Aurora Labs' head of product, Matt Henderson says there is a sophisticated over-the-counter (OTC) transaction scam running about that almost duped him into losing a stash of his hard-earned cryptocurrency.
Henderson detailed his personal run-in with a scam artist known as ‘Olai’ to his Twitter followers on Aug. 5.
Olai's scam essentially involves tricking a victim into believing payment had been received for an OTC crypto transaction, when in fact it wasn’t.
Today I nearly got caught by a fascinating and devious crypto scam during an OTC transaction. Read on to learn what happened, so you can avoid it happening to you.
— Matt Henderson (@dafacto) August 5, 2022
How it worked
Henderson explained the crypto scam began when Olai contacted him on the Telegram messaging app, inquiring about purchasing AURORA tokens with USC Coin (USDC).
The pair agreed to conduct the transaction via escrow, a common strategy by which a trusted, neutral third party holds assets on both sides of the...
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