DeFi hacks is becoming a joke | Bitcointalksearch.org

Kelvinid

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Quote from: djgtr on March 05, 2021, 04:52:40 PM

I would have to stay firm on my beliefs that this project went to reality, sometimes it's gonna be exhausting to Wait for further updates but I am still hoping to see more positive updates on this. Let's see in the upcoming months what's going to be initiated next, for now let's chill and be patient while DeFi hasn't yet come to success.

I don't think that someone just keeps relaxing and calm because that was alarming for me, though. If we can remember ICO/IEO before, they're doing this as a way to make an easy exit while carrying the money if their investors and gone, no updates after that. I suspected this as a sort of exit scam Defi projects, they are exactly be doing the same again and again.

This is not a road to success but it leads to common losses and failures.

dunfida

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Quote from: cabalism13 on March 05, 2021, 04:57:02 PM

Quote from: Bravehash on March 04, 2021, 08:35:16 AM

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IMO, this just another strategy of those scammers, besides all of the funds for their project were being funded tru pre sales or private sales. Then after that they can easily manipulate the market as they have the biggest number of tokens being hold then later on this token shall be converted to fiat then run again.

Reasons on why i do really have the hesitation nowadays to make out investment due to this very reason.This hadnt be a new thing even with that ICO craze
where lots of shit projects been popping out everywhere try to get some recognition or funding but still end up on running off their investors fund or money.
Now that DeFi hacks is a bit common, this doesnt show a weak security but rather i do believe that this will be on inside job instead.
Defi hype is dying and wondering on whats next on the line.

cabalism13

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Quote from: Bravehash on March 04, 2021, 08:35:16 AM

Another crypto project (DeFi) is hacked again and now I'm starting to believe that devs are the ones pulling the rug themselves because this is becoming a child's play right now

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

IMO, this just another strategy of those scammers, besides all of the funds for their project were being funded tru pre sales or private sales. Then after that they can easily manipulate the market as they have the biggest number of tokens being hold then later on this token shall be converted to fiat then run again.

djgtr

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Quote from: Bravehash on March 04, 2021, 08:35:16 AM

Another crypto project (DeFi) is hacked again and now I'm starting to believe that devs are the ones pulling the rug themselves because this is becoming a child's play right now

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

I would have to stay firm on my beliefs that this project went to reality, sometimes it's gonna be exhausting to Wait for further updates but I am still hoping to see more positive updates on this. Let's see in the upcoming months what's going to be initiated next, for now let's chill and be patient while DeFi hasn't yet come to success.

zasad@

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Updated!
DeFi hacks [history]
https://bitcointalksearch.org/topic/defi-hacks-history-5267124

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Such risks await any investor in unverified projects
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Arkann

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Quote from: Wildwest on March 05, 2021, 06:24:13 AM

For a good project is a lot of targeted hackers and this often happens with deFi projects, and almost every month deFi experience hacking whether this is true or just a joke that has been designed by certain parties to bring down the deFi project, then in this case we must be careful in following a project because the risk is very large.

The fact is that all decentralized projects are very risky for every investor and therefore each of us must think several times and check all the available information several times before starting to cooperate with one project in terms of investment. There is as much fraud in the decentralized finance industry as there was once in ICO companies, but as proof of the performance of many DEFI companies, we can check the coinmarketcap indicators.

k@suy

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Quote from: MCobian on March 05, 2021, 03:50:49 AM

I am not surprised to know that DeFi projects have been hacked successfully, because the incidents of DeFi hacking have happened a lot.
This is in my opinion one of the ways developers trick their project users. Moreover, the unpopular Meerkat Finance project is very vulnerable
to being exploited by scammers to commit fraud. So my advice is to invest in new projects, we have to do our research properly, so that we can
avoid the DeFi scams. Because not all DeFi is bad, there are some good DeFi that are proven to be profitable.

Indeed not all defi projects are scams, I personally join and invest to those projects that already have their audit certificate because I knew that they will spend a lot for audits and it will give them an assurance that their website will not easily be hacked and there will no flaws in their code, we should learn to take every opportunity and we should learn to be selective at all times.

akirasendo17

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like other said good projects are targeted by hackers, its easy to know if the projects are pure scam although it's not that accurate, solid projects are able to continue and build again, while those others who are just using hacking to run the money, suddenly they will leave the group and their website will be nowhere to be found.

Wildwest

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For a good project is a lot of targeted hackers and this often happens with deFi projects, and almost every month deFi experience hacking whether this is true or just a joke that has been designed by certain parties to bring down the deFi project, then in this case we must be careful in following a project because the risk is very large.

