Yield farming Unicats allegedly stole $200k thru backdoor code

[Jating]

https://twitter.com/amanusk_/status/1313070958794727430

What happened?

- A yield farming platform called Unicats supposedly stole least $200,000 worth of crypto from users as per Alex Manuskin

- it alleges that the developer put a backdoor on the Smart Contract code to be able to stole from it's users

So this is another expensive lessons to learn, the DEFI hype is still peaking and are not yet done. And I'm guessing that there could be more victims specially blindly trusting any projects who's developer are taking advantage of the complete anonymity in the crypto sphere.

[ryzaadit]

Just want to give another leason.

Also, do not connect your ethereum address into some random website, service or third service you don't know. Connecting your wallet to a third service or a random site could make your crypto lose too when they put some backdoor like this.

If you want to use their service the same as this problem, always use a dummy address when you used the address only one time and not used it anymore.

[uray]

- A yield farming platform called Unicats supposedly stole least $200,000 worth of crypto from users as per Alex Manuskin

- it alleges that the developer put a backdoor on the Smart Contract code to be able to stole from it's users

Things are repeating,the ICO they ran away with the money promising big projects and now in the form of yield farming.

So this is another expensive lessons to learn, the DEFI hype is still peaking and are not yet done. And I'm guessing that there could be more victims specially blindly trusting any projects who's developer are taking advantage of the complete anonymity in the crypto sphere.

It is expected, i am more careful with the situation as i expected scammers trying to take advantage of the hype and you cannot trust anyone vouching for these projects either, last time we saw many vouches and we had our experiences .

[nicecrypto]

Just want to give another leason.

Also, do not connect your ethereum address into some random website, service or third service you don't know. Connecting your wallet to a third service or a random site could make your crypto lose too when they put some backdoor like this.

If you want to use their service the same as this problem, always use a dummy address when you used the address only one time and not used it anymore.

And even if you must connect an eth wallet then it should be a new wallet you created for that purpose which after the transaction will be dispose, goor thing it doesn't cost a thing to create a wallet, better for everyone to be careful and stay alert, defi will make many people cry if not careful.

[jacafbiz]

I think things like this will bring about some sanity in the space, the way people FOMO into anything DEFI recently is crazy and this is bound to happen, I wish we get a bigger hack on some of these DEFI platforms so as to return to due diligence, people just want to farm any shit. Learn now before the real bull run kicks in

[kindbtc]

This is the cheapest level of fraud from the scammers that is why i am convinced that we should not deposit a single penny to atleast brand new projects because there are many fake projects that want to take advantage of defi hype amd make quick big bucks. Now if we do not learn we will keep losing the money.

[optimisticcm]

For now there are only a handful of well established defi platforms where one can do yield farming with confidence because they have proven themselves overtime and also their reputation is credible in the market. So we should stick to such platforms and only and bever fall for higher returns higher risks because in the end greed will result in loss than profit.

[toast]

it seems that there's a lot of news that's popping up in regards with the defi and most of them are related to scams it looks like the scammers are already in defi and planning to target the possible investors especially the newbie ones.

[TimeTeller]

it seems that there's a lot of news that's popping up in regards with the defi and most of them are related to scams it looks like the scammers are already in defi and planning to target the possible investors especially the newbie ones.

We will expect a lot more of these scam news from defi.
A very expensive lesson that he got over there.
This is the reason why people should not trust every defi airdrop that they will see in the forum or over the net.
We don't know what they inserting in their codes so the loopholes in their system will not be detected.
DeFi craze is not yet over so these scammers will try their best to milk those naive users.

[Baofeng]

A backdoor? so it means that this is intentional on the part on whoever the people behind this so called Unicats, never heard of them though. But f**k, this is very obvious now, really hard to trust anyone of them moving forward. There is no audit whatsoever, just creating this smart contracts out there and wait until someone falls for it, take the money and get. It's ICO all over again, but the main problem is that these criminals are upping the game with this back door that no one even knows exists.

[aioc]

https://twitter.com/amanusk_/status/1313070958794727430

What happened?

