Home » In Possible Exit Scam, Chinese EOS Wallet Locks Up $52M of Customer Funds
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In Possible Exit Scam, Chinese EOS Wallet Locks Up $52M of Customer Funds

EOS Ecosystem, a pockets app that pulls traders to deposit EOS with promised excessive returns, has reportedly shut down and presumably run away with near $52 million, in accordance with an April 20 report. 

$52M is gone and extra is doubtlessly lacking

The native media’s investigation of EOS block transactions discovered the steadiness of one of many EOS accounts related to EOS Ecosystem had not more than 500 EOS tokens left. The account holder had eliminated about 890,000 EOS tokens on Monday morning. 

They dug slightly additional and tracked down numerous different accounts that additionally belong to the pockets enterprise. One of many primary accounts had acquired about 19.36 million EOS tokens from small accounts that very same day. At present EOS costs, the sum is about $52 million.

The report additionally says there is perhaps extra but to be found. 

Transaction metadata means that the funds may already be moved to Huobi Trade. Huobi promised to place an alert on it and freeze the funds as quickly as they might detect it.

Who’s behind it?

This rip-off appears to have began with a group known as”w.io.” They claimed to be a part of the core group of Starteos, a Chinese language crypto pockets primarily based on the EOS community, with the intention to achieve public belief. Providing excessive returns as bait, they lure uninformed crypto newbies to deposit EOS into the group’s account utilizing the EOS Ecosystem App. 

For the reason that launch of EOS in 2018, a number of organizations have run funding scams involving utilizing EOS. EOSCUBE, EOSFIN, and EOS Vote all claimed to construct authentic merchandise on the EOS community, they usually all turned out to be scams, in accordance with Chinese language media. 

At time of press, the victims of the EOS Ecosystem Pockets App have fashioned a WeChat group to coordinate authorized motion and battle again.

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