Topic: Another DeFi exit scam just made off with $20M in investor funds - page 3. (Read 672 times)
September 12, 2020, 08:41:44 AM
This is the same thing as ICO in the past where a lot of money was invested there because of their madness for tokens pumped by the hype, now things are happening again with the name DeFi where many investors have given up their money only for projects that are not important even just following trends which is already left behind, this is not a good idea where now the scamer is always ready to accommodate investors' money and take them away and make sure you are no longer interested in the DeFi Project because for me this is over the market has been down since yesterday.
September 12, 2020, 08:41:07 AM
This kind of news about new project and new crowdfunding doesn't really surprise me anymore since I think it would just continue to happen.
I think it would just continue as it is a new type of crowdfunding or a new name would pop out and the first few project would work well and then the rest would struggle and most would turn into scam.
It is just like a never ending cycle that starts from ICO.
I think it would just continue as it is a new type of crowdfunding or a new name would pop out and the first few project would work well and then the rest would struggle and most would turn into scam.
It is just like a never ending cycle that starts from ICO.
September 12, 2020, 08:15:10 AM
Everyone chooses for himself the degree of risk for earning. Surely those who lost their savings imagined that this could happen because it is impossible not to understand this. I want to make money quickly and a lot, as an option they got zero.
Some are not because they are just thinking for an easy money without understanding how the scammer works and in reality many can’t handle such losses. We will slowly hear many exit scams news because DeFi will soon fade and the hype will be gone totally. I’m still holding good DeFi projects, and I see their future but I’m not that confident on this market. 
September 12, 2020, 08:11:07 AM
Finally what was feared all this time also happened, scammers will do everything they can to get money in the wrong way and harm others, In cases like this, investors are always victims. Incidents like this are very harmful to the good name of Defi, even though Defi is on the right track, but because of the scammer, Investors will think twice about investing in Defi.
September 12, 2020, 05:52:53 AM
Everyone chooses for himself the degree of risk for earning. Surely those who lost their savings imagined that this could happen because it is impossible not to understand this. I want to make money quickly and a lot, as an option they got zero.
September 12, 2020, 05:31:31 AM
Damn 20 million is an insane amount of money. Feel bad for the investors but this is the risk you run when you chase quick 3x toke s . I hope they knew the risk they got into.
September 11, 2020, 04:39:29 PM
Scammers really always utilize the hype in order to deceive and also create another scam. In this case, many people are hyped with DeFi projects. Without careful analysis, people may be able to trap so easily. Moreover, it is about investing in new projects in which they are here because of Hype. I don't think that all of them are legit. SO, just be careful! Scammers are around us exactly.
September 11, 2020, 03:38:43 PM
What is the status of Uniswap at the moment, few weeks ago it passed 250 millions in a day but for sure it will be dumped into half because of the two recent biggest scams of Defi market.When these stupid people going to learn to stay away from these scammers?
They can't stay away from them because they need quick money for their existence. Existing in a world that believed in riches and fames will never minds getting into anything called quick money schemes. Defi will scam more than the ICOs day because of their tone they're using right now. Investors so much believed in defi that they can go extra length to invest their money in scam in the name of high profit.
September 11, 2020, 03:26:59 PM
This. This is exactly why ICO died and there is really not that much ICO investment anymore, and as you can see same will happen to DeFi as well.
There is nothing wrong with the cool and good projects, they are good and they should continue to do what they do, new projects coming in however will be scary because people will be afraid about them actually because what if this good looking project is actually a scam? What if it turns out like this 20 million dollar scam?
So they will be scared to put money in, when they are scared there will be less money and when there is less money it will go to less projects and when there is less projects there is less hype. So at the end of the day because defi was so hyped, scammers took advantage of investors and this is why the hype is almost over, probably already over.
There is nothing wrong with the cool and good projects, they are good and they should continue to do what they do, new projects coming in however will be scary because people will be afraid about them actually because what if this good looking project is actually a scam? What if it turns out like this 20 million dollar scam?
So they will be scared to put money in, when they are scared there will be less money and when there is less money it will go to less projects and when there is less projects there is less hype. So at the end of the day because defi was so hyped, scammers took advantage of investors and this is why the hype is almost over, probably already over.
