NFT News Today TheBittimes.com

“As soon as I start asking you to trust me, you shouldn’t.” That was Thomas “Papa” Smith’s pithy summation today of the fundamentally fraudulent nature of SafeMoon, a DeFi protocol whose centralized contract Features allowed a core team to extract tens of millions of dollars from liquidity pools (LP) it had represented as sacrosanct.  Smith testified for the third consecutive day in the trial of John Karony, former SafeMoon CEO. Smith, Karony, and SafeMoon creator Kyle Nagy are charged with wire fraud, securities fraud, and money laundering in connection with SafeMoon, which thrived for just a scant few months in 2021 before evidence of embezzlement emerged. Smith has pleaded guilty to the charges and is cooperating with government prosecutors . This morning, he detailed an array of deceptions and backdoors allegedly used to defraud investors. Prosecutors shared a series of 2021 “Ask Me Anything” (AMA) videos recorded by Karony, Smith, and Ben Phillips, an ...

Fraudsters managed to break through the security system of the gaming ecosystem based on Solana-Aurory. As a result of the exploit, the platform lost 80% of the liquidity of the AURY-USDC pool of the decentralized crypto exchange Carmelot. The exploit targeted the SyncSpace Aurory bridge on Camelot’s native DEX Arbitrum, reducing the liquidity pool from approximately $1.5 million to $312,000. The project team confirmed a breach of security system s. According to Aurory, scammers gained access to assets worth $600,000. The developers claim that user assets are safe. While the incident is being investigated, deposits and withdrawals have stopped. Just a few hours ago, our team detected unusual activity on our marketplace. After quickly investigating, we discovered that a bad actor was able to exploit our marketplace’s buy endpoint, allowing them to increase their $AURY balance in SyncSpace. This allowed them to withdraw… — Aurory (Play Now) (@AuroryProject) December 17...