Topic: DeFi project, the easiest scam gateway (Read 234 times)
After the bitcoin price rise,many new traders get into trading without a knowledge. Most of them by the reference of the profit takers.Then the market get into many spam project.I doesn't mean defi.Because I had not invested my money over it.Being a bounty hunter,I had get to know something.Because some token also became a waste one,after a payments.
Not all DeFi projects are fraudulent. There are decent and promising startups that will bring big dividends. But no one is immune from deception. Decentralization opens the door to various scammers who take advantage of the chance to appropriate other people's money. You can trust these deceivers and lose all your capital. 
Therefore, you need to treat this industry of digital currencies with extreme caution, you should always keep in mind such moments as volatility and huge credit risk.
Scammers are treating every trend as an opportunity for them to deceive people who just want to earn profit from their investments. There are actually good concepts that turned out to be a scam project that makes the idea go to the trash. With this Defi trend, scammers are doing the same thing they did on the past trends like ICO and IEO and people who experienced being scammed in a scam project becomes sceptical on the start of the Defi trend which makes them miss the opportunity to gain pretty good profits on early Defi projects. I'm talking about scam victims trauma. Therefore, you need to treat this industry of digital currencies with extreme caution, you should always keep in mind such moments as volatility and huge credit risk.
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
I think the legit Defi project are very few among the thousands that are bad, of course this is what you will hear ones there is such situation which will make you wonder why blaming the code instead of blaming the creator of the code, someone or people is definitely behind the coding and suddenly nobody is talking about that but just the wrong code,
Between careful has nothing to do with it when especially you are not a coder and can not tell if a code is right or wrong, Defi projects are risky investment no doubt.
Not all DeFi projects are fraudulent. There are decent and promising startups that will bring big dividends. But no one is immune from deception. Decentralization opens the door to various scammers who take advantage of the chance to appropriate other people's money. You can trust these deceivers and lose all your capital.
Therefore, you need to treat this industry of digital currencies with extreme caution, you should always keep in mind such moments as volatility and huge credit risk.
Therefore, you need to treat this industry of digital currencies with extreme caution, you should always keep in mind such moments as volatility and huge credit risk.
There are too many "hacks" in this industry. I will rather ignore it at all. Its much safer in my opinion
Then what else will you do 
Many scammers are taking advantage of the current market situation, defi provides quite an advantage, therefore many people are eager to join without learning any further. Must be more thorough.
Not only the DeFi project, this problem is very old and certainly not the DeFi system that is wrong, it is only the creator who is not right because he abuses people's trust in the project.
There are too many "hacks" in this industry. I will rather ignore it at all. Its much safer in my opinion
In short, "hacking" as the scapegoat for scam attempts. 
I learned that lesson back then with ICO's.
I don't really feel there is a difference with DeFi projects now. For me, it's like they just changed how it is called but everything is almost the same.
After all the hype in this "DeFi" system, they are calling. We will see a new name bursting out in social media. Yeah, that is now the birthplace of these things.
I learned that lesson back then with ICO's.
I don't really feel there is a difference with DeFi projects now. For me, it's like they just changed how it is called but everything is almost the same.
After all the hype in this "DeFi" system, they are calling. We will see a new name bursting out in social media. Yeah, that is now the birthplace of these things.
I invest to DeFi project all I can say is that you can earn x2-5 easy and it can be -90 to -100% in just a matter of hours or day. Well it's really risky to invest in DeFi project invest only what you can afford to lose.
Basically, there's no perfect code dude but the problem is people lack of knowledge about how to analyze the possibility for the creator of smartcontract to put the rugpull or selfdestruct function on its smartcontract.
Put a self destruct function on its smart contract? Wow! This is a new one and it's getting scary with this. I know of the rugpull stunt and with devs scampering away with funds but the self destruct angle will definitely have to stand out as the most wicked of thoughts.That's why i was seeing the smartcontract before try to invest in a new project.
Please, I will like to learn how to find this out myself. I will appreciate any tutorial on this from you (or any other person). 
Even the brightest developers even fall on a code error or glitches. There are too many loopholes on code and sadly those wise scammers are blaming it to codes but the truth is they are using the codes to make it looks like an accident but in a decentralized aspect it can be a good plan to host a rug pulled event in any case.
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
A majority of these "DEFI" projects are just shitty age old HYIP scams just modernized to take advantage of not having to run the garbage on your own servers. Tons of these contracts have "emergency withdrawal" to deployer/owner address backdoored into them allowing the owner to steal all funds whenever..Ultimately if you don't audit the code you're sending your money to, then its a reference back to a fool and his money are easily parted or something.
