Next one will be NFT scams. The ground for scammers is open as long as money is pouring in.
First they inflate volumes which is a common tactic in DeFi and also in some ICO that were creating fake presales. The same happened at a time with NFT and the result in all was a huge scam. I hope that at least with NFT when the interest appears it will not create same havoc as it did in ICO and DeFi.
Topic: ICO scams vs DeFi scams (Read 883 times)
Majority of people only came to know defi vary recently - including me, and the defi hype only became very high within a very short period compare to ico that last for few years, in this case, I think the ico scam was more severe than the defi, during the ico period many people where ignorant of a lot of things.
defi had shocked crypto with a fairly sharp move and a lot of tokens that were quite large, but on the way it finally came back like with others be it ICO, IEO.many re-growing fraudulent projects and it seems inevitable, to always exist in every new system.
If you want to compare, it is clear that ICO is still the best until now because it can last a long time and many people are lucky from the ICO project, even though in the end it is the same.
Defi is still considered new and there is a possibility that there will be improvements if there is the right intention to make changes.
Majority of people only came to know defi vary recently - including me, and the defi hype only became very high within a very short period compare to ico that last for few years, in this case, I think the ico scam was more severe than the defi, during the ico period many people where ignorant of a lot of things.
Most ICO projects are centralized projects and they still scam investors and now DeFi is fully decentralized but they are very easy to hack, Its very hard to believe that hackers are involved here, there is nothing to clear the fact that teams might be hacking their own platforms themselves too just to exit scam conveniently, I don't trust any new DeFi projects again, it's same with ICO scams
From the start I saw Defi was just Fomo for a moment and in the end there would be a scam project that would emerge, I am not surprised because since a long time ago the cryptocurrency trend was formed with Fomo, ICO is an example of the first Fomo trend and just like ICO there will be many investors who are disappointed with Defi. The fact that the Defi projects are decentralized means that the scam risk is high but that does not mean that we can not spot them and avoid getting tricked by them but its same with ico's and conventional investment methods you have to check where you are investing and to get rid of this problem every team project must pass kyc so the community will know who they are dealing with.
defi is the same as ico because both are decentralized but conventional investments can be non crypto or they can be and they can decentralize or centralized .there are pointers that we can go thru if we want a more succesful investment but if we still fail maybe we are destined for it but theres always more than second chances . like i mention earlier defi is decentralized thats why the kyc that you think as a solution wont fit here and kyc can infact be used as an advantage by wrong people .
Most ICO projects are centralized projects and they still scam investors and now DeFi is fully decentralized but they are very easy to hack, Its very hard to believe that hackers are involved here, there is nothing to clear the fact that teams might be hacking their own platforms themselves too just to exit scam conveniently, I don't trust any new DeFi projects again, it's same with ICO scams
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DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free
since the introduction of YFI, YFII and many more hackers have been using this medium to easily scammer people with DeFi project since those are the project that really did well though there are many DeFi project. all we have to do is to be very careful about any upcoming DeFi project as they have been using this period to fraud.
The fact that the Defi projects are decentralized means that the scam risk is high but that does not mean that we can not spot them and avoid getting tricked by them but its same with ico's and conventional investment methods you have to check where you are investing and to get rid of this problem every team project must pass kyc so the community will know who they are dealing with.
defi is the same as ico because both are decentralized but conventional investments can be non crypto or they can be and they can decentralize or centralized .there are pointers that we can go thru if we want a more succesful investment but if we still fail maybe we are destined for it but theres always more than second chances . like i mention earlier defi is decentralized thats why the kyc that you think as a solution wont fit here and kyc can infact be used as an advantage by wrong people .
The fact that the Defi projects are decentralized means that the scam risk is high but that does not mean that we can not spot them and avoid getting tricked by them but its same with ico's and conventional investment methods you have to check where you are investing and to get rid of this problem every team project must pass kyc so the community will know who they are dealing with.
In my opinion, there is not much difference between the negative processes of scams and everyone tends to keep all the resources acquired throughout the collection. The only difference is the marketing process and the technological process. So there is a pattern that can be observed with great promises and annual extension of a simple project.
We must keep an eye on and despise projects with these characteristics.
We must keep an eye on and despise projects with these characteristics.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Its not that easier to hack but rather anonymous devs or scammers do really make use of this thing since its totally involving decentralization unlike on ICO's where some of devs can really
sued out due for they have known.Not completely but at least have the chance.Comparing out security then i can say that theres no much difference between the two.
IEO is much better among those kind of sales or trends in the market where it did really lessen out the chances of scam in minimal manner
since we know that sales do happen internally on an exchange but this is only good for those exchange which are known and legitimate and the rest are
just jumping with the trend.
There are some people who say that Defi is not a scam, yes it is true,
because Defi is just a category or feature of a project, DEFI and DEX become a good mix in the project, and grow the cryptocurrency market,
but ICO, ICO is just making a market just like bubbles.
because Defi is just a category or feature of a project, DEFI and DEX become a good mix in the project, and grow the cryptocurrency market,
but ICO, ICO is just making a market just like bubbles.
Scam projects are sure to remain because they always have loopholes and opportunities. People are too eager to make quick profits and they resort to investing in hype projects without thinking about the risks.
Nowadays not only investment scams like ICO, but many DeFi projects are also hacking user wallets. Many airdrop hunters are victims of this.
