Beginner's Guide: Don't fall for DeFi-Airdrop-Scams

bullrun2024bro

legendary

Activity: 1582

Merit: 4327

Quote from: libert19 on October 17, 2020, 10:39:12 PM

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

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

Nellayar

full member

Activity: 868

Merit: 185

Roobet supporter and player!

Quote from: tbct_mt2 on October 13, 2020, 10:05:09 PM

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.

libert19

hero member

Activity: 2464

Merit: 934

Quote from: bullrun2024bro on October 17, 2020, 06:25:44 PM

Quote from: libert19 on October 16, 2020, 11:58:27 PM

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

bullrun2024bro

legendary

Activity: 1582

Merit: 4327

Quote from: libert19 on October 16, 2020, 11:58:27 PM

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

Quote from: 1miau on October 16, 2020, 08:49:21 PM

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

Godwinpaul

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.

Cryptoababe

member

Activity: 699

Merit: 18

Do it For Better Humanity

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

Pmalek

legendary

Activity: 2730

Merit: 7065

Farewell, Leo. You will be missed!

Quote from: plvbob0070 on October 16, 2020, 08:59:38 AM

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.

libert19

hero member

Activity: 2464

Merit: 934

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.

1miau

legendary

Activity: 2114

Merit: 6618

Currently not much available - see my websitelink

Quote from: bullrun2024bro on October 13, 2020, 01:40:19 PM

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.

ice18

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.

plvbob0070

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.

akirasendo17

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.

Ryker1

sr. member

Activity: 1918

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.

jossiel

hero member

Activity: 2842

Merit: 625

Quote from: bullrun2024bro on October 15, 2020, 08:39:16 AM

Quote from: jossiel on October 14, 2020, 12:35:05 AM

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.

Kong Hey Pakboy

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.

Pmalek

legendary

Activity: 2730

Merit: 7065

Farewell, Leo. You will be missed!

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.

Jack_Sin

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.

Raflesia

hero member

Activity: 2282

Merit: 560

_""""Duelbits""""_

DeFi

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.

sujonali1819

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.

btcltcdigger

hero member

Activity: 1974

Merit: 756

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.

Topic: Beginner's Guide: Don't fall for DeFi-Airdrop-Scams (Read 432 times)