PeckShield analysts warn of scams from DeFi projects Raccoon Network and Freedom Protocol

Experts found two addresses, allegedly associated with projects, from which the attackers have already transferred 20 million BUSD stablecoins

20.07.2022 - 14:00

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What’s new? Analytics company PeckShield has issued a warning that DeFi projects Raccoon Network and Freedom Protocol are scams. Experts found two addresses allegedly associated with the projects, from which attackers have already transferred 20 million Binance USD (BUSD) stablecoins. As of July 20 at 13:55 UTC, the Raccoon Network (RAC) native token has fallen to zero, according to the Binance cryptocurrency exchange. The value of the FREE token is $0,03.

#PeckShieldAlert #scam PeckShield has detected @RACNETWORK and @freedomprot are scam. $RAC address: https://t.co/3St3spDmG2Freedom Protocol Token $FREE address: https://t.co/6KB2bK3NKuScammers already transferred ~20m $BUSD (IDO) to 0xf800...469336 pic.twitter.com/ahgsW4itb1— PeckShieldAlert (@PeckShieldAlert) July 20, 2022

What is known about the projects? According to the information on the website, Freedom is an automatic cryptocurrency staking protocol. The company offers clients fixed interest rates of 2,08% per day or 183394,2% per year, and rewards FREE token holders every 15 minutes.

Raccoon Network positions itself as a metaerse in which players can create and monetize their data. The platform supports Web 3.0 technologies and allows developers to create decentralized applications (dApps) and deploy smart contracts. NFT Raccoon Network holders can participate in project management as members of a decentralized autonomous organization (DAO). Token holders also receive a percentage of the project's revenue. The number of such NFTs is fixed.

Earlier, the FBI issued a public warning about the emergence of a large number of fraudulent cryptocurrency applications that use the logos and identity information of real-life companies and financial institutions.

To learn how to protect yourself from fraudulent NFT schemes, see GetBlock Magazine's editorial.

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