SCAM ALERT!!! Lost 0.08 BTC [Please stay safe]

[mdayonliner]

My head is still boiling... I am not sure what I am gonna end up writing here. I am cool now. Please always be careful when you are in lending business or taking tokens from anyone. Always double check the token contract. From now on, any collateral as token on my lending topic must need to be sent to an exchange of my choice.

What happened:: User yishak asked for a collateral loan of 0.08BTC

Loan- 0.08BTC
Period- 40days
Collateral- 108k HYDRO tokens (worth 0.0972BTC)
Repay- 0.096BTC

BTC add:1Gi6KZHjyMEMWH6fjxJKQYooa6AmowAd7r

We agreed to use DarkStar_'s escrow service. yishak sent the tokens to DarkStar_

I have sent the collateral, @mdayonliner
https://etherscan.io/tx/0x9e13330cc9be0bc7a7bc31b96d2f1b53baf35c33e1789f58bc655f0c2762906b

I sent the BTC

Great! Processing the loan.

For 108k HYDRO token the approximate rate HYDRO is 0.00000082BTC (coinex price). If the price alarms 0.00000082BTC or below this rate then in 24 hours you will top-up more coins/token to keep the collateral value of it's minimum 120% range. Depending on the added collateral the rate will be readjusted.

Loan sent: https://www.blockchain.com/btc/tx/e5b3969791e5ae935a4c59360a8325112e758bf55b5c4c35f66975010019a782
Repayment date: 3^rd September time before @23:59 GMT

The price was dropping, and once DarkStar_ agreed to release the tokens to me to liquidate then we discovered I got scammed by user yishak.

This was a big misunderstanding on my part. I didn't carefully read the date of your post and assumed you had not given 24 hours yet. Tokens sent to you, and you can liquidate.
tx: 0x84987754330815e8dc745e860687f34965f4ec556d2a2a3771fc58f40cd0766a

I'll cover your losses based off of the 0.08BTC loan value and whatever you sell it for. (max 0.012BTC limit to this offer unless something crazy happens with the price)

That's so kind of you. By the way just checked the tx and it says failed. You might want to check the transaction again.

Here is the address again.

Code:

0x96f354366c7739daa663798adcb67e4165cb5d5b

0x2a7c3e41ad92cb9d116293fe7b0557fc075a313a9b56a25f8505ab3d952ac0cf

Failed again  

May be you need to set higher GAS price.

So, here... I got scammed. BIG time lose of 0.08BTC.
The Collateral was fake HYDRO
Someone slap me on my face!!!!

The user sent outdated token which he did not burn.

So, I lost 0.08BTC

Scammers Profile Link: yishak

Reference Link:
https://medium.com/hydrogen-api/reissue-complete-67a322c55d5a
https://ethplorer.io/address/0x12fb5d5802c3b284761d76c3e723ea913877afba

Amount Scammed: 0.08BTC BIG TIME LOSE

Preev price

Payment Method: BTC
Proof of Payment: https://www.blockchain.com/btc/tx/e5b3969791e5ae935a4c59360a8325112e758bf55b5c4c35f66975010019a782
PM/Chat Logs: http://archive.is/tNeAC
Additional Notes: Just be careful. I was 100% sure that my investment was 100% secured. It was never in reality.

[1714842058]

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[1714842058]

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[1714842058]

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[1714842058]

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[marlboroza]

The use sent outdated token which were burned actually.

Tokens are outdated but they are not burned.

[praine]

From now on, any collateral as token on my lending topic must need to be sent to an exchange of my choice.

That is indeed a good way to authenticate these coins and verify your ability to liquidate them. Another alternative (If you wish to hold on to these tokens personally) is to use the MetaMask wallet and visit a decentralized exchange like IDEX or EtherDelta. The coins will appear in your balance of tradeable tokens, but only you have access to them (you have to send them to the exchange with your own gas to make a trade).

Tough lesson, but you did help the community by sharing this. I'm sure both lenders and escrows will be careful to avoid this scam going forward.

[mdayonliner]

The use sent outdated token which were burned actually.

Tokens are outdated but they are not burned.

Thank you fixed it...

The user sent outdated token which he did not burn. 

Tough lesson, but you did help the community by sharing this. I'm sure both lenders and escrows will be careful to avoid this scam going forward.