AmoreJaz

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Quote from: MCobian on March 05, 2021, 03:50:49 AM

I am not surprised to know that DeFi projects have been hacked successfully, because the incidents of DeFi hacking have happened a lot.
This is in my opinion one of the ways developers trick their project users. Moreover, the unpopular Meerkat Finance project is very vulnerable
to being exploited by scammers to commit fraud. So my advice is to invest in new projects, we have to do our research properly, so that we can
avoid the DeFi scams. Because not all DeFi is bad, there are some good DeFi that are proven to be profitable.

from all these defi projects that have been introduced to the community, i can bet you can only count in your fingers which are really doing the services that they want to offer. most of them are crap and have the intentions to exit at some point. so it is no surprise that you will hear "hacking" incident from defi platforms, which more or less, just covering its true status of abandoning the project by running away their investors' funds.
so how can defi platforms replace the services of traditional banks, when you cant even trust your hard-earned money into this defi business?

isaac_clarke22

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Quote from: Bravehash on March 04, 2021, 08:35:16 AM

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Well it's a trend. It's not just the scammer that would surely follow up, but surely hackers of any sort grey/white/black hat hackers.
Back when Facebook became a trend, although this isn't crypto related but in terms commonality from how you described it, there were many hackers of account in order to profit from it from the information getting leaked.

Ceyflix-Rez

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Quote from: semobo on March 04, 2021, 10:43:58 AM

Quote from: Ken_terrance on March 04, 2021, 10:20:10 AM

Quote from: semobo on March 04, 2021, 08:43:00 AM

And Binance smarth chain becomes safe heaven for the hackers?

Surely people are expecting what will be the reply from CZ for this scam project because it seems devs run away within 24 hour after they launched the project on BSC network.Where ever there is hype then there is high risk of getting scammed.

Please beware!

Not here to defend but to share knowledge, is DeFi not bigger than BSC? To me it is and for the fact that only DeFi projects are getting hacked looks suspicious to me, not all those hacks are real hack, this is the first thing that always come to mind, I'm waiting for BSC hacks though but honestly decentralized sucks in crypto space

Decentralization doesn't sucks but when people are in control of their project and call their premined project as decentralized makes the people confused and it is easier for them to run away with the money but since BSC itself a centralized network then Binance may investigate further about the hack or its just another scam?

BSC makes more sense because it's centralized and for the fact that it's from binance exchange there is more to do here, if any project go scam binance will be responsible and they will be able to do some investigation, still Centralised projects looks more responsible and responsive to me

MCobian

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I am not surprised to know that DeFi projects have been hacked successfully, because the incidents of DeFi hacking have happened a lot.
This is in my opinion one of the ways developers trick their project users. Moreover, the unpopular Meerkat Finance project is very vulnerable
to being exploited by scammers to commit fraud. So my advice is to invest in new projects, we have to do our research properly, so that we can
avoid the DeFi scams. Because not all DeFi is bad, there are some good DeFi that are proven to be profitable.

shoreno

full member

Activity: 1750

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31m dollars . that seems alot of money right there and that shows that there are still investors that love to invest on risky stuffs such as defi's .

we dont know if we have been lied if we havent get a concrete evidence that the hack happened was an inside job but if the hack happen so often then defi's must have a weak security but why would the coin creators still keep on creating coins under this platform but its also the fault of the investors because they feed those greedy people .

dihari

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I just read the article today https://www.coindesk.com/defi-project-meerkat-raises-eyebrows-with-claimed-31m-hack-a-day-after-launch

Weird and funny. It's just happened a day after launch. Exit scam?

el kaka22

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There is really nothing shocking about rugpull in defi world, in ICO world people got funding and scammed people too, rugpull is not hack and they are different. Also remember it is quite easy to create a new defi thing as well, people could actually deploy a copycat coin in a matter of minutes, so that is why there is nothing you should be worried about, we are in a situation where it would be simple for anyone to do so there are people who are idiots who do this.

What I want to help people with is that if you see a project that is 1 to 1 same with another project with just design changes, do not go for it because you will be scammed, either someone else will hack into it, or they will scam you themselves. There is really nothing to do with scams being too much in defi world, it is as much as in anything else, probably less than ICO times if you compare it.

hopenotlate

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From my little understanding seems like the devs team was the one pulling the rug here.

Maybe it seems the right time to spread a new motto : funds aren't SAFU Cheesy

ololajulo

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Quote from: semobo on March 04, 2021, 08:43:00 AM

And Binance smart chain becomes safe heaven for the hackers?

Surely people are expecting what will be the reply from CZ for this scam project because it seems devs run away within 24 hour after they launched the project on BSC network.Where ever there is hype then there is high risk of getting scammed.

Please beware!

How is this the fault of binance smart chain? This is not as a result of the blockchain security, it was the team scamming investors, they are the custodian of the coins and emphasis had been place on anonymous teams for Defi to control this deception. Binance might face some conspiracy as a result of the contention with Ethereum, they need to be very careful.

optimisticcm

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Quote from: Bravehash on March 04, 2021, 08:35:16 AM

Another crypto project (DeFi) is hacked again and now I'm starting to believe that devs are the ones pulling the rug themselves because this is becoming a child's play right now

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

I have heard today that a binance smart chain based defi was hacked and a record $31 million worth of funds were stolen, seems like it is the biggest hack till now because earlier we use to hear 1 to 6 million hacks but this is huge in terms of value, i hope hacker will be traced and he will return the funds and project will continue.

SUPERSAIAN

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We started to hear these kinds of hacks in defi projects every day. People are obviously losing their money for high interest and easy money.I think most teams act like they've actually been attacked,and they disappear with the money.

Topic: DeFi hacks is becoming a joke (Read 371 times)