Topic: Another DeFi exit scam - page 3. (Read 935 times)

This is not a new scenario for us since we have experienced such trends that will be followed by exit scams since they were flourishing in the market these few months. Anyway, we need to be vigilant about this new trend because like the past trend namely ICO and IEO, the scammers will make some use of this one and they will make it as legit as the real one. We cannot change the fact that we are going to have this Defi trend for a while but we need to consider doing our own research before stepping unto investing in any of them.

Everyone needs to be careful.

So many scam projects out there claiming to be DeFi projects

Isn't there a way to vet these projects completely so we can point and report those scam projects?

It would do a lot of good if we can flag them on the front page of the forum.

With the prevalence of Defi exit scam, I don't see Defi exit scam as a big deal. Most loyal Defi investors have been scammed by one or several Defi projects making Defi projects to be twice as risky. There's no doubt that the returns from Defi projects could be worth the hussle, but the risk is on the increase.

If you are talking about Profit and with the kind of movement of Defi's related currencies and projects?people tend to believe
everything will god Mooning like Polkadot and Chainlink
 in which not happening.
Like Hotdog that has been the main issue now about scamming and Now this one that had been in Hot topic.
Maybe this serve as reason because not all of promising or looks promising can generate you profit,Most of them are BS and scammers.

it is a risk, and one could benefit from "this kind of investment", but researching would make number of losses smaller
there are legit projects, not all scams, but i do not invest in a project after the project was live for a day, or had go up 1000% in two days, this is scam more often than not

I have seen a lot of fo projects that look legit but end up scamming people, investing in Cryptocurrency is like a box of chocolate you never know what you are going to get, you will get sugar-coated chocolate but it will end sour taste in your mouth because it's not really sweet, so many investors losses their money on project that they did research,  it's not investor's fault they really want to scam people and they want to look legit.

Well, investors are diving into the hype that is why it's not a surprise that scammers will take advantage of it just like what happened to ICO and IEO projects. People are being greedy joining the hype that is why scammers areenjoying this. Soon the hype will die same way as how ICO died, due to numerous scam.

It is terrible event actually. Most of the defi are becoming aggressive in launching different platform. I dont know but defi becomes a ground for scammers. Most of them are only focusing on gaining profits and lots of them are making a lot of money out of small projects.

If you checked the scam section most of the scam reports are all about defi exit scam.

I could tell from its name that it is a scam! 
what kind of name is that ?! 
They usually trap newbies and as long as people have a lack of knowledge it would happen, we can't stop scammers but we can raise our knowledge before buying anything that's why they always say DYOR, it's the most important part.

human nature is greed and only think about profit, and there are few of them who do not find out how the future of the project they are following

As we know, there are already many defi projects that are scams but strangely enough, people still dare to invest blindly for defi projects who don't know what their use is, if this continues it is not impossible that other major accidents will continue to increase in number in the future, which making the crypto market a field for irresponsible con artists.

Sometimes events in the past are still not enough of a lesson for someone until they experience it,
I'm sure there are lots of novice investors who enter the cryptocurrency market and easily trust projects that promise passive income,
The new DeFi project that appeared a few weeks ago is very different from the DeFi project that emerged today, be careful with new projects, especially projects where the background of the team is unclear.

Not surprised to be honest. I also kinda don't feel bad for those that got scammed. They were warned multiple times, yet they still invested on those coins with the hope of making some quick profit within few days. There are still new and old defi projects that are potential scams, but people are still promoting it and investing in those projects despite most of the people warning against them.
I wonder how many people are going to get scammed and lose money after the defi trend is over.

Well, humans are synonymous with greed, and really, once they've tasted a win from investing to something like this, they'd keep going since they think it's easy to profit. Even if they get scammed countless of times, they'd still continue on.
Well, they never think of it as a scam, they don't think much of it so they just probably think of it as a loss of investment. It is a way to profit though, so I guess it''s rather understandable why they keep investing even after all the scams that happened, but really, wouldn't a little bit of research be fine to do before investing? Blindly investing would only lead to more exit scams being made since they think there are mindless investors out there.
That's why there's a separate part of the forum with regards to advertisements, bounties, and signature campaigns. I doubt you could really blame the forum from housing scams, especially since anyone is free to use the forum. It's basically like blaming the banks for money laundering, stealing, etc.

Defi project is booming and famous right now because success list with higher price more than 300%, almost investor reach much profit during investing with Defi coin project. When getting good project and looks more interested for investor will give chance for many scammer to make project the same ideas with defi, they will looking for how to promote and make investor most interested to invest on their Defi project coin, the same meaning with Yfarming coin family after success raise higher price many time I found Y coin created in my country. Without carefully how to check real or nor project make many investor will trusted and invest with higher amount to reach much profit later.

I've been expecting this since the hype is still on going, thus scammers find a new opportunity to join the hype and go find some investors as a victim to fund the project. Usually they are making some excuses like delays the progress of their project, then definitely go straight to exit scam afterwards.

Unfortunately, they are not really sincere to put up this project. Thus their main purpose is to scam investors and participants. Haven't we learned from previous projects like ICOand IEO?

To see the quality of his love for this forum is when every day someone posts something that he likes. The existence of a bounty program on this forum greatly affects the number of users here. But we cannot reject the negative and positive effects of the campaign, especially the signature campaign.
The negative effect is, as you can say, that some bounty hunters don't think about what they are promoting. They make the interests of money above all idealistic traits in this forum and this is very damaging to the ecosystem. They don't try to find out the project they are promoting more deeply. So that they do not realize that they are promoting a project that is not qualified, even a scam project. It's ridiculous, a person puts something new into their habits without knowing what they are carrying.

They post on this forum unlike their daily habit. Read threads, then post opinions without reading previous posts. Their real goal is not discussion, but rather the aim is to fulfill the weekly posting requirements so that bounty payments can be sent. And this is where the quality of the posts is less than the quantity of posts.

There is also a positive effect, indirectly the existence of bounties can be used as a promotional medium to get new members in this forum. Automatically, people who want money from the bounty, must register on this forum. That means that the number of users of this forum will be bigger and bigger. Traffic will increase and advertisers will continue to arrive. This cycle will continue so that the Bitcointalk forum will never die.

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what we have to hunt down and eradicate is a project scam that has seriously damaged investor confidence, and that is our job as well. Bounty hunters can be overcome with new regulations such as this merit regulation, but scam projects are very easy to carry out open promotions here.

we must be skeptical on DeFi and not go with the hype, because only shit and fish carcasses always follow the flow of the river water

Investors should always do their homework DeFi or not.
Because only with meticulous digging about its background, you can get the idea how serious they are with their project.
But sadly, most of these investors are just looking about the hype around it, for the mere thought that they will also get their profits out of it.
They don't have the time to look deeply on the project as they are busy counting their possible profits.
But unfortunately, only few can get their timings right. Not many people know when to exit before it collapses.

I have been following that news closely, I was not affected by it however it is just another example of what happens in this market when people are unable to use their head and are only thinking about making profits, they invested in a project that looked to be completely useless and a complete scam but people on their rush to get rich quickly forgot about making their own due diligence and now are suffering the consequences of their actions, and if this continues then I do not see how the excitement over DeFi projects can continue and they will suffer a similar fate as what happened to icos a few years ago.

Unsuspecting investors will learn when it's too late to get their money back. Exit scam keeps going on even before DEFI so its shouldn't blame all because of the new hype of it. The scenario in crypto had not changed yet since time, its always been the wild west.  The legit project today could turn bad, who knows what could happen to exchanges you keep using today after a year or two.