I hope they really do.

[Dig Bicks]

It's only 600 bucks calm down man.  thats barely anything.

[mdayonliner]

It's only 600 bucks calm down man.  thats barely anything.

LOL you are not an ALT of digaran or you are?

6 posts so far... http://archive.is/0hh68

1st post: http://prntscr.com/kcjhl9
https://bitcointalk.org/index.php?topic=4674964.msg42185900#msg42185900

2nd post: http://prntscr.com/kcji6r
https://bitcointalk.org/index.php?topic=4189384.msg42186162#msg42186162

3rd Post: http://prntscr.com/kcjio9 2 posts after digaran http://prntscr.com/kcjiw4
https://bitcointalk.org/index.php?topic=4674648.msg42186529#msg42186529


so 3/6 post (including this) you and digaran followed each others. Co-incidence?
Also you sounds like digaran to me. Co-incidence?

I could be totally wrong though 

[LoyceV]

The user sent outdated token which he did not burn.

I didn't know this can happen. That's an expensive lesson in handling Ethereum tokens! I've added some red to the scam-account too.

I can only see it as another reason to stay away from tokens created out of thin air.

[mdayonliner]

I didn't know this can happen.

I did not either until DarkStar_ discovered it yesterday while we were having conversation on Telegram.

That's an expensive lesson in handling Ethereum tokens!

It is indeed, from now on I will ask the borrower to send any token directly to the exchanges (either to me or to the escrow), no exception. My original thread actually says that token has to be sent to the exchanges but at the end I wanted to be more flexible for this scammer. Little know I had the idea that this would cost me a lot.

This was my deal...

Any altcoin is currently trading on Binance, Bittrex, Poloniex, Bitfinex only. I will set stop/loss at 110% of your loan amount to ensure I do not risk my capital with small profit. I will ask the escrower to do the same.

I am adding coinex for you since HYDRO (hoping they have stop/loss) is trading on coinex.

Since it looks extra hassle and exchange transaction fees involve which is high comparatively, I will be comfortable with DarkStar_ keeping the collateral in his own wallet. If the BTC value of the collateral goes below or equal to 110% (meaning 0.088BTC or below) of my lending amount then yishak will have 24 hours time to top up more coins to keep the collateral value of it's minimum 120% range otherwise I will ask DarkStar_ to release the collateral to me. @yishak, let me know if you are ok with this or you want to go with the original deal of stop/lose on the exchange?

I would suggest everyone who is in token handing business (especially escrow, lending, buying from third party) to do the same.

I've added some red to the scam-account too.

Thank you, this will help to create awareness against this kind of outdated token trick. I gotta admit that he came up with a solid plan to reuse those outdated tokens.

I can only see it as another reason to stay away from tokens created out of thin air.

It's the downside. I am sure from now on people will be more careful if they end up seeing this topic. It's another lesson I had to learn the hard way.

[Steamtyme]

It is indeed, from now on I will ask the borrower to send any token directly to the exchanges (either to me or to the escrow), no exception. My original thread actually says that token has to be sent to the exchanges but at the end I wanted to be more flexible for this scammer. Little know I had the idea that this would cost me a lot.

Honestly, sorry to see that happen to you.

The blue section, is what scammers thrive on. So in the future stick to the plan you came up with to feel secure in lending.

Good luck with your future lending.

[mdayonliner]

Honestly, sorry to see that happen to you.

Thanks mate. It's a part of life and I will recover. I am glad that it did not happen to someone who has not much, also I am glad that the amount was not like few BTC or really huge!

The blue section, is what scammers thrive on. So in the future stick to the plan you came up with to feel secure in lending.

From now on, actually no exception. I would suggest everyone else to be more careful and perhaps add this rule that any token as collateral should be sent to an exchange of the lenders choice.

Good luck with your future lending.

Appreciate mate.

[Oshiage]

I have been scammed about 10 BTC last year.

So I understand your feelings right now.

[marlboroza]

The user sent outdated token which he did not burn.

I didn't know this can happen. That's an expensive lesson in handling Ethereum tokens! I've added some red to the scam-account too.

I can only see it as another reason to stay away from tokens created out of thin air.

