Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter
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A nice reminder to audit the code of the DeFi protocol you’re using.
The founders of Forsage, a alleged Ponzi purporting to be a DeFi protocol have been indicted for fraud. That’s not the funny part.
This is:
Analysis of the computer code underlying Forsage’s smart contracts allegedly revealed that, consistent with a Ponzi scheme, as soon as an investor invested in Forsage by purchasing a “slot” in a Forsage smart contract, the smart contract automatically diverted the investor’s funds to other Forsage investors, such that earlier investors were paid with funds from later investors.
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