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ID:

atom-protocol-69

Date:

Status:

Incident Count:

February 20, 2022

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

AssureDefi

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Audit By:

Audits:

None

Loss Amount:

83,000

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Recovered:

-

Rewards:

Currency:

USD

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Atom Protocol, an Avalanche-based DeFi platform, was reportedly rug pulled in just 2 hours of launching, the shortcomings of current verification systems were brought to light. On February 20th, the creators of this technology launched a rather “polite” announcement on Twitter before deleting all of their social media accounts. This project also completed KYC with AssureDefi.

Many people took to Twitter and are now upset because the protocol was rug-pulled despite having a KYC process. Users are now puzzled about Assure DeFi’s team since they are responsible for the KYC process. Assure DeFi, on the other hand, tweeted that many people are “misunderstanding the role of KYC/verification.” According to their Twitter thread, “KYC is a deterrent and not a scam prevention”.

Stolen funds were moved into Tornado.cash.

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