Tokens were reissued and everyone who was holding old hydro tokens have received new hydro tokens. All holders got instructions how to burn old tokens, unfortunately, this scammer took advantage of whole situation, didn't burn tokens and they scammed mdayonliner.

It is indeed, from now on I will ask the borrower to send any token directly to the exchanges (either to me or to the escrow), no exception. My original thread actually says that token has to be sent to the exchanges but at the end I wanted to be more flexible for this scammer. Little know I had the idea that this would cost me a lot.

I don't think it is good solution to hold escrowed funds or collateral in exchange. You should have done more research about tokens before taking them as collateral(or before sending money to scammer), well, we all learn on our own mistakes, I hope you won't do the same mistake again.

I would suggest everyone who is in token handing business (especially escrow, lending, buying from third party) to do the same.

It is important to look at smart contract address and to see if it is correct one, and, of course, to read yellow messages with important info.
On side note

ICOethics has PM'd me something interesting few days ago, I hope they won't mind me posting it here, apparently these guys, whoever they are - https://etherscan.io/address/0xf24246e0d5399ea85dbdadcfdbc9e8f14490db58#tokentxns - are issuing fake tokens, giving them symbols of true tokens and after that they simple send tokens to etherdelta. Whoever buys them will buy fake worthless tokens.
So, to repeat again, it is very important to double check smart contract.

[pugman]

I am so sorry for what happened to you,man. I had witnessed a somewhat same situation that happened to aTriz. He was also scammed by someone who gave fake tokens as collateral. Refer: https://bitcointalk.org/index.php?topic=3038096.msg31956800#msg31956800

From now on, any collateral as token on my lending topic must need to be sent to an exchange of my choice.

Don't do that. And don't accept alts. The top 100 ones in coinmarketcap should do. And double check always, like marlboroza said.

I didn't know this can happen. That's an expensive lesson in handling Ethereum tokens! I've added some red to the scam-account too.

I can only see it as another reason to stay away from tokens created out of thin air.

Apparently they look the same, anybody who doesn't do much research can be scammed easily. There should be a new sticky in the lending section about these fake collateral, just so that others aren't scammed in a similar manner.

[mdayonliner]

It is important to look at smart contract address and to see if it is correct one, and, of course, to read yellow messages with important info.

I wish I knew this before, I could save me some of my BTC. It was DarkStar_ who spotted it. He sent the token twice but they were failing. I thought may be the GAS price was low so, I suggested him to higher the GAS price. He almost was going to try it again but before that he realized that the contract address was actually wrong. Shit happens.

I hope you won't do the same mistake again.

I hope the same. To me I will always prefer the exchange from now if it is a token which is unknown to me. Fuck research (LOL)

...are issuing fake tokens, giving them symbols of true tokens and after that they simple send tokens to etherdelta. Whoever buys them will buy fake worthless tokens.

So basically they are confusing people with same name. I noticed this interesting thing after gone through the scammer's token address....

https://etherscan.io/address/0xdbd7303c1ba059a4f70c5b91e92baeaf7ec32424#tokentxns



X is was the original token later it became fake
Y is now the new token.

Transaction number 2 is actually when the old ones were replaced.
Transaction number 3 when that scammer sent to new real token to somewhere, may be in an exchange.
Transaction number 5 was the stub on my back
I am not sure about the transaction number 4. Hope he did not do the same to someone else.

My point is... have a look on the token name and symbol - anyone can get fooled if they do not have prior knowledge.

I am so sorry for what happened to you,man. I had witnessed a somewhat same situation that happened to aTriz. He was also scammed by someone who gave fake tokens as collateral. Refer: https://bitcointalk.org/index.php?topic=3038096.msg31956800#msg31956800

Yes, I learnt it from DarkStar_ as I said I wish I would had the prior knowledge. By the way, it's ok, I will recover. Just wish that it will never happen again to me and to anyone else.

Don't do that. And don't accept alts. The top 100 ones in coinmarketcap should do. And double check always, like marlboroza said.

I am actually not sure. I guess I will only deal with the tokens or coin that are known to me and will do an extensive research.

There should be a new sticky in the lending section about these fake collateral, just so that others aren't scammed in a similar manner.

I think the same. May be mod/admin/staff can use this topic and aTriz one as reference.

