="redditold-13391" /><ref name="redditold-13392" /><ref name="etherscan-13393" /><ref name="etherscan-13394" /><ref name="zachxbttwitter-13395" /><ref name="cryptodefilordtwitter-13396" /><ref name="cryptodefilordtwitter-13397" /><ref name="zachxbttwitter-13398" /><ref name="fatmanterratwitter-13399" /><ref name="zachxbttwitter-13400" /><ref name="hvcryptoversetwitter-13401" /><ref name="0faithinvestortwitter-13402" /><ref name="burntrxtwitter-13403" /><ref name="0faithinvestortwitter-13404" /><ref name="doodhwaladailytwitter-13405" /><ref name="itsmidnightshowtwitter-13406" /><ref name="protocolupdatetwitter-13407" /><ref name="rhinofitwitter-13408" /><ref name="something27192twitter-13409" /><ref name="cryptodefilordtwitter-13410" /><ref name="theinnoviotwitter-13411" /><ref name="spadesinveststwitter-13412" /><ref name="bycasecoldtwitter-13413" /><ref name="aicoincomtwitter-13414" /><ref name="solanalyytwitter-13415" /><ref name="singh1aryantwitter-13416" /><ref name="youtube-13417" /><ref name="youtube-13418" /><ref name="youtube-13419" /><ref name="youtube-13420" /><ref name=":0">https://www.youtube.com/watch?v=4OsAv8DLRp4 (Accessed Apr 30, 2024)</ref><ref>https://old.reddit.com/r/CryptoCurrency/comments/wxl146/bitboy_had_admitted_to_promoting_rugpulls_and/ (Apr 30, 2024)</ref>


== About Zao Finance ==
== About Zao Finance ==
Line 57: Line 57:
|Tweet Complaint
|Tweet Complaint
|CryptoDefiLord complains in a Tweet.
|CryptoDefiLord complains in a Tweet.
|-
|September 8th, 2020 9:00:01 AM MDT
|Addressing On YouTube
|BitBoy discusses the video and he's not doing any more sponsor tweet based on Zao Finance<ref name=":0" />.
|-
|-
|January 3rd, 2022 12:13:00 PM MST
|January 3rd, 2022 12:13:00 PM MST

Latest revision as of 13:42, 30 April 2024

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BSC Smart Chain Exit Scam

BitBoy Crypto was a highly popular YouTuber who regularly promoted different projects, often as part of sponsorship deals where he would receive compensation. One such project was Zao Finance, which was a smart contract on the Binance Smart Chain which existed as a Telegram group without a website. The project quickly exited with everyone's money. It does not appear that any affected user funds have been recovered.

This is a global/international case not involving a specific country.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]

About Zao Finance

"ZAO FINANCE (ZAO) We build a Decentralized Finance Application to give you the most of Financial Freedom. First Fully Women empowered Decentralized Finance project. Find the Telegram community at @zaofinance Presale is Live. #ad"

He made a tweet on this token in 2020. This token got exit scammed.

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.

Key Event Timeline - Zao Finance Exit Scam
Date Event Description
September 7th, 2020 10:32:31 AM MDT Transfer 80 ZAO A blockchain transfer of 80 ZAO tokens.
September 7th, 2020 2:42:00 PM MDT No Tokens Received CryptoDefiLord reports that they didn't receive their Zao tokens.
September 7th, 2020 10:53:00 PM MDT Tweet Complaint CryptoDefiLord complains in a Tweet.
September 8th, 2020 9:00:01 AM MDT Addressing On YouTube BitBoy discusses the video and he's not doing any more sponsor tweet based on Zao Finance[31].
January 3rd, 2022 12:13:00 PM MST Mention By ZachXBT The tweet is mentioend by ZachXBT.

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

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

The total amount recovered is unknown.

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?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ https://old.reddit.com/r/CryptoCurrency/comments/ryzs07/bitboy_has_been_involved_in_7_crypto_scams_in_the/hru74j9/ (Sep 20, 2022)
  2. ↑ https://old.reddit.com/r/CryptoCurrency/comments/ryzs07/bitboy_has_been_involved_in_7_crypto_scams_in_the/ (Apr 5, 2023)
  3. ↑ ZAO FINANCE (ZAO) Token Tracker | Etherscan (Apr 29, 2024)
  4. ↑ Ethereum Transaction Hash (Txhash) Details | Etherscan (Apr 29, 2024)
  5. ↑ @zachxbt Twitter (Apr 29, 2024)
  6. ↑ @CryptoDefiLord Twitter (Apr 29, 2024)
  7. ↑ @CryptoDefiLord Twitter (Apr 29, 2024)
  8. ↑ @zachxbt Twitter (Apr 29, 2024)
  9. ↑ @FatManTerra Twitter (Apr 29, 2024)
  10. ↑ @zachxbt Twitter (Apr 29, 2024)
  11. ↑ @HVcryptoverse Twitter (Apr 29, 2024)
  12. ↑ @0faithinvestor Twitter (Apr 29, 2024)
  13. ↑ @burn_trx Twitter (Apr 29, 2024)
  14. ↑ @0faithinvestor Twitter (Apr 29, 2024)
  15. ↑ @DoodhwalaDaily Twitter (Apr 29, 2024)
  16. ↑ @itsmidnightshow Twitter (Apr 29, 2024)
  17. ↑ @ProtocolUpdate Twitter (Apr 29, 2024)
  18. ↑ @rhinofi Twitter (Apr 29, 2024)
  19. ↑ @something27192 Twitter (Apr 29, 2024)
  20. ↑ @CryptoDefiLord Twitter (Apr 29, 2024)
  21. ↑ @The_Innovio Twitter (Apr 29, 2024)
  22. ↑ @SpadesInvests Twitter (Apr 29, 2024)
  23. ↑ @byCaseCold Twitter (Apr 29, 2024)
  24. ↑ @AICoincom Twitter (Apr 29, 2024)
  25. ↑ @Solanalyy Twitter (Apr 29, 2024)
  26. ↑ @Singh1Aryan Twitter (Apr 29, 2024)
  27. ↑ Crypto YouTuber Exposes Themselves In a Lawsuit... - YouTube (Apr 29, 2024)
  28. ↑ The Death of a CRYPTO INFLUENCER. - YouTube (Apr 29, 2024)
  29. ↑ The Fall of "BitBoy Crypto" - Greed and Sponsorships - YouTube (Apr 29, 2024)
  30. ↑ Insane Lawsuit Backfires - YouTube (Apr 29, 2024)
  31. ↑ 31.0 31.1 https://www.youtube.com/watch?v=4OsAv8DLRp4 (Accessed Apr 30, 2024)
  32. ↑ https://old.reddit.com/r/CryptoCurrency/comments/wxl146/bitboy_had_admitted_to_promoting_rugpulls_and/ (Apr 30, 2024)
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