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In the world of digital finance, where the weapon of choice for a heist is a computer rather than a semi-automatic firearm, tracking down scams and fraud from around the world becomes an almost impossible feat for centralized police forces.

However, in a Cointelegraph Interview, Anonymous Cyber ​​Watcher Shares Insights on how he tracked down a group of decentralized finance (DeFi) scammers responsible for the $25 million StableMagnet rug pull, coordinated with law enforcement authorities, and eventually returned the stolen money to investors.

The StableMagnet platform lured unsuspecting investors under the guise of high returns on stablecoin deposits. In a typical event, StableMagnet walked away with the $25 million invested by over 1,000 users.

Just before the launch of the carpet, the cyber watcher (anonymous for obvious reasons) calculated the code to ensure the legitimacy of the project before investing himself. However, what he missed was a series of messages on Twitter alerting him to possible attacks and vulnerabilities in the system.

Taking things personally, the vigilante, an active ethical hacker, set out to track down the scammers and bring investors justice. He told Cointelegraph:

“I felt like this was the only opportunity in my life: to make a very significant impact in a situation where most people won’t have the time or the enthusiasm to do that kind of thing.”

Starting from tracing a GitHub account to identifying all of the scammers’ family members through social media accounts, our watchdog’s investigation identified a group of Hong Kong Chinese locals.

Eventually, the anonymous vigilante traced the scammers’ journey to a Chinatown in Manchester, a temporary move until the commotion died down:

“I didn’t want it to happen to jail. I don’t like centralized forces entering the decentralized world as much as possible.”

Taking matters into his own hands, he booked a one-way plane ticket to Manchester while contacting local law enforcement authorities citing the tight time before the scammers moved to a different location. To the vigilante’s surprise, the Greater Manchester Police reacted quickly and arrested some of the fraudsters.

Police recovered different pieces of a single USB stick from the scammers, containing approximately $9 million:

“Once that happened, it was believable to the other people on the project (scammers) that I wasn’t kidding about finding them and knowing where they were and being able to show them if

Following the arrests, other members of StableMagnet cooperated with the cyber vigilante and returned most of the button. Since development, their message has been heard loud and clear, “it may not be a good idea to scam, at least not on Binance Smart Chain.”




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