Nowadays not only investment scams like ICO, but many DeFi projects are also hacking user wallets. Many airdrop hunters are victims of this.
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
For every circle of life, the boom and bust cycle, you'll always find scammers, they are part of the society, they would never be in short supply, in fact they are here to stay. It's the responsibility of investors to check the authenticity of any project they are investing in but greed won't allow many to see things for what they really are. A simple research would save quite a number. It's pretty basic thing for me, check the project before aping in.
Earnbet isn't your typical type of DeFi but years of my research shows it's one of those few projects that could stand the test of time same with the Oropocket protocol, in fact I find their saving features quite handy to use. If investors take their time, they won't be caught in rug pulls and scams. It's that simple.
currently the scamers are focused on the Defi program, there have been many cases of fraud on the Defi project and of course this will continue. I think scamers are all around us so be careful in making decisions whether it's joining the bounty program or investing in Defi. always consider and do thorough research.
The reason why scammers are focusing on Defi programs because it is trending at this moment. People's attention are into Defi project since YFI had been successful and lots of investors profited from the market surge of YFI project. Though honestly, there is no difference between the two since if an investor meets either of these scams, investors will definitely lose their money.
currently the scamers are focused on the Defi program, there have been many cases of fraud on the Defi project and of course this will continue. I think scamers are all around us so be careful in making decisions whether it's joining the bounty program or investing in Defi. always consider and do thorough research.
Defi is not a complete scam like ico. The concept of defi project is very good but many defi name scam project market is coming. Example, sushi project. ico and ieo run at $10 but there is no price in the market at $2. In fact, defi projects trade on a hype. So it is not right to hold defi project for long time.
There is no difference between scam ICO and scam DeFi projects, probably still the same old scammers at work here, very possible, the work of scammers is to find something new that has enough FOMO and hype and use that to their own advantages, I knew that DeFi will see lots of scam once it started becoming successful few months ago, if another new hype begins tomorrow expect scammers to invade it
looks like an old scammer who created a scam definition. This is a classic thing where the scam system is the same as ICO where there is a scam after the public sale and there is also no update on social media groups or from the team. So this is an old problem that is repeating itself 
There is no difference between scam ICO and scam DeFi projects, probably still the same old scammers at work here, very possible, the work of scammers is to find something new that has enough FOMO and hype and use that to their own advantages, I knew that DeFi will see lots of scam once it started becoming successful few months ago, if another new hype begins tomorrow expect scammers to invade it
Totally agree, ICO scams and DeFi scams are almost the same, they are just take advantages of the greed of human nature, besides, i think IEOs are not less scammer, maybe it is still these people, but IEO was started by the exchange, when we invest in we just need to buy big exchanges' IEO, it is easy to distinguish. 
That's definitely the case because scammers have been starting to take advantage of the phases of ICO, IEO, and now Defi, they always somehow have managed to scammed people by using such events bubble where people had to get easily caught up.
this time people are being even smarter than before and less scam defi appeared in the market.
We must always DYOR. Never try to deal with the suspicious defi.
Since the existence of DeFi all feels different because the project that runs in accordance with the wishes of all of us and is very different from the ICO and IEO projects but currently there are new problems in the DeFi project that always occur hacking every existing project whether this is all the result of the thin security applied by the project, until now some parties still suspect there are parties who want to destroy DeFi.
How to destroy DeFi? DeFi cannot be destroyed or eliminated because DeFi is the core of cryptocurrency, I don't mean the HYPE project of the last few months, but about the core of decentralization that cryptocurrency has had for a long time, because DeFi has actually been around since bitcoin was created, that's why DeFi can't be destroyed . 
It cannot even be counted with the number of several ICO / Defi scam projects, even to distinguish between them is very difficult for an ordinary person who doesn't know how to invest properly, so cases like this often occur, and the mode is almost the same as ICO / Defi fraud, as long as the system does not repaired, the group of con artists will be free to continue making scams on behalf of ICO / DeFi, because they are very easy to trick their prey, let alone ordinary people, experienced people will certainly experience the same thing, because the Scam project is very clever at hiding its badness ...
Maybe this is because everyone can create an ERC20 token and describe the token as DeFi or do an ICO. DeFi has been on the hype for a while now and I think anything that's hype needs high alertness and needs more research. I prefer to invest in coins or tokens that are listed on large exchangers because the liquidity factor is maintained
There is no difference between scam ICO and scam DeFi projects, probably still the same old scammers at work here, very possible, the work of scammers is to find something new that has enough FOMO and hype and use that to their own advantages, I knew that DeFi will see lots of scam once it started becoming successful few months ago, if another new hype begins tomorrow expect scammers to invade it
No concept is bad, be it ICO or Defi. When a concept is successful, many scam projects see them, copy it and cheat investors. Defi concept is a good concept at present. If it can be used properly then something good will happen.
Why VS? There were ICO projects that delivered as promised and they are still very alive today, some exit scam but isn't that what's happening around DeFi projects too? Some did very well and many are scam, there is no need putting them head to head, scam is scam and the latest scammers favourite is DeFi because it's DeFi season, not ICOs anymore
Well, the difference between ICO world (and whatever followed afterwards) and Defi is the simple fact that most of the time DeFi projects do not have owners, they have developers and we decide if we want to allow them to make a change, whereas ICO world had owners, people like Justin Sun and so forth was created because they published a new coin and had a ton of it and they had the control over it.
