In a recent Cointelegraph piece, a cyber vigilante spoke about his experiences in tracking a group of DeFi scammers who were moving with a $25 million rug pull. The vigilante spoke about coordinating with the law enforcement and eventually seeing to it that the stolen money was returned back to the investors.
Now, in the world of digital finance, tracking down any form of scam or fraud from across the world is quite a difficult task- considering the weapon of choice is a computer and not a gun. Hence, one needs to appreciate what the vigilante did- for it would be quite difficult for centralized police forces to get through the scam.
Vigilante Apprehends DeFi Scammers
The DeFi scammers were going through a StableMagnet platform which had the task of luring unwary investors under the claims of high returns against the deposits of stablecoin. In a typical event that one would associate with rug pulls, StableMagnet even managed to run away with the $25 million that over 1000 users had invested in it. Right before the rug pull took place, the cyber vigilante had the foresight to examine the code in order to ensure that the entire project was legitimate before investing himself.
After he checked out the number of messages that alerted him to the number of vulnerabilities in the system, the vigilante decided to take this seriously. He managed to finally bring the DeFi scammers to justice and informed Cointelegraph that he took a firm step because he believed that this was the only opportunity he would ever get in his life to make a meaningful contribution to society.
After a few DeFi scammers were caught, the rest of the members of StableMagnet willingly cooperated with the vigilante and returned the majority of the loot.