[jackg]

I lost 0.15BTC in a similar way (when it was at ~$15000).
You can probably still find the topics somewhere.

The collateral was sent to me and I released the 0.15BTC after the coins were sent to an exchange but hadn't come through which was the main mistake.

I guess if I didn't send the coins and the claim was legit, someone on here would've given me a red tag. If I did (like I did) then I'd lose the money but keep my trust clean.

0.08BTC isn't that bad of a loss - even 0.15BTC isn't that dramatic.

[mdayonliner]

0.08BTC isn't that bad of a loss - even 0.15BTC isn't that dramatic.

That's a hell lot of bad feeling, when you realize that you just have been scammed.

I guess if I didn't send the coins and the claim was legit, someone on here would've given me a red tag. If I did (like I did) then I'd lose the money but keep my trust clean.

I don't think you would get a red tag if you were able to show the evidence plus you can always send the tokens to the address it came from or any other ERC20 address. In the exchanges I don't know how they prevent it.

I gave an exchange address to  DarkStar_ and it was showing the following message.

"Warning! Error encountered during contract execution [Reverted]"
https://etherscan.io/tx/0x2a7c3e41ad92cb9d116293fe7b0557fc075a313a9b56a25f8505ab3d952ac0cf


So I figured it's because the address was an exchange address. I may ask DarkStar_  to send the tokens to an ERC20 address which I own.

[jackg]

0.08BTC isn't that bad of a loss - even 0.15BTC isn't that dramatic.

That's a hell lot of bad feeling, when you realize that you just have been scammed.

I guess if I didn't send the coins and the claim was legit, someone on here would've given me a red tag. If I did (like I did) then I'd lose the money but keep my trust clean.

I don't think you would get a red tag if you were able to show the evidence plus you can always send the tokens to the address it came from or any other ERC20 address. In the exchanges I don't know how they prevent it.

I gave an exchange address to  DarkStar_ and it was showing the following message.

"Warning! Error encountered during contract execution [Reverted]"
https://etherscan.io/tx/0x2a7c3e41ad92cb9d116293fe7b0557fc075a313a9b56a25f8505ab3d952ac0cf


So I figured it's because the address was an exchange address. I may ask DarkStar_  to send the tokens to an ERC20 address which I own.

I'm not sure it'll make too much of a difference though (the different address)?

[mdayonliner]

I'm not sure it'll make too much of a difference though (the different address)?

An address which is not an exchange address. Like DarkStar_ gave an address that he owns and yishak sent the token from his address to DarkStar_'s. If I was giving an address which was not belonging to an exchange then still I might thought that I am holding some legit HYDRO LOL

[The Sceptical Chymist]

It's only 600 bucks calm down man.  thats barely anything.

Stop trolling the guy when he got scammed.  $600 is a decent chunk of change in most places on earth, and I suspect mdayonliner is from a country where it buys a lot more than other places (though I don't know anything about his finances or how much it's worth to him).  Your stupid ass is going on ignore.

OP, this is one hell of a lesson.  I can't say I understand how these tokens work, having never owned any of them, but it looks like the scammer took advantage of something he knew he'd probably get away with.  This is a good lesson for everyone taking tokens as collateral.  Too bad you're the one who paid the tuition.  Sucks you even used escrow for this.  That was smart at least.

[mdayonliner]

Stop trolling the guy when he got scammed.  $600 is a decent chunk of change in most places on earth,

This is another example of me making some decent haters on the forum besides the good ones. I actually don't care about them, the good ones all I count.

I suspect mdayonliner is from a country where it buys a lot more than other places (though I don't know anything about his finances or how much it's worth to him). 

I am originated from a country where 600$ is a lot more money however I am one of those fortunate one that was able to move to a first world country and was/is able to make a good living. I had several dramatic ups and downs in my life which eventually changed me to accept the reality and not to waste time in past. I consider those downs in my life as my inspirations to become the person I am today. Honestly speaking, I am quite proud of being me.

Too bad you're the one who paid the tuition.  Sucks you even used escrow for this.  That was smart at least.

Someone had to pay the bill 

PS: He basically suggested escrow and wanted to pay for it. Sadly DarkStar_ never got paid though. So yeah, he actually did not spend anything to execute this scam except tx fee to transfer the tokens from his address to DarkStar_'s.