September 11, 2020, 02:58:58 PM
and it is a fact that Hype Defi may not last long in the crypto market, they only take advantage of the community and investors only for their personal gain. I am very happy if in the following days there will be more about the Defi project coming out.
September 11, 2020, 01:34:36 PM
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds
September 11, 2020, 12:31:52 PM
Now this is where it starts. Just like how the ICO hype was in 2017. People will keep investing into DeFi projects because its trending while scammers will take advantage of this and exit the market if they found the chance. This year really is becoming like 2017 minus the pandemic.
It started as soon as YFI exploded and inexperienced ones started rushing it like flies. Hype is never a good thing, especially when you have an exaggerated one like ICOs had back then. The fact that so many millions of dollars are still being pumped in overly hyped stuff when you have an entire history of similarly running successful scams is just absurd though.. 
September 11, 2020, 11:22:18 AM
It's so funny, I'm sorry to have to say investors are such stupid people. They only think of instant benefits for a vacation. From the name of the project they should have understood that it was a complete scam because it took advantage of a similarly successful project name. It should be easy to tell they will be deceived.
It's a shame that many investors with sizable cash have been duped. that is very bad, why are there so many investors who are deceived and are very easily consumed by market trends that are currently popular. whereas not all DeFi projects will be profitable. September 11, 2020, 11:19:19 AM
It's so funny, I'm sorry to have to say investors are such stupid people. They only think of instant benefits for a vacation. From the name of the project they should have understood that it was a complete scam because it took advantage of a similarly successful project name. It should be easy to tell they will be deceived.
September 11, 2020, 10:59:02 AM
As usual, there are good and bad ICOs while there are good and bad DeFi projects too.
A scam like this can't be avoided. Hype really can create a positive thought about the said project. Even for those who are aware that eventually, they might face a big problem in the future, there will be people that will keep investing on a hype project.
Congratulation to those who able to ride and makes a profit. While on the other hand, feel sorry for those who lead to FOMO and never able to recover their losses.
A scam like this can't be avoided. Hype really can create a positive thought about the said project. Even for those who are aware that eventually, they might face a big problem in the future, there will be people that will keep investing on a hype project.
Congratulation to those who able to ride and makes a profit. While on the other hand, feel sorry for those who lead to FOMO and never able to recover their losses.
September 11, 2020, 10:47:38 AM
Sad to see people getting ripped off, but when you "invest" in highly speculative, unaudited, risky things... this is what happens. I have been playing some DEFI but not alot, just too much risk. I prefer less risk, such as trading smart options on Spectre.ai and getting my weekly eth payouts from their business revenues 
September 11, 2020, 10:15:52 AM
Now this is where it starts. Just like how the ICO hype was in 2017. People will keep investing into DeFi projects because its trending while scammers will take advantage of this and exit the market if they found the chance. This year really is becoming like 2017 minus the pandemic.
Well what can we expect to some people?They'll surely think that the new trend is an anti-scammer scheme anyway, back also when IEOs were like indicator of legitimate projects through exchanges that the coin will be listed but with compliance of the requirements of the exchange devs from the project devs but still many were still scammed after it.
Everyone adapts.
Even if the future type of project we got already circulated the whole alphabet for acronym, these scams will still happen
September 11, 2020, 10:18:50 AM
It's sad that the good intention and useful ideas brought by DeFi project is being messed up by this scammers. It will be good if there will be a application for those projects that needs to be predetermined before they will be able to create or run a project wherein they will be test and with rules or contract to avoid exit scams, the hype will ends as well the market will receive more negative feedback once the scam events continues.
September 11, 2020, 10:16:55 AM
The lesson here is to not be overconfident on the project you are investing, just because you saw the word DeFi staking and loan, there's a lot on it than what you think these DeFi's are running on a smart contract that triggers an action every time it met a certain condition, it's not a remote possibility that there is a trigger there than transfer all the funds to other wallets, I've seen this happen in so many Ponzi schemes on Tron where a back door was created to transfer all funds, so only invest on a smart contract that is certified and audited for your protection.
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September 11, 2020, 10:15:12 AM
Only God can save this world from the hands of scammers and fraudsters, it's looks like the whole world is been controlled by scammers and fraudsters, and this is very bad, people are definitely capable of unimaginable things, this is why so many are afraid of investing their money this days most especially in crypto cus a project that looks all good and promising today might just turn scam tomorrow.
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