Crypto News of the Day: MakerDAO tightening up security and Some Crypto Scams Busted

in cryptocurrency •  2 months ago 

🛡️ MakerDAO proposes new security feature in light of recent exposure

Yesterday, we talked about how a software developer exposed a potential multi-million dollar hack on the MakerDAO (MKR) contract in a blog post

Since then, the Maker Foundation has introduced a new security proposal to set a 24-hour governance delay on new executive contracts.

If the proposal goes through, the Governance Security Module delay will increase from 0 to 24 hours.

🛑 3 Men Arrested for Defrauding $722 Million through Ponzi Scheme

The US Department of Justice (DOJ) has arrested 3 men in relation to alleged Ponzi Scheme BitClub Network.

“Today’s indictment alleges the defendants were involved in a sophisticated Ponzi scheme involving hundreds of millions of dollars that preyed upon investors all over the world,” - a press release by the DOJ stated.

BitClub Network promised massive rates of return in exchange for investments in a shared cryptocurrency mining pool.

The arrested suspects has misappropriated over $722 million of those funds into their own lavish living rather than the promised mining pool.

👮 Alleged Bitcoin scam that raised $359M busted by Brazilian police

Police in Brazil have busted a purported Bitcoin investment scheme that allegedly stole $359 million (1.5 million ARS) from victims.

According to a statement issued by the Paraná state government, state police shut down the unnamed operation and arrested nine people.

The scheme promised victim a daily return of investment of 3-4%, after which they informed all investors that payments will not be made for "the next 6 months"

Suspects are being charged with fraud, money laundering, criminal association, and forgery.

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Sad to see that no matter if it’s traditional money or crypto, there’s always going to be Ponzi schemes. Shows that crypto is gaining more adoption though!

Some are just addicted to the piramid..

These ponzi are sk bad for crypto, promising newbies big returns and most get scammed and leave the space

This is a huge problem, Ponzi and scams are unfortunately the first contact point towards cryptocurrency for most people.

We have a feeling that some time from now, many people will say "I've dabbled with crypto before but got scammed" when proper crypto starts becoming mainstream.

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