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Date:
11th Nov 2020
Author:
CryptoAltum Research Team

An Exit Scam in Tron DeFi saw Users Lost $10 Million


The Tron Foundation has confirmed an exit scam in the Tron DeFi ecosystem where users were scammed between 366 and 400 million TRX or, $10 million at spot rates. The foundation said the Shark Tron heist is being investigated and has been notified to freeze some of the assets the scam DeFi project creator wanted to launder on the exchange. The project had been endorsed by JustSwap, a DEX on the Tron platform.


Details: 

Exit scams and attempts of defrauding DeFi users are common. Partly attracted by the decentralized nature of operations and users being liable for their actions, the sphere remains speculative and rife with needless heists as agents try to fleece speculators chasing after attractive profits. Shark Tron is the latest, staining the reputation of decentralized financial solutions and one of the first in the Tron DeFi scene.


Impact on TRX Price: 

Negative. DeFi was attributed to the success of Ethereum. As Justin Sun and the Foundation works round the clock to grow a vibrant ecosystem around the scalable platform, they must also ensure users are protected against scams even if there are disclosures around the use of unaudited protocols. The more TRX from DeFi heists are liquidated, it tends to present tailwinds for bulls, slowing down the rapidity to the upside.


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