The well-known “redouble your Bitcoin” fraud gets a new DeFi-specific iteration. Malefactors are now recruiting unsuspecting investors into stablecoin staking on crvUSD, a newly anticipated decentralised stablecoin by Curve Finance (CRV), by promising high payouts.
No, Curve will not increase your crvUSD deposits by 60%
Scammers initiated a significant Twitter campaign in the final days of June 2023 that specifically targets the decentralised stablecoin community. On behalf of the prestigious DeFi protocol Curve Finance (CRV), thieves launched a “fixed APR promotion”. On every crvUSD deposit made using their clone of the Curve Finance (CRV) interface, they provide a 60% annualised percentage interest.
The URL provided by the con artists leads to a replica of the simple Curve Finance (CRV) interface. On it, however, there is simply the swap module. The module needs immediate MetaMask authorisation.
Therefore, it is very possible that this is a phishing link or other attack on personal information. Even when a 60% APY is involved, cryptocurrency consumers should refrain from dealing with these websites.
Despite the scam’s extremely crude design, the perpetrators were able to make it seem “realistic”: In addition to mimicking Curve Finance’s (CRV) user interface, they make reference to the DeFi’s official Telegram channel and its real documentation package.
Here’s how much you can earn on stablecoins
Twitter bots, the great majority of which have blue verification badges, are actively promoting the fraud. These Twitter biographies show that some of them have participated in recent American political campaigns. The website was only just launched, as indicated by public whois services, four days ago.
The most alluring passive income option for newbies continues to be earning yield on stablecoins since it enables traders to be independent of swings in cryptocurrency prices.
However, compared to those with bank deposit interest rates, “legit” stablecoin yield chances often provide APYs. According to the Staking Rewards tracker, 7% and lower APYs are used by 8 out of 10 stablecoin yield programmes.
