- All funds were laundered through the staking mechanism
- The proceeds were not cashed out and therefore they can be seized by law enforcement officers
Risk Assessment Company Global Ledger aboutVate investigation into a phishing scheme on the Tron network. According to the results of the investigation, about $775 million was stolen.
Global Ledger reports that all assets have been laundered through a staking mechanism. The scammers used the SunSwap exchange to get USDT for TRX. After that, they used TRX for staking to confirm their transactions and cover the fees.
The staking volume allowed the thieves to choose the validator called metaverse home that they needed. They created 100 fake wallets to help them carry out this scheme. Metaverse home was chosen and the validator was able to create blocks of transactions and received a reward of 16 TRX for each block.
Proceeds were not cashed out through exchanges. And so they can be tracked and seized by law enforcement officers. Most likely, they were also used to vote for the validator in order to earn fresh coins.
A Global Ledger spokesperson said the scale of the scheme indicates that there is a serious undertaking behind it. He added:
“This is the first time we see such a laundering scheme. Maybe these guys have daily meetings like any other startup.”