LATE December Update (or How We Revealed $19M Crypto Scammers)
The tail end of December saw things in crypto finally quieten down a little, with many settling in for the holiday season.
However, DeFiYield is here to provide updates on the latest developments within the DeFi space, both positive and negative. As for the positive, this month has been business as usual for us, with continued marketing outreach and research.
Let’s take a look at what has happened at DeFiYield during the second half of December!
DEFROST FINANCE INVESTIGATION
Right in the middle of the holiday season, DeFiYield.App’s security research department noticed something amiss with DeFrost Finance. While they claimed to have been exploited, on-chain data revealed something more sinister.
Our team immediately reacted to the incident and launched an investigation. DeFiYield Security department has been working to gather all available information related to the incident, including on-chain data from the Defrost Finance smart contract, as well as off-chain data such as transaction records, chat logs, and other relevant information.
After days of analysis and corroboration, we put together our 2-part series investigation of the DeFrost Finance rug pull, and unearthed how the same team had been involved in another rug earlier, and used those funds to start DeFrost.
Investigation showed that the developer addresses had replaced the oracle with a malicious one — with the unbelievable excuse being all 4 multi-sig wallets had had their private keys leaked. We’ve also established a connection between the Defrost Finance and another project that has rug pulled in 2021 — FinNexus. The team of the same people stays behind both of them.
Read the full 20-Page Investigation on Defrost FInance and FinNexus SCAMs here: https://medium.com/@DeFiYieldSec/the-most-evil-crypto-scam-defrost-finance-was-funded-with-criminal-money-cb08c99fb6d9
2022 Crypto Market Review
2022 was a challenging year for the cryptocurrency market, as prices fell significantly and investors were hit by two high-profile scams — Terra Luna and FTX. The crypto market had started off the year on a neutral note — while overall market cap remained largely flat, some altcoins continued to see significant gains in the first quarter. However, things quickly took a turn for the worse, as prices began to plummet in the second quarter. This downward trend continued throughout the rest of the year, with many cryptocurrencies losing a significant portion of their value.
To wrap up 2022, our Crypto Analysts have put together some interesting statistics and visuals on how the events of the year affected the market, as well as how various ecosystems were growing. Through this, we were able to extract some key narratives to look forward to in 2023. Have a look below!
REPORT: $49B lost in Crypto in 2022! The investigation by DeFiYield
Unfortunately, 2022 was also not a great year for Crypto Scams and Hacks — if you were an investor at least. Here at DeFiYield, we have put together our full analysis of the top 10 crypto scams and hacks of 2022 — the most detailed yet — along with our insights on security trends in the DeFi and Cryptocurrency space.
A total of $49 billion was lost across the entire year. This marks a more than 5-fold increase as compared to 2021! Having no fewer than 2 black swan events in the span of a year did not help either, with Terra Luna being the highlight of the first half of 2022, only to be followed by FTX in November. Add in all the smaller DeFi hacks, and we quickly see how these events have caused fear and doubt in the minds of Crypto investors.
For the full details on the top 10 cases, the latest industry trends, and insights on where scams are most likely to happen, check out our full report: https://medium.com/@DeFiYieldSec/report-49-billion-lost-in-crypto-in-2022-infographics-a2e83b662196
2022 DeFiYield Development Recap
The end of the year is always a time for introspection — and it was no different for us here at DeFiYield!
Over the past 2 years, not only have we made leaps and bounds when it comes to our core dashboard product, we have also launched so many new features in the past quarter alone, making us a vastly different project than we were just 2 years ago.
Join us as we reflect on our journey so far, the progress we have made, and the future improvements that we will be delivering in 2023!
Read DeFiYield 2022 Development Recap: https://twitter.com/defiyield_app/status/1607740418313142272
We hit 600k views on YouTube!
Our YouTube channel is a great resource for DeFi enthusiasts, as it features daily content on the latest developments in the cryptocurrency world.
This week, we covered a range of Airdrops that could earn you thousands, the latest narratives in crypto moving into 2023, and the biggest mistakes that we have made in 2022. We are proud to be one of the few crypto YouTube channels that is still growing despite the bear market — this month, we have reached 16.4k subscribers!
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