YBY-ETORO Phishing and Scamming
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YBY ETORO claims to be a popular and widely used decentralized application. However, once authorized, the service can take funds. The service claims to have been audited by CertiK, however this is not the case. Their website has been updated to claim an audit from SlowMist, including a downloadable document. So far, at least $124k has been sent to the smart contract.
This is a global/international case not involving a specific country.[1][2][3][4][5][6]
About YBY-ETORO
"A better, smarter contract.Explore the ultimate user experience and best engineering practices." "YBY-ETORO is one of the most popular decentralized platforms, ever. And those users are now entrusting the platform with over $5 billion in funds."
"YBY-ETORO is a blockchain agreement. It is like a decentralized central bank that establishes a currency market through smart contracts. The money market is based on the supply and demand of assets, and the interest rate of the asset pool is derived through algorithms. Providers of USDT assets (participants, we call them "miners") , directly interact with smart contract agreements without any actual mortgage, and automatically earn floating interest rates, without negotiating maturity and interest rates or collateral,and other with peers or counterparties Terms."
"It allows USDT holders to automatically explore the borrowing needs of the currency market, and automatically match higher interest orders, after agreeing to authorize the execution of this contract (becoming a "miner"). It is an AMM mechanism and an automatic quantification procedure. Your deposit is always in your own wallet without withdrawal, and you can withdraw the interest earned to your wallet at any time. Become a "miner", hand over to the smart contract agreement, and automatically earn income!"
"The crypto economy is a radical new imagining of the future of work. Open protocols will create transparency and opportunity, enabling anyone in the world to contribute their talents to a global economy. We want to support this vision and build the new coordination mechanisms of the internet age."
"YBY-ETORO is identified as a scammer project. CertiK never performs any audits and interact with this project. Please do not connect your wallet and with the scammer address."
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.
| Date | Event | Description |
|---|---|---|
| December 11th, 2021 | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
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 has been estimated at $124,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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?
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
- ↑ CertiK Blockchain Security Leaderboard (Jan 4, 2022)
- ↑ No Title (Jan 5, 2022)
- ↑ https://drive.google.com/file/d/1boTLHsns6id5m1anaOYgSPb7FQgAJZW6/view (Jan 5, 2022)
- ↑ Address 0x048541809c8e9c75538d7416f40b9f83fa70069b | Etherscan (Jan 5, 2022)
- ↑ YBY-ETORO Cloud farming SCAM : eth_liquidity_scam (Jan 5, 2022)
- ↑ @certikorg Twitter (Jan 5, 2022)