BNBStake Ponzi Smart Contract

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BNB Stake App

The BNBStake smart contract promised unrealistic returns which were generated from the deposits of other users. The smart contract obtained an audit from Haze Security and then launched. The operators took a 10% fee. The scheme presumably lasted until the smart contract ran out of funds with which to pay new investors.

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

About BNBStake

"Total income: based on your tarrif plan (from 5% to 8% daily)

Basic interest rate: +0.5% every 24 hours - only for new deposits

Minimal deposit: 0.05 BNB, no maximal limit"

"Earnings every moment, withdraw any time (if you use capitalization of interest you can withdraw only after end of your deposit)"

"1. Important: Plans return are float and daily profit for a new deposit will increase by 0.5% daily 2. Minimum deposit amount is 0.05 BNB and you can have multiple deposits 3. Earnings every moment, withdraw instantly any time (if you did not use capitalization of interest)"

"The BNBStake smart-contract provides the opportunity to invest any amount in BNB (from 0.05 BNB) in the contract and get 112% to 292% return on investment in 14 to 28 days if the contract balance has enough funds for payment."

"Dividends are paid from deposits of users."

"All dividends are calculated at the moment of request and available for withdrawal anytime or after the deposit finished time based on plans"

"Each subsequent Deposit is kept separately in the contract, in order to maintain the payment amount for each Deposit."

"Haze Security is a 3rd party auditing company that works on audits based on client requests. And as a professional auditing firm, we check on the contract for any vulnerabilities, backdoors, and/or scam scripts." "In the BNBSTAKE Smart-Contract were found no vulnerabilities, no backdoors and no scam scripts."

"The code was tested with compatible compilers and simulate manually reviewed for all commonly known and specific vulnerabilities."

"BNBStake app? Son, I believe you’ve been scammed... there isn’t a separate app for staking BNB. Always make sure you’re using the built-in staking options which are in the Binance app."

"Just deposited some and did the 14 day contract. I personally think it's a scam. But willing to lose a little. If it works I'll free roll the gains. If not I'll report back. I'll be your guinea pig"

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 - BNBStake Ponzi Smart Contract

Date	Event	Description
March 16th, 2021 4:30:34 AM MDT	Promotional Post	Reddit post promoting the BNBStake scheme.

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

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.