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Topic: Beginner's Guide: Don't fall for DeFi-Airdrop-Scams (Read 473 times)

legendary
Activity: 1624
Merit: 4417

Thanks for sharing the information concerning the PADTHAI.finance exit scam. I added the information to the 'DeFi-Scam' list (DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 19/10/2020).

For additional information please see the screenshot below:



Source: DeFi-Scams - Big All-In-One-Thread
full member
Activity: 868
Merit: 185
Roobet supporter and player!
Once again, scammer uses a very old and common scam technique. Send first and get something back later. No matter how much the contributed amount is (0.1 ETH in this scam), it is a scam rule to join a scam group.

If people always keep it in minds and don't let greediness blurs their minds, they won't be scammed.

I turn off the option to invite me to groups from Telegram users that are not in my contacts. Everyone should do this too because scammers join groups to get list of users in groups and send their scam invitations.
Its always been the issue in cryptocurrency industry, the scam giveaways. But unfortunately, there are still people who fall to this scam technique, thinking that who they are communicating is always real because of the profile picture and good words. It is really obvious that this are scam because they will not use your fund for something such as fund raising or investments. They just saying that you have to send eth first and they will give you back plus the interest. Only fool and ignorant will fall to that repeated scheme. But because of imagination (millionaire imagination) there are still blinded by this fake projects.
hero member
Activity: 2520
Merit: 952
I took part in airdrop project called 'padthai' which exit scammed just around a week ago, they had anonymous team and steps were pretty much similar to what you described. I lost 0.2 eth in it.

Oh man.. I am sorry for your loss! Do you have some more information concerning the scam (social media accounts, website etc.)? Is this the contract address?

PADTHAI.finance: https://etherscan.io/token/0xB35A8a7fcbb0465Af7165e8C9C954beA68924b0F

If you want to share some more information, I could add the scam to the DeFi-scam list i created: DeFi-Scams - Big All-In-One-Thread

Contract address: https://etherscan.io/address/0x6f450f117114075d1d1c91dd64a61c0ba72ca68f

All social media channels are deleted but if you like links here you go:

Website: https://padthai.finance

Twitter: https://mobile.twitter.com/PadThaiFinance/status/1306786230051504130

Medium: https://medium.com/@padthaifinance


legendary
Activity: 1624
Merit: 4417
I took part in airdrop project called 'padthai' which exit scammed just around a week ago, they had anonymous team and steps were pretty much similar to what you described. I lost 0.2 eth in it.

Oh man.. I am sorry for your loss! Do you have some more information concerning the scam (social media accounts, website etc.)? Is this the contract address?

PADTHAI.finance: https://etherscan.io/token/0xB35A8a7fcbb0465Af7165e8C9C954beA68924b0F

If you want to share some more information, I could add the scam to the DeFi-scam list i created: DeFi-Scams - Big All-In-One-Thread



Same here. It is really hard to understand because many DeFi coins are completely useless. It's just speculation of highly hyped shit where the only task is to find a bigger idiot who is paying more for it. That reminds me of an useless Ethereum Token ICO called "useless Ethereum Token" which collected around 200k USD in an ICO in 2017 and is now, no surprise - totally worthless.  Cheesy

Oh yea, I remember that one. It's still listed on CMC... what a shame.



Source: https://coinmarketcap.com/de/currencies/useless-ethereum-token/

Obviously zero markets and zero volume. But that's not particularly surprising when you bought a coin called the "Useless Ethereum Token".  Wink
jr. member
Activity: 276
Merit: 1
It's getting interesting, reading through how people could get scammed in this space. The uniswap platform has made things easier for scammers and most persons are only interested in benefiting from the pump, that emerge from a project irrespective of risks attached. I only hope that people could be wiser and less greedy Inorder to avoid situations of this nature.
member
Activity: 898
Merit: 19
Do it For Better Humanity (Bitget trader)
The worst part of it is people still go on to send eth to get airdrop when they know that airdrop is absolutely free. No matter how much people are being warned about these airdrop scams, we will still find some people falling for them. Airdrop scam is now an uncontrollable thing these days
legendary
Activity: 2730
Merit: 7065
Is that how the developer defines the word "airdrop"? Because from what I understand, an airdrop is supposed to be advantageous as they will send free tokens to promote their project.
The term airdrop and its meaning has changed a lot in the last 5 years. In the past, an airdrop meant you post your wallet address and you receive free tokens to it. That was it. Over time, to receive free airdrops, you had to perform simple social media tasks. Like a Facebook page, follow the project on Twitter, etc. Then the tasks expanded. Write a tweet, retweet, post a comment on your wall...

Nowadays, new users don't even know how airdrops looked in the past. They think all these tasks you have to perform are completely normal. I have even seen and heard about airdrops requesting users to send some gas to cover the transaction fees. You can tell a lot about the future of a project who needs gas to cover fees for free tokens.
hero member
Activity: 2520
Merit: 952
I took part in airdrop project called 'padthai' which exit scammed just around a week ago, they had anonymous team and steps were pretty much similar to what you described. I lost 0.2 eth in it.
legendary
Activity: 2226
Merit: 6947
Currently not much available - see my websitelink
Some time ago I posted here on Bitcointalk, that I think that things like the 2017/2018 ICO scams won't happen again - but I was wrong. It is happening right now and things got even worse.
Same here. It is really hard to understand because many DeFi coins are completely useless. It's just speculation of highly hyped shit where the only task is to find a bigger idiot who is paying more for it. That reminds me of an useless Ethereum Token ICO called "useless Ethereum Token" which collected around 200k USD in an ICO in 2017 and is now, no surprise - totally worthless.  Cheesy

Same will happen to most DeFi coins.