This made defi a lot more hackable because it is just a code and nobody is there to stop it, if the code is not good enough it will be hacked, but made ico ones like tron more secure because if there was someone trying to hack it, owners will try to stop it. Yet this created a gap of centralized (heavily) coins like tron versus defi projects and you take the risk with the reward I suppose.
This made defi a lot more hackable because it is just a code and nobody is there to stop it, if the code is not good enough it will be hacked, but made ico ones like tron more secure because if there was someone trying to hack it, owners will try to stop it. Yet this created a gap of centralized (heavily) coins like tron versus defi projects and you take the risk with the reward I suppose.
Since the existence of DeFi all feels different because the project that runs in accordance with the wishes of all of us and is very different from the ICO and IEO projects but currently there are new problems in the DeFi project that always occur hacking every existing project whether this is all the result of the thin security applied by the project, until now some parties still suspect there are parties who want to destroy DeFi.
You are right, the DeFi project is better than an ICO, because the DeFi project will go ahead as planned, and many DeFi projects have emerged because they already have a real product, very different from an ICO that appears with a concept alone.Hacker attacks can be anticipated by developers, because the DeFi project has been attacked by hackers very often, and developers should learn from that incident.
As long as there are gaps and opportunities for fraudsters of any kind, there will definitely be a lot of fraud,
and there will definitely be new people, they are old bankers whose job is only to cheat and take advantage
of the weaknesses of the existing system. , we are left alone to be careful in every action or even in every infestation
That's the problem with decentralization sometimes because we don't know who is behind the project and we have no way to question them or even ask what they did with the investor funds. That said, investors have gotten more and more smart with time and are not as easy to fool as they might be a few years ago.and there will definitely be new people, they are old bankers whose job is only to cheat and take advantage
of the weaknesses of the existing system. , we are left alone to be careful in every action or even in every infestation
DeFI or ICO everything has it's own benefits and problems because there will be scammers in each market but also bright prospects in either field too. I personally look at the team behind the project like Polkadot had Gavin Wood behind the project which gave me confidence and they are looking good now, some even call them ETH killer.
What makes you think that those who are behind ICO scam projects are different from this DeFi scam projects? I believe that those behind ICO scam are behind IEO scam too, Scammers are greedy people too once they make big money in a ill gotten way they will never leave, they will always come back to take advantage of those who are new to crypto and haven't had any experience about scam projects
Most of the project coming nowadays on DeFi are scams and making money from investors; I have seen a project that was made from pre-sale $300k+ and after launched at Uniswap price goes down and all the investor's funds lost, Scammer always trying to collect funds from investors after 2018 IEO was a good idea to protect the investors but now DeFi projects again collecting funds and scamming with investors.
Various ways to deceive every investor you are despite the new rules. If they have a chance that means there has to be a stricter way to deal with it.
Various ways to deceive every investor you are despite the new rules. If they have a chance that means there has to be a stricter way to deal with it.
And one way to avoid being deceived is not to easily believe other people's words and new rules, because every rule that is made will always have one-sided advantage, so don't be overly confident if we don't want to be deceived by other people. 
platform hacking can occur both by insiders and so-called Hackers and will certainly never be revealed to the public. So there is a possibility between intentionally or not but they actually did it. Regarding DEFI I think you need to be careful, I'm afraid you get caught up in the hype defi and don't have time to sell while the coins are pumping.
Most of the project coming nowadays on DeFi are scams and making money from investors; I have seen a project that was made from pre-sale $300k+ and after launched at Uniswap price goes down and all the investor's funds lost, Scammer always trying to collect funds from investors after 2018 IEO was a good idea to protect the investors but now DeFi projects again collecting funds and scamming with investors.
Well, many projects turns out scam. Especially in social media they always make a ways to attract investors that their project is one of the best. I have observed this kind of scam, at first collecting funds from investors, listed the project in uniswap then suddenly deleted their liquidity pool. Anyway, either Ico, or Defi projects many are scam. So, we firmly to be keen on observing which project is best these days since a lot of scams. 
Most of the project coming nowadays on DeFi are scams and making money from investors; I have seen a project that was made from pre-sale $300k+ and after launched at Uniswap price goes down and all the investor's funds lost, Scammer always trying to collect funds from investors after 2018 IEO was a good idea to protect the investors but now DeFi projects again collecting funds and scamming with investors.
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Why do we have many DeFi projects in a single year that DeFi starts becoming popular? Aren't you curious about that? All new projects want to be DeFi today, I feel like they are rushed projects that's why they are easily hacked, this is my own believe, 1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Why aren't old DeFi projects hacked? This is why I trust old DeFi projects the most because they aren't rushed, they are around since 2018 before DeFi hype starts this year
There are ICO projects that turned into scams but not all. ICO's with a great team, good vision, and followed their road map succeeded indeed. The same thing goes with DEFI projects. It's just that DEFI project needs to pay high gas fees in order to make transactions but we can't claim that all ICO and DEFI are all scams..
It cannot even be counted with the number of several ICO / Defi scam projects, even to distinguish between them is very difficult for an ordinary person who doesn't know how to invest properly, so cases like this often occur, and the mode is almost the same as ICO / Defi fraud, as long as the system does not repaired, the group of con artists will be free to continue making scams on behalf of ICO / DeFi, because they are very easy to trick their prey, let alone ordinary people, experienced people will certainly experience the same thing, because the Scam project is very clever at hiding its badness ...
