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Crypto Hacking News: Scammers Target Project Developments, Exit Scams, and Fake Tokens

In the volatile world of cryptocurrencies, hacking incidents and scams are unfortunately not uncommon. With the decentralized nature of blockchain technology, scammers and hackers find creative ways to exploit vulnerabilities. In this investigative report, we will delve into recent hacking incidents and scams that have taken place within the crypto space over the past 24 hours.

1. Project Development Treasury Transfer:
PeckShieldAlert reports that approximately 47.16 million $IMX tokens were transferred from a project development treasury to a specific labeled-address about 22 days ago. Surprisingly, a portion of these tokens, worth around $1.02 million, was recently transferred to Coinbase Prime Deposit. The intention behind these transfers remains unclear, raising questions about the motive and authenticity of the token project.

2. Pepe Deployer and GnosisSafeProxy:
Another intriguing event involves a project known as Pepe. The Pepe Deployer transferred a significant amount of 26.7 trillion $PEPE tokens to an address identified as 0x5BdE…e9BA, which is associated with the #PEPE GnosisSafeProxy. This transfer occurred approximately four months ago. However, just hours ago, the GnosisSafeProxy address moved 16 trillion $PEPE tokens, amounting to a staggering $16.85 million, to various centralized exchanges, including Kucoin, Bybit, OKX, and Binance.

3. Magnate Finance: TVL Drop and Scam Revealed:
Alarming news has emerged regarding Magnate Finance on the Base platform. The Total Value Locked (TVL) has dropped by approximately $6.4 million. Responsible parties manipulated the provider of the price oracle and swiftly removed all assets from the project. Users were left disillusioned and questioning their investments as their funds disappeared before their eyes. Furthermore, it has been discovered that the scammer behind Magnate Finance recently moved approximately 1.34 million $DAI to a new address, raising concerns about the future of these stolen funds.

4. Bridging Stolen Funds to the BNBChain:
Drawing attention to the sophistication of crypto scammers, it has come to light that the Magnate Finance scammer successfully bridged over $1 million of the stolen assets to the BNBChain. This deceptive maneuver allows scammers to potentially cash out their ill-gotten gains without detection on various platforms associated with the Binance ecosystem.

5. Fake CIRCLE Token Liquidity Removal:
The CertiKSkynetAlert highlights a significant liquidity removal incident involving a fake CIRCLE token. The token, located at the BSC address 0xCC68828491854D8619d6D3b63d38536a56962bb8, had $265,000 worth of Wrapped BNB (WBNB) liquidity removed in six consecutive transactions over a period of four days. This suspicious activity further solidifies the presence of fraudulent tokens plaguing the crypto sphere.

The world of cryptocurrencies continues to be a breeding ground for both innovative projects and malicious actors. As seen in the recent hacking incidents and scams, scammers are becoming increasingly sophisticated, manipulating token treasuries, orchestrating exit scams, and creating fake tokens. Investors and users must remain vigilant and conduct thorough due diligence before engaging with any crypto project or token. Monitoring platforms like PeckShieldAlert and CertiKSkynetAlert play a crucial role in exposing these fraudulent activities and safeguarding the community.

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