Can defi rugpull? | Bitcointalksearch.org

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

Quote from: pornluver on March 27, 2022, 12:52:57 AM

I want to put money on beefy and other automatic yield generator.

I wonder if I can lost money due to rugpull?

How likely it is

You must always put in your mind that the DeFi opportunities are considered as high risks. Nothing is guaranteed in the DeFi space. Even if it’s not going to rug pull, some whales are going to dump it when it reaches their targeted amount. And there are no guarantees too if that certain DeFi project has anti-whale mechanism. Only invest an amount that you can afford to lose and treat it as “dead money”.

I’ve lost a lot of money in rug pulls for most of last year, and I’ve got nothing to do but lessons learned and accept the fact that my “dead money” is already dead.

kojektea

sr. member

Activity: 2352

Merit: 256

Vave.com - Crypto Casino

I think we are all familiar with the word 'rugpull' from DeFi.
Previously I really never heard the word rugpull from any project and at that time there was no concept of DeFi, we just called it a scam.
This happens because DeFi is followed by the concept of Dex Swap where they need liquidity to sell, if that liquidity is withdrawn then we will call them rugpull.

zasad@

legendary

Activity: 1932

Merit: 4602

Quote from: pornluver on March 27, 2022, 12:52:57 AM

I want to put money on beefy and other automatic yield generator.

I wonder if I can lost money due to rugpull?

How likely it is

DeFi hacks [history]
https://bitcointalksearch.org/topic/defi-hacks-history-5267124
If the project's smart contract is hacked, then you will lose all your money. yield farming has always been a risky investment and there are small annual interest rates. I prefer to invest in projects.

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: pornluver on March 27, 2022, 06:36:49 AM

Actually is it even technically possible? For exmaple, I've heard that there is an Ethereum wallet that are multi sig. The thing is the contract can't be changed and a lot of money stuck there. So can defi be like that?

I don't know which and how the cases you mentioned evolved. But any security vulnerability will always be there. It doesn't mean that the developers themselves will be going rug, but any hacker could potentially hack the platforms. Another scenario is the developers claim that the projects were being hacked but actually the who put vulnerability are themselves.

You can see below topic as a reference regarding Defi hacks:
DeFi hacks [history]

pornluver

hero member

Activity: 960

Merit: 514

Quote from: retreat on March 27, 2022, 06:30:59 AM

Quote from: pornluver on March 27, 2022, 12:52:57 AM

I want to put money on beefy and other automatic yield generator.

I wonder if I can lost money due to rugpull?

How likely it is

Before investing your money on the defi platform, it is really wise if you find out first about the reputation of the platform. It's the first time I've heard about beefy. but I really recommend pancakeswap, biswap and apeswap.

What about beefy?.

https://beefy.finance/

Is it likely to rugpull?

Actually is it even technically possible? For exmaple, I've heard that there is an Ethereum wallet that are multi sig. The thing is the contract can't be changed and a lot of money stuck there. So can defi be like that?

retreat

sr. member

Activity: 1106

Merit: 391

Quote from: pornluver on March 27, 2022, 12:52:57 AM

I want to put money on beefy and other automatic yield generator.

I wonder if I can lost money due to rugpull?

How likely it is

Before investing your money on the defi platform, it is really wise if you find out first about the reputation of the platform. It's the first time I've heard about beefy. but I really recommend pancakeswap, biswap and apeswap.

bussybuddy

full member

Activity: 1204

Merit: 105

PredX - AI-Powered Prediction Market

The decisions that affect life should be calculated carefully because, between profit and risk, we need to harmonize them so that they are reasonable for our own purposes. I see the DeFi space has seen a lot of different hacks over time, so be wary of the products you intend to get into.

masterrex

full member

Activity: 1820

Merit: 107

Quote from: pornluver on March 27, 2022, 12:52:57 AM

I want to put money on beefy and other automatic yield generator.

I wonder if I can lost money due to rugpull?

How likely it is

IMO, I believe rugpull has no excuse if it happens it will happen, but sometimes many factors can be also the reason, first is the team itself, second is the Defi platform uniqueness and how it can be more attractive to generate demand and investments things like that is very crucial to any Defi projects and platforms third is the security because sometimes hacking events can cause a massive downturn to any projects, particularly in the newly established Defi platforms. so anything can happen including a sudden rugpull!

TreyARC

jr. member

Activity: 110

Merit: 1

Defi projects have been rug pulling since 2020 are you new to the crypto world? It's not the use case that's at fault it's bad artists that are everywhere this day taking advantage of almost every new good utility available, so far billions have been lost to scam defi projects.

Here is a link on how to spot scam defi project and make sure you do your own research

https://cointelegraph.com/explained/crypto-rug-pulls-what-is-a-rug-pull-in-crypto-and-6-ways-to-spot-it

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

Don't rush on such a project for they always have something to say regarding sweet promises which often turn out to be scammed and rob investors with their own expectations of the project. You always need to have some knowledge about their technique on how to fool people to avoid their sugar-coated stories. nowadays, they are common and they have varieties of projects to offer you which are not real, no matter where it is, NFT, Defi and others.

Pterosaur

member

Activity: 207

Merit: 12

Syntrum.com

Use search engines bro, many Defi projects have already rug pulled many times and the funny part is they found it easier because Defi projects most times have anonymous team members, be careful with Defi projects or probably go with the most popular Defi projects.

pornluver

hero member

Activity: 960

Merit: 514

I want to put money on beefy and other automatic yield generator.

I wonder if I can lost money due to rugpull?

How likely it is

Topic: Can defi rugpull? (Read 83 times)