Maybe this is because everyone can create an ERC20 token and describe the token as DeFi or do an ICO. DeFi has been on the hype for a while now and I think anything that's hype needs high alertness and needs more research. I prefer to invest in coins or tokens that are listed on large exchangers because the liquidity factor is maintained
It seems like it will always happen if every new arrival everyone will be tempted after seeing the success of one of the projects but do not see the whole thing that will definitely happen because everywhere is acting to commit fraud in any new project.
ICO was successful after many people were greedy, so many people did not believe it anymore even though it was not the system that was wrong but the people, as well as defi. which had made a scene because of its value that exceeded bitcoin and triggered people to undertake fraudulent projects.
all back to us to be more careful and not quick to believe. because there are still many people who want to commit fraud.
ICO was successful after many people were greedy, so many people did not believe it anymore even though it was not the system that was wrong but the people, as well as defi. which had made a scene because of its value that exceeded bitcoin and triggered people to undertake fraudulent projects.
all back to us to be more careful and not quick to believe. because there are still many people who want to commit fraud.
It cannot even be counted with the number of several ICO / Defi scam projects, even to distinguish between them is very difficult for an ordinary person who doesn't know how to invest properly, so cases like this often occur, and the mode is almost the same as ICO / Defi fraud, as long as the system does not repaired, the group of con artists will be free to continue making scams on behalf of ICO / DeFi, because they are very easy to trick their prey, let alone ordinary people, experienced people will certainly experience the same thing, because the Scam project is very clever at hiding its badness ...
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
ICO, IEO, DEFI,... have brought a lot of great things in this market, but everything has a good and a bad side so the problem is not the mode of participation, but the participant. I see scam projects and get money from new entrants in this market, so if you have the knowledge there is no reason to be fooled by new projects in the trending.
These days it's getting truly hard to locate a genuine project. Some time ago ICO was in trend and DeFi is quite recent, but it's very common trends always turn into scams. So, Involves those project has solid partnership as the good partnership involved are pillars to the project's success. Would be nice to have acknowledge community's opinion and individual research.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
ICO, IEO, DEFI,... have brought a lot of great things in this market, but everything has a good and a bad side so the problem is not the mode of participation, but the participant. I see scam projects and get money from new entrants in this market, so if you have the knowledge there is no reason to be fooled by new projects in the trending. 
where there is a trend there are scammers. everyone wants to make a profit, even those who are already profitable always want to get more and more. that's an illustration of why there are always scammers among good projects, because they are thieves who are not yet full. Was DeFi intentionally hacked? we need data to answer that, by looking at who benefits.
All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Everything with an advantages still has disadvantages, Uniswap for instance has bought a new dawn to decentralized exchange era, seeing massive volumes even bigger than most centralized exchanges. However scammers take advantage of this to launch scam projects and list token on uniswap or launch fake clones of already existing tokens doing well. It's also true that many DEFI platforms risk being hacked, I doubt if developers hack the platforms themselves. I just think more security advanced technology need to be developed to curb this.
ICO and Defi from Q3 to Q4 2020 have become a popular trend, there are more and more scammers, yes that's a natural thing, ICO scammers are better than Defi Scammer, because ICO scammers have been around since 2018, when ICOs were hype and created scammers, hopefully we will be spared from scammers
I don't really understand what the things you are talking about, in any case both of ICO and Defi scam projects are scammers and there is no one of them are better, they are one of the worst things in the current space. That's why we needs to do lots of research from some perspective before want to starts involved in a crypto project. After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
I have the same fear and i think a big number of scammy projects has already reduced investor confidence in many new projects mostly defi based so their should be some rules and regulations where these scammers could be banned or blacklisted from raising funds or starting a fake new project.1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
vanished in thin air without leaving any trace about their identities.So it would be still ending up on a useless investigation or search up.
Comparing ICO and DeFi scams then i can say that nothing beats out the severity of ICO scams in the past compared to now which it isnt really that too rampant but its really there
but the intensity isnt really that high and also people are becoming wiser day by day.
We are much pretty aware on whats scam and mostly who got victimized are those noobs arent familiarized with this market.
With the easy listing process of tokens in Uniswap, it will probably serve as their paradise. As they could easily develop a token and released it. It has a major contribution to the different scam issues; however, it is not the only problem. As some investors fail to conduct an analysis and carelessly buy a token which usually turns out worthless.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
Thanks for this share Brother! And I didn't know that there are already many Defi Scams that's popping right now and all the airdrops, social media minings, and some are them are in the bounty sections hidden,
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
I have the same fear and i think a big number of scammy projects has already reduced investor confidence in many new projects mostly defi based so their should be some rules and regulations where these scammers could be banned or blacklisted from raising funds or starting a fake new project. 1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
everything has the risk of a scam be it ICO DEFI or IEO, we are in the world of crypto and hackers can freely do their actions and lots of fraud occurs. it is up to us to be smart in choosing projects so that they do not fall victim to fraudsters. in 2018 there were lots of failed ICOs, but in my opinion it is starting to recover.
I would say both have scam in them reason being that, in everything regarding project and crypto there must be scam in it. I could vividly remember during ICO period lots of scam where in including ieo and now defi. Defi project is having many scammers now trying to destroy defi work and some defi anyways are scamming via hacks and real dump. Well, both are same but ICO is becoming better I must say. No defi remains the same price. Most dumped.
