DeFi Project DMM Claimed Its Telegram Account Was Brigaded By Malicious Actor

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • DeFi project DMM claimed that at the time of DMG public sale on June 23, the platform’s telegram account was unfortunately dissolved by malicious people.
  • However, the platform further notified that the people scammed during the token sale were sent the respective DMG amount which they should have got.
  • Yesterday, the DMM foundation announced that the platform is organizing its first public sale of the DMG tokens.

A recent series of tweets shared by the DeFi project DMM claimed that at the time of DMG public sale on June 23, the platform’s telegram account was unfortunately dissolved by malicious people. To which the platform denoted as “actors.” That impersonated the DMM Foundation intending to steal funds.

DMM was launching its first token sale

However, the platform further notified that the people scammed during the token sale were sent the respective DMG amount which they should have got.

The blockchain-based DeFi money market (DMM) is backed by real assets. It is built on the Ethereum blockchain. That is a bridge between the Decentralized Finance (DeFi) platform and profit-making real-world assets.  In order to gather off-chain data, the DMM utilizes Chainlink oracles.

Yesterday, the DMM foundation announced that the platform is organizing its first public sale of the DMG tokens. That will be used to supervise and direct the DeFi Money Market (DMM) DAO. The sale was open from June 22, 2020, till July 22, 2020, or until all available tokens have been sold.

The sale was launched as Initial DEX Offering (IDO)

Moreover, the public sale was introduced as an Initial DEX Offering (IDO). In order to allow a wide and permissionless access for anybody with only an Ethereum address and a web connection.

The platform further revealed that after digging through on-chain transactions to find the affected people, the platform hit a total of $ 40k worth of DMGs. That was affected by an exchange rate of $ 0.40 per DMG.

Besides this, the platform finds that users pay interest in DMM and DMG protocol.

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