Blockchain security experts uncover two popular scam projects with millions laundered

07/21/2022

With the alarming rate of scams in the crypto industry, blockchain security company PeckShield has raised the alarm about Freedom Protocol and Raccoon Network as scams. The industry-leading blockchain security company called out the two crypto protocols in a Twitter thread, revealing their fraudulent actions. Freedom Protocol refers to itself as the highest paying auto-staking & auto-compounding protocol. The protocol says it has the hugest fixed annual percentage yield (APY) of up to 183,394.2 percent It also adds on its website that every holder of its token, $FREE, receives a reward of automatic compound interest which is paid every 15 minutes. On the other hand, Raccoon Network is a metaverse company that allows players to build, own, and monetize their data. Raccoon Network says it is “based on blockchain technology, run by smart contracts, where everyone is a creator of a meta-universe, organized to work based on DAO.” In the Twitter thread, PeckShield highlighted two addresses, each belonging to Freedom Protocol and Raccoon Network. BscScan also confirmed that both addresses belong to the scammers. According to the blockchain security company, they have transferred around 20 million $BUSD to a different address. This address that received the deposit is worth nearly 21 million USD.

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