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Finance will refund users $345,000 withdrawn by the fraudulent Wine Swap project

Finance will refund users $345,000 withdrawn by the fraudulent Wine Swap project

The Binance exchange will return to users the crypto assets that the organizers of the fraudulent DeFi Wine Swap project, launched on the Binance Smart Chain, tried to steal.

Binance has gained control of 99.9% of assets worth $345,000 that were stolen last month by the operator of automated market maker Wine Swap. This project was launched on the basis of Binance Smart Chain, and after raising the necessary amount, the creator of Wine Swap closed the project within an hour and disappeared with the users ‘ money.

The organizer of the scheme moved funds in 19 tokens from Wine Swap addresses to a personal wallet-first from Binance Smart Chain to Binance Chain, and then to the Ethereum blockchain. The attacker managed to send part of the tokens to two trading platforms, as well as to the Binance Bridge service, which provides a flow of liquidity between blockchains for decentralized applications running on Binance Chain and Binance Smart Chain.

The Binance security service was able to track these transactions and identify the fraudster. By that time, he had already managed to exchange almost all the tokens into stablecoins, ETH, BNB and LINK. However, the criminal agreed to return the stolen assets after Binance contacted him.

Specialists of the exchange, analyzing transactions with Wine Swap, were able to determine the addresses of users affected by the actions of the fraudster. In addition, Binance employees were able to accurately calculate how much money each of these users should be refunded. The funds will be returned to the victims ‘ addresses within a few days.

Recall that in August, Binance helped law enforcement agencies in Ukraine to find hackers who laundered $42 million through cryptocurrencies. It is also known that Binance previously assisted the British police in the investigation of fraud, losses from which amounted to $51 million.