Hackers managed to automate cryptocurrency theft

Blockfence analysts have discovered a large-scale automated scam that affected more than 42,000 users.

According to the experts, since April 2023, unknown hackers have created more than 1,300 fake tokens, which allowed them to steal more than $ 32 million in various assets. The fraudsters use a well-known rug pull scheme.

Analysts believe that the hackers have developed special software that automatically performs most operations. In this way, the attackers minimized the need for their own intervention and increased the efficiency of the criminal scheme.

Experts suggest that the malware creates a token based on existing assets. Next, funds are injected into the project, and when the required liquidity indicators are reached, the fraudsters perform a rug pull.

In order to avoid attracting the attention of the media and cryptocurrency whistleblowers, hackers try to minimize the amount of money stolen from each fake asset. In most cases, fake projects brought them from 5 ETH to 20 ETH, Blockfence said.

It is noteworthy that the specialists first encountered the scam scheme when they discovered a fake token of their company. The team is continuing the investigation and promises to analyze the hackers' activity in the Base, BNB Chain, and Arbitrum blockchains.