Two major crypto protocols has been reveled as scams by a Blockchain Security firm, PeckShield. It was revealed that Freedom Protocol and Raccoon Network, two major crypto protocols, are scams. Moreover, they revealed that the scammers have already transferred about 20 million $BUSD to another address.
Freedom Protocol claims to provide a financial asset with the highest fixed APY. It can offer an APY of as much as 183,395.2%. Raccoon Network is a meta verse company that monetizes its data. However, PeckShield has now claimed that both these companies are scams.
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The blockchain company showed data to confirm that the two protocols are scams. According to PeckShield, two addresses that it claims are of Raccoon Network and Freedom Protocol. BscScan, a product that reveals on-chain data on the Binance blockchain also tracked both addresses as Raccoon and Freedom.
PeckShield revealed that both the addresses have moved about 20 million BUSD to another address. The address the deposit is made to shows over 20 million BSC-USD. The total worth of the account is close to 21 million USD.
The two crypto protocols, Raccoon Network and Freedom Protocol have yet to comment on the allegations.