This Altcoin Introduced –

One of the biggest cryptocurrency exchanges in the market advertised a shitcoin on its Twitter account today. Hackers trying to defraud nearly a million followers have lured altcoin investors into a trap with fake listing news.

Hackers used listing announcement to lure altcoin investors

Robinhood’s official Twitter account today became the target of malicious people to promote a fake altcoin project. The Twitter account with 1 million followers, seized by hackers, advertised a token called RBH based on Binance Smart Chain (BSC). The security analysis of the token shows that details about any developer and token economy are not available. The promotional message called the project a revolution in decentralized finance (DeFi) and recommended users to purchase RBH through Pancakeswap.

The scam crypto project has yet to be verified by data collectors, who warn users to be careful when dealing with the RBH token. Since such projects can be created simply with a few clicks, they open a backdoor for attackers. Pancakeswap states the following in its general risk warning about altcoin projects:

Anyone can create a BEP20 token with any name on Binance Smart Chain; This includes creating fake versions of existing tokens and tokens that claim to represent non-token projects. If you buy a random token, you may not be able to sell it back.

The hack worked, 10 people bought it

According to data from blockchain explorer, around 10 people purchased the token before the tweet was removed. The total amount purchased was less than $1,000. According to a report by Chainanalysis, cryptocurrency attacks have been increasing rapidly since last year, with total loss of funds exceeding $3 billion through 2022.

This Cryptocurrency Platform Has Been Hacked: Here are the Stolen Coins!

Illegal use of cryptocurrencies hit a record $20.1 billion last year as transactions involving companies targeted by US sanctions surged, according to a recent report by blockchain analytics firm Chainalysis. Chainalysis says the value of crypto transactions related to illegal activities has increased for the second year in a row, even as overall crypto transaction volumes are falling.

The firm also said that transactions associated with sanctioned entities increased more than 100,000 times in 2022, accounting for 44% of illegal activity last year. However, the volume of stolen crypto funds increased by 7% last year, but other illicit crypto transactions, including those related to fraud, ransomware, terrorist financing and human trafficking, have seen a decline in volumes. We have included the latest developments from the $100 million Harmony Bridge Hack in this article.

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