Constant

Tornado Cash

Ethereum Name Service

Tornado

BlackRock

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 <a rel="noopener noreferrer nofollow" title="BlackRock" href="https://thebittimes.com/tag/blackrock.html">BlackRock</a>’s recently deployed $100 million <a rel="noopener noreferrer nofollow" title="Ethereum" href="https://thebittimes.com/tag/ethereum.html">Ethereum</a>-based investment fund has prompted a meme-fuelled on<a rel="noopener noreferrer nofollow" title="-chain" href="https://thebittimes.com/tag/chain.html">-chain</a> response from the crypto community.
 The investment behemoth’s move into decentralized finance (DeFi) follows a wildly successful bitcoin ETF launch and echoes CEO Larry Fink’s previous comments that ETFs are “just stepping stones towards tokenization.”
 The newly created <a rel="noopener noreferrer nofollow" title="BlackRock" href="https://thebittimes.com/tag/blackrock.html">BlackRock</a> USD Institutional Digital Liquidity Fund (BUIDL) was launched in conjunction with Securitize, according to the Notice of Exempt Offering of Securities filed with the SEC last week.
 But shortly after the funds were identified, on<a rel="noopener noreferrer nofollow" title="-chain" href="https://thebittimes.com/tag/chain.html">-chain</a> trolls began sending <a rel="noopener noreferrer nofollow" title="Memecoins" href="https://thebittimes.com/tag/memecoins.html">Memecoins</a> and NFTs to Blackrock’s address.
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 Larry: "wait a minute- you're telling me our fund already made $42K?? how can that be possible? we just deployed yesterday!" Staffer: "well sir, it appears that big-dick-fink.eth and several others have been sending tokens to our wallet. i'm having accounting catalog it all now" pic.twitter.com/kqeXOWPgBv— DCinvestor (@iamDCinvestor) March 21, 2024
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 Read more: Bitcoin&nbsp;ETFs have first net outflows in weeks&nbsp;
 A total of 36 deposits of just 0.000069 USDC were sent by big-dick-fink.eth, typically paying around $7 to $9 in gas fees for each transaction. The same user also repeatedly sent a link to a meme of Fink calling to “send it” via transaction input data, as well as registering the address via Ethereum Name Service (ENS) as bigdickfink.eth.
 Other tokens sent to the BlackRock BUIDL address include PEPE, Mog Coin, and EGG, as well as GoblinTown and CryptoDickButt NFTs.
 The address was also ‘tainted’ with ETH sent from Tornado Cash, a crypto mixer that’s sanctioned by the US Treasury.
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 North Korea sends their regards pic.twitter.com/vTRlkscPJB— icebergy ️ (@icebergy_) March 20, 2024
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 Read more: Tornado Cash funds ‘at risk’ after hacker injects malicious code
 Yesterday, CoinDesk reported that Tornado Cash developer Alexey Pertsev is to be accused of laundering $1.2 billion via the mixer at his upcoming trial in the Netherlands. Pertsev’s two co-founders, Roman Semenov and Roman Storm, are also facing charges in the US.
 <h2 class="wp-block-heading" id="h-old-money-new-threats">Old money, new threats</h2>
 Moving money from traditional finance to the on-chain Wild West of DeFi will present plenty of novel risks for BlackRock.
 Crypto auditor Charles Wang points out that the fund’s contract is a simple proxy, owned by a single externally-owned account (EOA), rather than a more secure multi-signature setup. He also notes that the proxy currently points to an unverified implementation.
 A potential compromise of the EOA’s private key would be disastrous, and not uncommon.
 Read more: Axie co-founder hacked for $10M two years after $625M Ronin attack&nbsp;
 As well as spear-phishing attempts, BlackRock will have to exercise caution when using DeFi projects. Constant phishing scams are regularly emptying users’ wallets, often of seven figures at a time, and hacks are rife across the sector.
 Just yesterday, around $2 million was stolen from old Dolomite Exchange contracts, and Paraswap’s new router contract was found to contain a critical vulnerability, though the majority of at-risk funds were rescued.
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News, or subscribe to our&nbsp;YouTube&nbsp;channel.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/100m-blackrock-buidl-fund-trolled-on-chain-tbt83176.html">https://thebittimes.com/100m-blackrock-buidl-fund-trolled-on-chain-tbt83176.html</a>

$100M BlackRock BUIDL fund trolled on-chain

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