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
The truth is that almost nothing has changed, I can guarantee you that a great deal of the people that were behind ico scams are the same people that are behind the DeFi scams, people need to finally learn their lesson, there is a lot of money to be made in this market, that is true, but if you are not careful there is also a big chance that you're going to lose all your money and the easiest way to avoid that fate is to never invest in any new coin regardless of how attractive that coin may seem. 1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
DeFi stands for Decentralized Finance, and this aspect of decentralization is what made it stand out and as such attracts a lot of people, but however considering the hacks being witnessed one will tend to wonder if at all those platforms are decentralized or the team just using that term to enrich themselves. Also, one of the attributes of decentralization is more security and trust, but how can Defi be trusted when most of them have already been hacked, therefore looking at all this hacks, I am still wondering the Importance of Defi and its significance. On the other hand is the issue of scam projects listing on Uniswap as easy as they want, some even clone others just to scam people, this is another aspect where DeFi becomes questionable.
Hence, from all ramifications and comparing ICO and DeFi to IEO, it seems that only IEO is better so far, because to an extent exit scams was reduced and the rate at which scam projects comes up, was also reduced as well.
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Why DeFi easier to hack ? It is probably not hacked or something. It is just classic exit scammed from scammer. It is probably not getting hacked but the dev it self create the DeFi project for stealing people's money.
There are plenty legit project but you need to do some good research.
With the easy listing process of tokens in Uniswap, it will probably serve as their paradise. As they could easily develop a token and released it. It has a major contribution to the different scam issues; however, it is not the only problem. As some investors fail to conduct an analysis and carelessly buy a token which usually turns out worthless.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
Thanks for this share Brother! And I didn't know that there are already many Defi Scams that's popping right now and all the airdrops, social media minings, and some are them are in the bounty sections hidden,
Scammers won't leave this space easily because they always accomplish their aims through newbies who don't want to learn how to avoid scam projects, since ICO success scammers have been highly present in this space, I'm sure they are same people behind DEFI scam projects today, whenever any new use case did well in crypto space scammers will use that to their own advantage too
The previous ICO's lack decentralization, DeFi on the other hand is too much decentralization to the point that you cannot censor things anymore. I think too much decentralization is bad and unsustainable. We will still need a governing body of some sort but more of in a transparent way. There must be a balance between centralization and decentralization, too much of the other will cause all these negative activities surrounding crypto.
for example, like DIAdata the team is known to the public and they are not hiding, with that move, the trust was restored and the project received huge support from investors. But till today the Defi space was packed with projects that have an anonymous team, which is likely become an exit scam. so be careful and always observe due diligence when dealing with such kinds of projects.
So many projects that pretended to have visible teams still ended up scamming huge investors, I could remember series of ICO project back in 2017-2018 like the AVXchange and also bitconnect, these projects had visible team and was quite convincing because of the high percentages and bonuses to be given to investors luring them to lost of money, so it doesn't really matter the visibility of team or not, its just has to do with thorough research on them and chooses the best out of hundred, that's a good way to go.
As long as there are gaps and opportunities for fraudsters of any kind, there will definitely be a lot of fraud,
and there will definitely be new people, they are old bankers whose job is only to cheat and take advantage
of the weaknesses of the existing system. , we are left alone to be careful in every action or even in every infestation
and there will definitely be new people, they are old bankers whose job is only to cheat and take advantage
of the weaknesses of the existing system. , we are left alone to be careful in every action or even in every infestation
Scam is scam no matter of what, and it evolves depending on the current market status so its user's responsibility to take care of their funds. Yes it is true that Many scammers are free to list the clone and scam projects whereas in ICO there are no restrictions too.
why are DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
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I think you have a point, and it might have been an inside job. By the way, I have no issues with the Defi projects as long as they are transparent and legitimate. for example, like DIAdata the team is known to the public and they are not hiding, with that move, the trust was restored and the project received huge support from investors. But till today the Defi space was packed with projects that have an anonymous team, which is likely become an exit scam. so be careful and always observe due diligence when dealing with such kinds of projects.
[/quote]
I think you have a point, and it might have been an inside job. By the way, I have no issues with the Defi projects as long as they are transparent and legitimate. for example, like DIAdata the team is known to the public and they are not hiding, with that move, the trust was restored and the project received huge support from investors. But till today the Defi space was packed with projects that have an anonymous team, which is likely become an exit scam. so be careful and always observe due diligence when dealing with such kinds of projects.
ICO scams vs DeFi scams, they are both scamming.
There is no need to show whos gonna have more scam projects because that it seems useless, it is much better to talk about which one has given a more reliable and potential project (which could also hard to determine).
Well, when it comes to crypto investment either be from ICO or DeFi, definitely you will get find it hard to choose the best one and that seems to get lucky if you have got one. Not all that looks promising project means worthy because some of them have a good start but it only ends shortly.
There is no need to show whos gonna have more scam projects because that it seems useless, it is much better to talk about which one has given a more reliable and potential project (which could also hard to determine).
Well, when it comes to crypto investment either be from ICO or DeFi, definitely you will get find it hard to choose the best one and that seems to get lucky if you have got one. Not all that looks promising project means worthy because some of them have a good start but it only ends shortly.
