Oct 2021 - Alpha Finance Copycat Rug Pull - $Unknown (Global)
"Alpha Finance Lab is a DeFi Lab, and on a mission to build Alpha Universe. Alpha Universe includes the Alpha ecosystem, which consists of Alpha products that interoperate to maximize returns while minimizing risks for users, and other ecosystems incubated through the Alpha Launchpad incubator program."
"Please make sure you enter our official webpage from our protocol only. Please be aware of scams that try to mimics our dApps, which are very hard to identify without seeing the hyperlink at the top. We have no control over the protection of your assets if it is stolen by these scam websites, so please be very careful."
"There is a project on @avalancheavax under the name "Alpha Finance" with a token name $WOLF."
"Please be aware, as the DApp infrastructure allows developers to take users' money out at any time."
"They rugged. Added a hidden pool, set the multiplier on it to 10,000,000x and set emissions to 100/sec."
Further Analysis
Alpha Finance is a DAO which allows users to gain exposure to different projects by holding and staking their ALPHA token. Scammers created a different project with a very similar name on the Avalanche blockchain. The smart contract had a backdoor which allowed any invested funds to be taken. It is unknown how much was lost by investors.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Ornery_Maintenance_8 Malware Attack on Windows 7 > > < < DxDex Airdrop Phishing Campaign
Sources/Further Reading
Is Alpha Venture Dao a scam? Or is Alpha Venture Dao legit?' (Jun 29)
@AlphaVentureDAO Twitter (Jun 29)
Alpha Finance Homepage (May 13)
Commonwealth (Jun 29)
Alpha Finance (Jun 29)
https://rugdoc.io/project/alpha-finance/ (Jun 29)
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