Topic: DeFi the decentralized ways of scam (Read 466 times)

DeFi protocol Beanstalk Farms lost over $180 million to malicious players due to an exploit on April 17 that allowed a hacker to pass a governance proposal.

The Ethereum-based stablecoin protocol’s exploit left several tokens missing and saw its U.S. dollar-pegged stablecoin drop below the $1 mark.

Nothing new, the type of Decentralisation that DeFI projects gives is just like that of privacy coins and projects with anonymous team members, it's always about no team information and there are projects with anonymous team that still exists and working well till date, God gave humans the freedom to choose yet many still dwell in sin, it's not Decentralized fault

Another token bridge suffered a malicious attack where tokens were minted by a hacker through a smart contract exploit, eventually leading to a cascade effect across other DeFi networks.

The Meter Passport token bridge platform has incurred $4.4 million in losses due to a smart contract hack which also caused Hundred Finance to lose $3.3 million through under-collateralized loans.

The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens ($321 million) from the platform.

Right now there are thousands of poeple with loads of money who don't want any regulations as they benefit from those, there are millions of buyers who want to buy what they want without somebody else caring, and there are a few who are against this whole ICO>Defi>Meta scams but who aren't actually involved in it, so our boycott would mean zero.
That's why I told you, not going to happen! 

What I actually mean when I mention greater government involvement are laws and regulations that could declare DeFi, ICO, NTF, and similar nonsense illegal - not only in the sense that those behind it will be found guilty if caught, but also in the sense that anyone who uses it will be equally responsible.

The scammer knows this, while you might get rid of some low-level ones with the bigger ones it's hard to do so, and those are the ones that take millions out of the pockets of foolish investors. Was EOS a scam? Would/Could you send someone to prison for it?

History was something like this:
- Bitcoin was created and this invention brought a new technology that was very useful.
- Some developers decided to expand the technology and by changing variables create new cryptocurrencies.
- Bitcoin price kept going up and it attracted a lot of wanna-get-rich-overnight type of people.
- Some of them could code and realized bitcoin is open source so they started copying (forking) bitcoin and creating copycatcoins. These coins took a lot of effort to create and the profit they could make were small since they too had to mine the shitcoin and pump it first then sell it on the market.
- To maximize profit they came up with the idea of premining and that maximized their profit for a short time since people still bought into these shitcoins while ignoring the fact that the dev has a huge supply printed out of thin air in a blinking of an eye and plans on dumping it to  make a ton of money.
- As premine shitcoins started failing they tried hiding the premine, which is where shadow-mine and other methods come in.
- Somewhere in history someone introduced the concept of creating tokens on bitcoin network and a bunch of them were created (referred to as Omni layer). You have heard of at least one called Tether (USDT).
- A developer came alone and took this idea and created a new shitcoin to allow easy creation of tokens, premined the shit out of that shitcoin, started an ICO and make millions overnight.
- Then the idea of creating easy scam coins was expanding and ICOs became very easy for tokens
- As the ICO scam started failing (like all previous scam methods) they started looking for ways to hide the scam so they changed the name to other things including IEO, STO and eventually DeFi and NFT.
-...
- In near future as the token scam is also obsolete, they will come up with a new way to scam people.

the whole mess has turned into a gambling game where you bet on 5-10 numbers in the roulette, and if one hist the jackpot you're happy if not, you try again.

Using your personal wallet would eliminate the risks of getting scammed but if you buy into all the crabs out there that involves connecting your wallets to anything that comes out and calls themselves decentralised platforms, web 3 etc you're no smarter than those making use of centralized wallets. Your wallet should always stay private and that's only when you'll be secured. If you have interest with interacting with any of the dApp, create a wallet specifically for that purpose. I won't trust any of them to be totally secure not forgetting all the hacks/exploit ongoing.

The only thing that blockchain or decentralised promises us is that if we want to stay safe, we have to be our own wallet. What might that save us? What do you think CryptopreneurBrainboss am i right?

Don't look too far, we have metaverse and DAO cooking up something.