Over US$9 Billion Lost to Web3 Scams

Over US$9 Billion Lost to Web3 Scams
4 May 2022

A website called “Web3 is going great” is aggregating Web3 scams from all corners of the internet. According to the site, US$9.613 billion has been lost through such scams.

Documenting them chronologically, the site lists scams to date with a total monetary tally in the bottom right corner.

The most recent scam titled “phishing sites appearing to be the “Otherside” Bored Ape land projects steal NFTs” added US$6 million to the total on 30 April 2022.

Another $11 million was also lost by Saddle Finance through a hack reported on the same day.

Created by software engineer Molly White, the project puts a spotlight on “how things in the blockchains/crypto/web3 technology space aren’t actually going as well as its proponents might like you to believe.”

As well as scams, the timeline tracks various events in the crypto and blockchain world that White deems worthy-of-note for her audience.

White herself holds no cryptocurrencies or NFTs, nor does she make money from the website or from the poor performance of crypto markets. She instead cares “very much about equity in the tech industry and online spaces.”

The software engineer is also running Twitter account @allmybotsgone – a bot that attracts and reports “phishing bots that reply to people talking about hacked crypto wallets.”

Blockhead Team
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