Monday, December 5, 2022
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Aurora Labs head Matt Henderson claims he almost fell into the Olai scam

Matt Henderson notified his Twitter followers on August 5 about his personal interaction with a scammer called “Olai.” Matt Henderson, head of Aurora Labs, claims that an advanced over-the-counter (OTC) trade scheme is forming. It nearly scammed him out of a stockpile of his hard-earned bitcoin.

The Olai scam is deceiving the victim into assuming that money for OTC crypto operations was obtained when it was not.

Olai planned scam for Matt Henderson

Matt Henderson stated that the crypto fraud started when Olai approached him through Telegram regarding purchasing Aurora tokens using USC Coin (USDC).

The parties agreed to conduct the trade using escrow, a standard approach in which a trusted, impartial third party retains goods on both sides of the deal and releases them to the counterpart when payment criteria are satisfied.

Matt Henderson nominated Aurora Labs security head Frank Braun, referred to as “Steve” in a Twitter post, to serve as an escrow agent in this matter.

Matt Henderson became concerned when his escrow partner provided a snapshot of him allegedly attempting to release the total amount of Aurora tokens to the purchaser.

As per Henderson, the fraudsters replicated his Discord account and told Braun to provide the fraudsters with Aurora token amounts.

Henderson wasn’t aware, knowing his account had already been cloned and fraudsters were spoofing him due to Discord’s blocking feature.

Matt Henderson found the complexities of plan

After successfully avoiding the scam, Henderson later found out the complexities of the plan, urging anybody dealing with cryptocurrency through OTCs to exercise extra care and prevent falling victim to the clever operation.

A Twitter user named Scott Yeager noted that a fraudster named “Olai” might still be involved in the group since someone with a similar name and tactic could be operating on Telegram.

The US Federal Trade Commission found earlier that in 2021, about 50% of all crypto-related fraud started through social media sites. According to the FTC, crypto lost $1 billion in June and has more than five-fold since 2020.

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