I can smell that you are telling the truth. Since HYIPers and scammers are now seeing the big potential of DeFi and cryptocurrency they decided to make a big camp in this industry with the aim of making the most money then make an exit scam and the days after make a new project again...we are witnessing the same process from time to time and I am always sad for the innocent victims of this situation. Sadly, there remains no effective ways to counteract scams...but I am hoping that an audit of smart contracts can be helping.
so they just use the excuse of poor code in defi to do a pull rug themselves ? thats a lame excuse . they should make thier work more accurate and look for the possible loopholes and fixed that before any hacker enters . i dont believe that code is the one that only to be blame here but greedy devs is also to be blame on here if they intend the hacking happened but for me to be safe , much better if i stay away from defi projects until its code are fully fixed and secured
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
Not all of them coz there are some left good and working so well, the same thing that ICO does before, and not all of them are worthless. But the challenge is how to find the best or potential projects since all of them are having attractive offerings. We have brag this one and we if don't have knowledge about crypto and never have the research, maybe, it was expected to happen to us. It is to be clear the risk in the crypto investment and this is a kind of gambling, we either to lose or gain.
Yeah, there are still minority specially prime movers in the Defi market not scamming people.
But it seems that it also grow exponentially, a hype that a dev can simply create some code, deploy it and then hype it on social media.
Here, I created this one: And this is how you make 'easy' money riding the Defi.
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
Just to be fair, no code is 100% fool-proof, that's why it needs to be tested and stress it out to see if it will break. The problem with Defi developers is that it's hard to create real life test cases, to really put their code into it, until it's too late. They could hire third party to do it for them, but if the guys doesn't have experienced to write a good test cases then they are just wasting their time and money.
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
Not all of them coz there are some left good and working so well, the same thing that ICO does before, and not all of them are worthless. But the challenge is how to find the best or potential projects since all of them are having attractive offerings. We have brag this one and we if don't have knowledge about crypto and never have the research, maybe, it was expected to happen to us. It is to be clear the risk in the crypto investment and this is a kind of gambling, we either to lose or gain.
What OP is trying to say is scammers have good excuse to exit scam on DeFi projects since it's decentralized and blaming the code for my failure is a good opportunity for scammers or devs who never had any good intentions for their projects from the start, I'm wondering how decentralized will work in this space when 90% are taking advantage of decentralization in crypto space, hands folded for now
later on, people will realise that most of these defi platforms are just to get easy money from gullible users. for those who are thinking that defi is a replacement of traditional finance, dont bother to think about it. because it will not happen.
a lot are already claiming to have been 'hacked', maybe hacked by their own team, so they can get away with it easily. i dont know, but i dont trust most of these defis. i can only name few that are really doing their job as defi, and you can find it at the top defi projects
That means that devs can't fix that or they actually did that in a purpose? it's hard to trust defi project these days. A normal investor won't have this type of knowledge that you have shared.
This is like the devs taking advantage of the majority.
There are two possibilities which are bug on code logic or purposefully do that for rug pull. indeed it is hard to trust DeFi project these days because the community is not well knowledged yet in that area unlike blockchain itself. a lot of rug pulling happened due to lack of knowledge from the investor and the community in how smart contract logic works, if we are somehow know how it is going to work. we should be able to prevent any rug pulling from the developer and we can prevent any exploit that might happen in the smart contract.This is like the devs taking advantage of the majority.
DeFi is not mature yet, that is why it is a golden land for scammer to make money quick.
because of the large number of Fomo on defi projects so scamer takes advantage of projects like this, as a result, defi projects have risks as you say. normally all types of projects have flaws and there are scamer in all types of projects it's just that the main reason is because Dedi is having high hype
thats why people should me more selective to invest in defi project, doing a deep research is needed
and always think about risk too, because being scammed is a kind of risk in any investments opportunities
No matter the project is DeFi or not, the code of the project need to be audited by 3rd party before its deployed.
If the team doesnt want to spare their money to do audit, its better to avoid this kind of project.
If the team doesnt want to spare their money to do audit, its better to avoid this kind of project.
What OP is trying to say is scammers have good excuse to exit scam on DeFi projects since it's decentralized and blaming the code for my failure is a good opportunity for scammers or devs who never had any good intentions for their projects from the start, I'm wondering how decentralized will work in this space when 90% are taking advantage of decentralization in crypto space, hands folded for now
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
A majority of these "DEFI" projects are just shitty age old HYIP scams just modernized to take advantage of not having to run the garbage on your own servers.
Tons of these contracts have "emergency withdrawal" to deployer/owner address backdoored into them allowing the owner to steal all funds whenever..
Ultimately if you don't audit the code you're sending your money to, then its a reference back to a fool and his money are easily parted or something.
if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
Basically, there's no perfect code dude but the problem is people lack of knowledge about how to analyze the possibility for the creator of smartcontract to put the rugpull or selfdestruct function on its smartcontract. That's why i was seeing the smartcontract before try to invest in a new project. This must be done by everyone to decrease the possibility for the scam project doing rug pull to the funds in the pool.
people should at least a small knowledge about the basic function of rugpull.
This is like the devs taking advantage of the majority.
if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
Basically, there's no perfect code dude but the problem is people lack of knowledge about how to analyze the possibility for the creator of smartcontract to put the rugpull or selfdestruct function on its smartcontract. That's why i was seeing the smartcontract before try to invest in a new project. This must be done by everyone to decrease the possibility for the scam project doing rug pull to the funds in the pool.
people should at least a small knowledge about the basic function of rugpull.
Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways
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