Users Beware: Harvest Keeper dApp Rugpull Claims $1M in Losses

The growing popularity of the crypto market has brought it under the radar of many scammers, such as Harvest Keeper.

They create Ponzi schemes that lure potential and existing investors into their traps. But while Ponzi schemes remain the conventional techniques some individuals use, rug pulls have become more prevalent in Web3.

Developers of rug pulls generate malicious smart contract codes to take many crypto investors off-guard. This ultimately allows the culprits to escape with the millions they realize from such exploits. A similar case has again struck the digital asset space, as a known AI-based dApp recently stole $1 million from its users’ funds.

Harvest Keeper Drains Its Users’ Funds By $1 Million

Social media is now buzzing with news from some crypto security firms citing that Harvest Keeper, an AI-based dApp company, is a scam. A digital asset security firm, CertiK, confirmed this report in a tweet urging users to avoid interactions with URLs from the company’s projects.

The security division of De.Fi also advised users to quickly cancel all smart contract approvals. This is to avoid further losses, as the functionality of the company’s fraudulent system remains uncertain. Moreover, there is no evidence of the identity of the attacker. 

The report from CertiK revealed that the AI-based dApp made more than one transaction during the theft process. The first transaction was transferring $700,000 worth of USDT to an unknown address using a getAmount function. It later moved another $219,000 worth of crypto assets, including Ethereum, Polygon, and BSC, via what’s known as ice phishing transactions.

This type of transaction is considered a Web3 attack whereby the perpetrators deceive their victims into signing and granting access. It is rapidly becoming the most common strategy for scammers, as it guarantees more profits.

Harvest Keeper Users Call For Help

Users are expressing their displeasure and requesting for a return of their lost funds. Some have contacted Binance CEO, Changpeng Zhao, asking that he come to their aid. Meanwhile, others are being cautious by refusing to click any link that promises assistance from the company.

Harvest Keeper is known for carrying out AI-driven programs and classifies itself as a firm with unique artificial intelligence. Many traders could supposedly expect a profitable return with little or no human effort through its AI services. Besides, the firm also informed its customers of the 4.81% daily rewards it offered.

The platform claimed its users were open to an efficient automated trading system. But considering the present condition of Harvest Keeper, users need to be more careful of different social media platforms.

Most rug pulls developers use such platforms to promote their coins and draw the attention of several retail investors. Once enough people purchase the scam token, the culprits cash out all depositors’ funds on an exchange or move them to their wallets.

Featured image from Pixabay and chart from Tradingview.com