Actually, the scheme of scams in ICO and DeFi may be the same. And we don't know whether the scammers are also the same or not. However, whatever the crypto fundraising or era, the scammers will be always there. they will probably still use the old ways to scam, with similar schemes or even using new schemes of scams. but in the end, the result is the same. they scam people by offering very legit projects, rewards, easiness on technology ad industries, and also many other scam work. This is interesting. But at least, we know them and we can avoid them for sure.
Trying to avoid scam projects is like saying you won't invest on any new projects anymore because it's more complicated to avoid scam projects today, the most effective way is relying on top exchanges IEO launchpads only but trying to choose projects randomly from other crowdfunding strategy like ICO, IDO and others are high risks because there is no one to take the blame If anything goes wrong, this is why top exchanges are different, they provide trust and assurance 
DeFi in general isn't a scam but the problem is it has been hyped for quite some time and because of this, scammers swarmed it creating new DeFi projects and some of them are scamming people.
Quite unfortunate but that is the truth
. As long as there are money and some ignorant investors in the space, scammers will always be there. Not only DeFi will be used as a way to scam people but many other will be used in the future. What you can do as a wise investor is that, invest into other coins and not into DeFi but if you really want to invest then I will suggest ChainLink as for me it is the most trusted DeFi project as of now. Another option in order for you not to get scammed is just not to invest on it all.
Quite unfortunate but that is the truth
. As long as there are money and some ignorant investors in the space, scammers will always be there. Not only DeFi will be used as a way to scam people but many other will be used in the future. What you can do as a wise investor is that, invest into other coins and not into DeFi but if you really want to invest then I will suggest ChainLink as for me it is the most trusted DeFi project as of now. Another option in order for you not to get scammed is just not to invest on it all. This is the importance there must be a supervisor to spot a scam project. A lot of projects go by the name "deFI" but are in fact a scam and a disadvantage. this is clearly unsettling, so I thought maybe I should be aware after ICO scam now there is a deFI this scam might be detrimental but this is the reality in crypto
No one can supervise all the projects, the scammers themselves are also very cunning when changing the method to be more suitable for each stage. There are also many scam defi projects discovered on the forum recently, they have copied white papers, roadmaps, ... look at all projects with the highest suspicion.
Before, more attention are giving to protecting any project platforms especially some of the exchange platforms there were created earlier. The security is like foundation to any project development. To convince, try and find some of the project whitepaper created during the early stage of ICO and compare to the many projects that are being held now. Much attention are being given to providing in depth security. Today, hardly will you see any project that one to invest their money for a project startups. All they want is to take advantage of trending topics and get funds which might not be utilized fully. Since the advent of successful DeFI such as YFI, many projects have adopted the same means and today we have so many projects that are worthless derivative of YFI. No matter how hard you try, you will find it difficult to understand the reason why dev team jump on trending topics and make it a projects. even though they have consistently failed in previous projects they are involved in.
Scam is a scam, and scam to be good one it has to follow a current trend! Before that was ICO, now it's DeFi! But don't let that trick you, we had good ICO projects that are still around and making progress! There are good DeFi projects, and some of them are here to stay for sure!
Bottom line is that you need to know how to recognize good from bad, trends are changing, and there were scams long before crypto, there are scams in crypto, and be sure there will be scams in the future. It's good to analyze some big scams (big scams are a good example of how professionals do that) so you can learn how to recognize them in the future and stay away from them!
Bottom line is that you need to know how to recognize good from bad, trends are changing, and there were scams long before crypto, there are scams in crypto, and be sure there will be scams in the future. It's good to analyze some big scams (big scams are a good example of how professionals do that) so you can learn how to recognize them in the future and stay away from them!
This is the importance there must be a supervisor to spot a scam project. A lot of projects go by the name "deFI" but are in fact a scam and a disadvantage. this is clearly unsettling, so I thought maybe I should be aware after ICO scam now there is a deFI this scam might be detrimental but this is the reality in crypto
Remember that all new "hype" in crypto industry has been attacked by scammers. ICO's reputation werr taken down because it was actually ruined by those fraudsters and most of them now were just created for scam purposes. Same with defi projects today. Hype were too fast and they are targetting the defi loan projects where in those tokens will be created to be offered as a loan not knowing that the coin were fake and can not be traded with crypto exchanges.
Saw this latest news about defi projects were exposed via telegram screenshots and how they manipulate the price. And how they make a plot.
- https://news.bitcoin.com/defi-token-exposed-as-pump-and-dump-scam-in-leaked-telegram-chat/
Saw this latest news about defi projects were exposed via telegram screenshots and how they manipulate the price. And how they make a plot.
- https://news.bitcoin.com/defi-token-exposed-as-pump-and-dump-scam-in-leaked-telegram-chat/
Everyone should be careful with DeFi projects, with the way I'm seeing things right now I believe that DeFi scams will surpass ICO scams, millions of million dollars will be lost, I don't see anything new from DeFi projects, they are repeating same old use case that isn't that good( lending and staking), nothing is been solved in crypto space by DeFi , DeFi projects are onecoin 2.0 and bitconnet 2.0
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
There are still vulnerable code that's not yet discovered and some features are still having backdoor. The defi platforms are not a perfect platform and i believe it's still experimental platform that needs a lot of upgrade.
that's why there are lots of defi platforms were getting hacked these days. They lack of regular audit. BTW even audit will not solve this problem.
having flooded the cryptos market with hackable and scam projects.