- A yield farming platform called Unicats supposedly stole least $200,000 worth of crypto from users as per Alex Manuskin

- it alleges that the developer put a backdoor on the Smart Contract code to be able to stole from it's users

So this is another expensive lessons to learn, the DEFI hype is still peaking and are not yet done. And I'm guessing that there could be more victims specially blindly trusting any projects who's developer are taking advantage of the complete anonymity in the crypto sphere.

We need coders here to examine the smart contract of these DeFi's and we should refrain from investing right away without looking on the code and some of it's feature, this is the big flaw of smart contract of Decentralize Finance they can steal your coin through a back door code coming from triggers.

[Strongkored]

Newbie investors will be very at risk of experiencing this not because things like this require expertise in coding but because they don't understand crime in crypto is much and done in many ways.
By easily creating tokens on the ETH Chain, this will be possible to continue unless ETH developers make updates to close the loopholes that scammers always use to cheat.

[jossiel]

This means that as far as everybody's concern, it's a warning that don't trust any defi platform as developers can steal money backdoors. I guess we're about to see an end for all of this hype for defis.

If other developers that does have the intention of the same, they can also pull out something like this too. Most especially if the project that they're working with isn't that popular and haven't validated trust by the defi experts or code checkers.

[SquirrelJulietGarden]

Just want to give another leason.

Also, do not connect your ethereum address into some random website, service or third service you don't know. Connecting your wallet to a third service or a random site could make your crypto lose too when they put some backdoor like this.

If you want to use their service the same as this problem, always use a dummy address when you used the address only one time and not used it anymore.

True that. I see bigger risks from DeFi projects than stake/ masternode projects. Because with DeFi, you have to connect your wallets to services, pools, etc. and there are risks from shady smart contracts. Scam developers own keys and they can do shady things to steal your money.

I don't want to send my coins or tokens into a pool and don't have full control on my money. It does not take into account a terrible locked period to get rewards from pools and in the meantime, price can be dumped to the hell.

Define the (scam) DeFi.

[crypticj]

We wll see much more defi scams in the near future

[masterrex]

IMHO, Everyone should learn the lessons of the past because the crypto-currency thing has full of motives that quite hard to reveal in early-stage the reason is that most of Defi actors are hiding in privacy and anonymity and they are always invoking it every time thats why it is obvious that they are after for something, and because of that don't just give all your trust especially in the crypto-projects which is not transparent including those Dapp's that was promoting fake Defi projects. 

[jademaxsuy]

Sad but really cryptocurrency has a lot of  loopholes like this one. This Defi is just like an ICO project to which scammers are after and finding ways to get the money. Money is too hot for the eyes of the likes mention above. It so sad that cryptocurrency is one of the best digital currency among fiat currency and could be able to get a good reputation if only there are no abuses to made. However, we cannot dictate the people behind the scamming not to do the things they like the most. So now, we are still in the phase where community does not believe on cryptocurrency while we are making effort that cryptocurrency is one best options for doing transactions online with and fast and easy process.

[leea-1334]

I still do not get why after all these rugpulls and backdoor code steals,,, people still attracted to all these new projects with basically untested smart contract codes. Do people just have a desire to lose money or what? Because it seems obvious to me the risk is way too high to even try.

[dhemasm]

This, another bad things that make DeFi have a bad view to community, Well it's normal since it was currently hyped and there will be always bad people out there but damn i basically didn't expect something like this. For non-dev or new people including myself sometime it's was hard to read the code on github or contract on the etherscan, Well i just hope it's the last thing that will happen on DeFi, Be careful guys!

[zasad@]

I consider myself one of the active participants in the Defi ecosystem and my post was one of the first on this forum.
I have no idea where investors find this shit ..
If you like farming, then use well-known projects, for example
https://sun.io/#/home

I wrote many times that by participating in farming you can lose your money on the pool
https://bitcointalk.org/index.php?topic=5276515

You may lose your money because the price of the coin you bought for farming will drop

You can lose your money due to a smart contract (Hacking, developer error, fraud)

You can lose your money because you buy the wrong tokens (with the same name)
https://bitcointalk.org/index.php?topic=5270415

You can buy tokens at the highest price
https://bitcointalk.org/index.php?topic=5274841

But people still find shit, the Russians have a saying: "Historical experience teaches us that it teaches us nothing"