Trade Coin Club Hack

Reported loss $295M
Other

What happened

Quick Summary

Trade Coin Club founders were running a Ponzi Scheme by conning investors for a fraudulent crypto trading bot. Roughly 295,000,000 $USD worth of $BTC was scammed.

Details of the Exploit

Trade Coin Club is an investment company, which promises "minimum returns of 0,35% daily" by "performing millions of microtransactions per second". The company ran a Ponzi Scheme and actually had no trading bot. The funds from 100,000 worldwide investor's deposits were withdrawn directly by the four people to enrich themselves.

Protocol details

Classification CeFi
Protocol Type Exit Scam/Other

Post-Incident Timeline

  • 2022-11-04

    SEC charged Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault for raising over 80,000 $BTC from investors between 2016 and 2018.

Evidence

Same attack technique

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