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
You are not in crypto world if never seen Scammers and hackers because they are part of the community and actually they are always finding new ways to take a bite in every cakes offered here in this market.1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
It's hard to Point finger but sounds like the second question is applicable here,because they seems to be un aware of the capacity of hackers and scammers for their project to become a victim.they knew that bad element are roaming around yet security is too weak still. 
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
There are still vulnerable code that's not yet discovered and some features are still having backdoor. The defi platforms are not a perfect platform and i believe it's still experimental platform that needs a lot of upgrade.
that's why there are lots of defi platforms were getting hacked these days. They lack of regular audit. BTW even audit will not solve this problem.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
I am also sad to see Defi today who continues destroy the Crypto world, Many Scammers hide behind DEX or decentralization, even though their token is just a junk token, then they found Uniswap as a suitable place, this is very risky for investors. It's better to stay away from the current Defi project, because it only wastes your money and time.
That's why as investors we have to research before choosing DeFi projects to invest, or as you said it would be better if just stay away because it is difficult to specify which is a legit or a fake project.
I am also sad to see Defi today who continues destroy the Crypto world, Many Scammers hide behind DEX or decentralization, even though their token is just a junk token, then they found Uniswap as a suitable place, this is very risky for investors. It's better to stay away from the current Defi project, because it only wastes your money and time.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
People are pinning their hopes on DeFi this will soon become a multi billion industry if there are to much hacking and scamming going on, it will become even worse than ICO scamming, because DeFi should be safe as it is smart contract based, the biggest problem is the cloning of tokens via fake smart contract and loopholes on the smart contract, people should fully understand how DeFi works before getting involved on it.
actually DeFi is very promising, but unfortunately many scammers use this concept to commit fraud. just like an ICO, Defi is a very easy way to raise money. The hacking case that attacked Defi seems like it's all just an alibi to run away from their investors' money. how could there always be hacks every time a Defi project got popular. it's very strange isn't it ?. So I thought the hack was just an excuse so that the developer wouldn't be declared a scammer, so they could go away innocently.
We have to be wary of new defi projects, they can do anything and may engineer hackers case for other means of stealing investor funds, please be careful with defi and guard your investment for legit projects.
as we all know that scamers always have a thousand ways to fool their victims, be it via ICO, ITO, IEO, or even DEFI. Moreover, DEFI is one of the booming project trends in 2020 and most of the Defi projects are listed on the DEX (Uniswap) platform with expensive withdrawal fees and this platform is a place of entry and exit for scamers in 2020 at this time.
With the easy listing process of tokens in Uniswap, it will probably serve as their paradise. As they could easily develop a token and released it. It has a major contribution to the different scam issues; however, it is not the only problem. As some investors fail to conduct an analysis and carelessly buy a token which usually turns out worthless.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
Thanks for this share Brother! And I didn't know that there are already many Defi Scams that's popping right now and all the airdrops, social media minings, and some are them are in the bounty sections hidden,
Actually, the scheme of scams in ICO and DeFi may be the same. And we don't know whether the scammers are also the same or not. However, whatever the crypto fundraising or era, the scammers will be always there. they will probably still use the old ways to scam, with similar schemes or even using new schemes of scams. but in the end, the result is the same. they scam people by offering very legit projects, rewards, easiness on technology ad industries, and also many other scam work. This is interesting. But at least, we know them and we can avoid them for sure.
As long as there are still no clear regulations on crypto industry, scammers would always have a field day. DeFi scams are getting bigger than ICO scams, especially with the ease of rug pull. The fact that most DeFi projects are experimental rather than well tested and audited makes it easy for dev to defraud investors. I personally don't understand why some people will entrust their hard-earned money into a crypto project with an unaudited smart contract, if not for greed. Some dev intentionally insert back doors such as unlimited mint function into their code.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
I think all related about crypto, doesn't matter it Defi, ICO, or anything actually is safe. So hard to hacked, except the problem is a human error, so not about the platform but about people itself, sometimes because the hacking from a team of the project, they make it like an incident but actually they do it.ICO and Defi are high risks because so easy to become scam, so don't join if you are not ready for the risk
both of them make us frustrated, be it ICO or DeFi,
you have to make a decision to stay away from all this, if you want to survive then you have to avoid it!
you have to make a decision to stay away from all this, if you want to survive then you have to avoid it!
And I believe some of the DeFi hacks are inside job. Definitely, they will not admit it, but I have the feeling that such hacks have had help from inside. But yes, it is better to stay away from these defis, also these y-related defis. Even the yearn.finance itself, as I checked their platform, still in beta??? Guess, they will never develop their network up until there is no more value in the market. Really wondering how they manage to have a price more expensive than btc, without any use case???
both of them make us frustrated, be it ICO or DeFi,
you have to make a decision to stay away from all this, if you want to survive then you have to avoid it!
you have to make a decision to stay away from all this, if you want to survive then you have to avoid it!
IEO wasn't free of scams either, and I'd say it wasn't much of improvement over ICO. Maybe it forced scammers to not be so blatant, but they still created useless tokens without any real intentions of developing the platform, and people still bought them, because they drank the "good project" kool-aid.
I believe altcoins will forever be a scammers paradise, because you can completely anonymously create and asset, sell it to other people anonymously through other coins like Bitcoin or Ethereum, and now even do it on decentralized platform that can't be regulated or taken down. This is just a scammers dream - so little chances to get caught, so little effort for creating a scam. The only reason why bitcoinnect or onecoin people got caught is because they did it on such scale that it attracted a ton of attention from law enforcement. If they just stole a few millions and called it a day, no one would have cared.
