Cryptocurrency
[loss] $95M+
"The Biggest Threat to Trust in Cryptocurrency: Rug Pulls Put 2021 Scam Revenue Close to All-time Highs"
Primary Source ↗Financial Loss
$95.0M
(95,000,000 USD)
Blockchain(s)
Bitcoin, Ethereum
Incident Details
Finiko, a Russian operation that turned out to be a Ponzi scheme, collapsed in July 2021 after defrauding approximately $95 million from people. Investors, facing difficult economic conditions in Russia, were promised they could see returns of up to 30% a month.
Total loss estimated at $95,000,000.
Technical Details
- Initial Attack Vector
- Ponzi / pyramid scheme
- Vendor / Product
- Finiko Ponzi scheme
Timeline
- 2021-07-31 Breach occurred
- 2021-07-31 Publicly disclosed