Binance Recovers $344,000 From Fraudulent DeFi Project
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4 November
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Cryptocurrency exchange Binance has just reported it has recovered $344,000 that was stolen by a fraudulent DeFi project launched on the platform, CoinDesk reports.

According to the exchange, it has recovered 99.9% of the $345,000 in cryptos stolen in October by Wine Swap, a fake automated market maker.

Wine Swap's operator fled with the users' funds just one hour after the project was launched on the Binance Smart Chain. Specifically, he transferred the 19 different cryptos that were stored at the Wine Swap address to an address belonging to him.

The coins were moved through cross-chain transfers from the Binance Smart Chain to the Binance Chain and finally to Ethereum.

However, Binance was able to track the transactions, and after contacting the attacker, he decided to return the funds to the exchange.

Binance has reported it will return the funds to the victims' addresses "within the next several days."

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