DeFi project exit scam $20M in investor funds.

Chukwunonso

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Quote from: ije07 on September 10, 2020, 12:19:15 PM

Yaps, my guess is right that one day people will realize after seeing the facts about DEFI is full of risks and greedy developers use this program to attract public attention. current DEfi project has taken over market investment, I have seen several Defi projects which ended up in Scams such as YAM, UBI, YFII etc. My advice is to always reconsider before investing in a DEFI project!

With the nature of news I'm hearing about Defi projects, it would be very difficult for me to invest in Defi projects because I know there are several people who have been ripped off and many must have been warned but were unable to understand the signs of a scam project. The recent issue we're considering brings to mind glory days of ICO's when people made substantial wealth investing in ICO's despite the fact that several of them are short lived.

ije07

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Yaps, my guess is right that one day people will realize after seeing the facts about DEFI is full of risks and greedy developers use this program to attract public attention. current DEfi project has taken over market investment, I have seen several Defi projects which ended up in Scams such as YAM, UBI, YFII etc. My advice is to always reconsider before investing in a DEFI project!

ScamViruS

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Due to the current DeFi hype, investors are attracted to new projects. As a result, a lot of scam projects are coming in the market, so we have to be careful. Their main purpose is to scam the investors. Depending on a few successful and profitable projects, investing in the rest of the new project is now very risky. Even after doing a lot of research and find out a good project, nothing can be done when the project is scammed due to fraud team.

So we should learn from this scam project, how to keep our funds safe by refraining from investing in such projects.

Quote

The rapidly expanding DeFi space is becoming riddled with scams as another suspicious project has headed for the exits carrying speculators' money.

"A new liquidity mining pool DeFi project, Yfdexf.Finance has exited the market after defrauding investors of $20 million in total funds locked in its protocol," media outlet ZyCrypto wrote on Sept. 10.

The project shilled its vaporware hard via Twitter and messaging apps such as Discord over the past 48 hours, ZyCrypto detailed. Cointelegraph tried tracking down details of the effort, but all traces of the scam appear to have been deleted at press time.

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.

Source: https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds

Topic: DeFi project exit scam $20M in investor funds. (Read 117 times)