Harvest Keeper dApp Team Executes Rug Pull Stealing $1M Of Users Funds

cryptocurrency rug pull

According to reports, Harvest Keeper, a dApp based on AI technology, has been exposed as a rug pull scam. Multiple crypto security firms, such as CertiK, have taken to Twitter to warn the public that the project has absconded with almost $1 million.

Hence, these crypto security firms urge individuals to avoid the project. “We have verified that @Harvest_Keeper is engaged in fraudulent activities. Around $933K worth of users’ assets has been stolen. We strongly advise that you refrain from accessing the project’s URL,” @CertiKAlert tweeted.

How The Rug Pull Happened

According to CertiK, the team drained the Harvest Keeper contract via a privileged getAmount function, transferring more than $700,000 worth of USDT to a specific address. Furthermore, reports alleged that the platform executives utilized ice phishing transactions to steal users’ assets on Ethereum, BSC, and Polygon, totaling approximately $219,000 in losses.

In Web3, ice phishing is a deceitful tactic to deceive users into manually approving permissions. The security team of the on-chain data platform, De.Fi also cautioned users to withdraw smart contract approvals as soon as possible to stop such attacks.

Meanwhile, the rug pull is another fraudulent scheme that has impacted the crypto market, further tarnishing its image. The hype around AI has engulfed the crypto market to some extent, causing many AI-based projects to experience significant growth.

Harvest Keeper leveraged this trend to their advantage. It positioned itself as a project that eliminates the influence of human factors in trading.

The team promised users that the app would help them generate profits round-the-clock.

Affected Users Trying To Recover Their Funds

The project enticed users with promises of receiving a 4.81% daily reward and that their investment would grow by 101% within three weeks. Additionally, Harvest Keeper promoted an automated trading system that purportedly delivered high-efficiency trade signals to users.

Furthermore, the project promised investors it would assist them during rough market conditions. Generally, the crypto community is outraged by this development, with some individuals reaching out to Changpeng Zhao, the CEO of Binance, for assistance.

A Twitter user, @Senseisuave24, who allegedly lost his BNB to the platform, tweeted, “@cz_binance @BinanceUS, we implore you to aid in recovering our BNB!!! #Harvestkeeper has made off with our funds.”

Others have cautioned users against clicking links promising to help them retrieve funds. In any event, affected users will have to work towards recovering their funds from rug pull projects, which have become a recurring theme in the market as the crypto winter continues.