Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
In May of this year, the SEC filed a lawsuit against five people suspected of promoting BitConnect. The SEC believes that BitConnect is an unregistered digital asset securities product, and the program has raised more than $2 billion from retail investors through the promoter network. BitConnect is a cryptocurrency investment plan with the characteristics of a Ponzi scheme launched in 2017. Its token BCC was one of the 20 most valuable cryptocurrencies at the time, with a market value of more than 2.6 billion U.S. dollars. In September, the founder of BitConnect, Glenn Arcaro, admitted to participating in a fraud scheme, which was allegedly amounting to US$2 billion. Attack method (per SlowMist): Scam. Reported loss: $ 2,000,000,000.
- chain
- —
- protocol
- BitConnect
- bug_class
- rug
- date_occurred
- 2021-08-21
- loss_usd
- $2,000,000,000
- source_id
- sm:bitconnect::2021-08-21