Of course, not all DeFi coins are scams but if you are lucky to pick one which isn't scam, it is most likely highly overvalued right now.
hero member
Activity: 2492
Merit: 542
Unfortunately until this moment I can see many new shitcoins similar like this one they airdrop yield framing shit tokens provide even huge liquidity on Uniswap and after some 30 minutes to an hour pulled out the liquidity and gone and actually I almost scammed lately by shitcoin listed on Uniswap with 600 eth liquidity good thing I observed first and same thing happens disappear in an hour be wise to buy new shitcoin and sending eth in exhange to tokens which has no real usecase scam is everywhere. 
copper member
Activity: 658
Merit: 402
Is that how the developer defines the word "airdrop"? Because from what I understand, an airdrop is supposed to be advantageous as they will send free tokens to promote their project. If you are going to search the word "cryptocurrency airdrop", you won't find the word "donation" on its definition because it does not work that way. By the time I read that word, I can't believe how people are convinced to trust their funds to a stranger that is treating them badly. They don't have any idea that they are being fooled around and it is sad. I hope they learn from that experience.
sr. member
Activity: 1106
Merit: 310
that is 100% scam airdrop are free so why would they send 0.1 eth, this kind of scheme is not new to everyone, i think they maybe newbies or batch of greedy people who think they found a gold mine, but they don't know that they are the one being mine by the project, looking for website and the people behind it should be check, and what are the products ,thanks for the post this helps our newbies to evade this scam.
sr. member
Activity: 1932
Merit: 442
Eloncoin.org - Mars, here we come!
Well, thank you for sharing this post, this should be considered as a lesson to learn not just only by newbies and also by us.
Only naive people will fall into this kind of trap [an old trap but effective], --they even don't think that a short period of hype will commonly end up top scam. Sometimes when the greed will over control on us, we have the strong guts to risk money even we know that possible consequences of scamming, but since we all want to have profit, risking to this hype projects will become leads us to scam.
With the growth of the Defi sector projects, hacking incidents are pretty expected.
hero member
Activity: 3150
Merit: 636
DGbet.fun - Crypto Sportsbook
Those victims might be newbies looking for easy money on the web and instead of them finding a treasure chest, they are the ones that were caught off guard and described as the money by that developer.

I honestly doubt that only "newbies" lose money on these kind of scams. Since the whole process is a little more complexe you definitely need a bit of crypto experience (e.g. how to use UniSwap, how to add Liquidity or how to adjust your TX-fees that your transactions will go through). Unfortunately many users are getting greedy and turn off their heads. They read all this miracle airdrop stories on social media and think the scam coin they are "investing in", will be another 1000x story.
You are right with that explanation. Having an experience with hovering things as you have mentioned can't be understood by a newbie easily but with set of instructions given, they might follow it.

In summarizing it, you are right about everyone who's greedy enough to fall for this are not just newbies but also those who are aware with cryptocurrency. They've just let their guards down because of the promised return.
member
Activity: 1120
Merit: 68
Many people say this DeFi hype is a scam because the DeFi market is full of scammers that they will take away all of your money, just like what happened in the last year of 2017 that ICO is also full of fraud and unsuccessful projects. It is why we should not follow this DeFi hype because some scammers will only play a trap on us with their fake airdrops and giveaways posted on different social media sites.
legendary
Activity: 2730
Merit: 7065
Sad really. The symbolism is unbelievable. He is calling members of his Telegram group apes/monkeys and offers them bananas.
Look at the airdrop form. Are you an ape? Both answers suggest something that an ape would do. Scammers don't even have to try that hard, they still get showered with money.
full member
Activity: 548
Merit: 100
Why are so many people willing to pay 0.1 ETH for junk tokens, they are just airdrop tokens and don't expect it to grow unless you want to collect lots of worthless tokens in your wallet. Stop being greedy because the best projects don't develop that way.
hero member
Activity: 2282
Merit: 560
_""""Duelbits""""_
DeFi Huh Huh A lot of people are addicted to the DeFi project so hopefully they realize soon.  Shocked

Almost every day I see people on social media and telagram promoting a lot of defi projects, I don't know if they are just airdrop hunters or are indeed investing in pre-sellers whose projects are doing, they are afraid this is a trap and later they will lose everything.

DeFi is now so easy to enter the stock exchange. Dex is that easy? or are they behind playing money to get tokens listed?

Because I think it's so easy with a project from DeFi to enter the market.
legendary
Activity: 2436
Merit: 1189
Need Campaign Manager?PM on telegram @sujonali1819
De..............Fi............ is a hyped word in the recent crypto market. And it turned into a thing that people think if they do let to invest upcoming project presale maybe they will lose a huge profit. Maybe the victims are the same people who blindly trust in word Defi.  And the real truth will be these blind Defi lovers stop to trust after losing the full amount of profit what they earned from the beginning of Defi. Smiley
hero member
Activity: 2072
Merit: 761
To boldly go where no rabbit has gone before...
Oh yeah there's dozen of these type of scams being created daily, and some are pretty smart about it.
For example, where you showed how people are sending ETH, sometimes the scammers do it themselves to make it looks like it's actually a thing and there's hype about it.
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