I believe altcoins will forever be a scammers paradise, because you can completely anonymously create and asset, sell it to other people anonymously through other coins like Bitcoin or Ethereum, and now even do it on decentralized platform that can't be regulated or taken down. This is just a scammers dream - so little chances to get caught, so little effort for creating a scam. The only reason why bitcoinnect or onecoin people got caught is because they did it on such scale that it attracted a ton of attention from law enforcement. If they just stole a few millions and called it a day, no one would have cared.
The difference between ICO and DEFI now is that then with ICO, project don't have the luxury of using Twitter and other social engagement to attract users, most of their focus is here in BCT and again they need to convince exchanges to list their scam tokens, but now you can pay some social media influencers to shill their project to their followers and they do not need to pay for exchange listings, all they need is to use Uniswap and pull their rug under their tokens holders
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Defi based scams are popping up in dozens perhaps because they are easy to create with no real product, no whitepaper and no team just a website with fundraising on uniswap. I still think they can be stopped if platforms like uniswap and other decentralized exchanges block the scammers. 1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
Scams are scams; you don't have to classify them into ico, ieo, or defi scams. The truth is the fraudulent patterns are the same every where in the crypto currency space. Create a token; do some marketing and token promotion; lists on an exchange, lure in investors; dump on traders; and exitscam. This is just how it has been, using uniswap, forkdelta, or even centralized exchanges has never been a problem.
This is why investors has to ensure that the investment is safe before participating. Always do your own research.
This is why investors has to ensure that the investment is safe before participating. Always do your own research.
Like the ICO, DeFi's are not immune from scammers.
Even DeFi is easier to steal, tokens can be cloned, and people fall for its joke.
But if you want to know about a more secure system, I recommend IEOs: https://www.cryptoknowmics.com/news/would-defi-turn-out-to-be-another-ico-like-scam/
Since the IEO are regulated and in addition to belonging to large exchanges such as Binance...
Even DeFi is easier to steal, tokens can be cloned, and people fall for its joke.
But if you want to know about a more secure system, I recommend IEOs: https://www.cryptoknowmics.com/news/would-defi-turn-out-to-be-another-ico-like-scam/
Since the IEO are regulated and in addition to belonging to large exchanges such as Binance...
With the easy listing process of tokens in Uniswap, it will probably serve as their paradise. As they could easily develop a token and released it. It has a major contribution to the different scam issues; however, it is not the only problem. As some investors fail to conduct an analysis and carelessly buy a token which usually turns out worthless.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
For instance:
[1] FLM On Uniswap FAKE!
These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020
Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.
Either DEFI, ICO or IEO, Crypto projects are crypto projects, some will scam you and some will dump and never recovers and some will unexpectedly be unique, this is why we have to play safe when investing in any crypto project, sometimes doing research isn't enough, you can still get scammed, the only red flag with DeFi projects is the continues hacks, hacking on DeFi is getting more popular
There is no easy way to spot a scam Defi project, some that we thought are scams has been on exchanges already and some got high value. If for some reason we see their project fail and tokens price dumped, that's when we can see they are really scam. Any of the projects today can fail though, even the ones that are not Defi.
It looks like most DeFi hacks that are happening presently are staged, yes there is a hack but from who? I don't believe that hackers are the only ones in play here, DeFi projects that want to exit scams can easily put blame on hackers and exit there projects without having to worry that they will be tracked down, the hacks are just growing higher that's why I feel that there is more to this hacks
i used to blame the scammers but now i realized it's the the dumb greedy morons that are buying into these scams which should be blame, they're making crypto look bad. when they lost they start to cry and complaining like a little baby then the media and the masses start to pick it up in a bad ways
If we talk about new projects i think as far as DeFi projects are concerned if we pay good attention we can figure out the low quality or fake scammy projects but among ico projects it was not easy to identify fake projects.
Regarding hacking and stealing i agree that most of these events look suspicious and may be done by some insider or employee if the team itself is not involved.
How can you identify a fake DeFi projects compared to ICO projects? ICO projects have fake teams and DeFi projects have the same thing, some ICO projects have real team members and they still scam investors, isn't the same thing happening around DeFi projects? Even if you have some good experience you should know that everyone won't be like you, newbies are the most ones falling for scams in crypto space Regarding hacking and stealing i agree that most of these events look suspicious and may be done by some insider or employee if the team itself is not involved.
If we talk about new projects i think as far as DeFi projects are concerned if we pay good attention we can figure out the low quality or fake scammy projects but among ico projects it was not easy to identify fake projects.
Regarding hacking and stealing i agree that most of these events look suspicious and may be done by some insider or employee if the team itself is not involved.
Regarding hacking and stealing i agree that most of these events look suspicious and may be done by some insider or employee if the team itself is not involved.
I won't use DeFi services as I don't see a reason to do that.
If this is what they plan to do then it is a scam by itself. What is DeFi doing is asking us to stake as collateral some useless tokens and earn passive income as others will borrow these coins. First of all why would someone borrow any token? They give back some tokens to borrowers like Comp, UNI and they sell for profit.
Really this is how DeFi creates value?
DeFi is Bitconnect 2.0.
The hacks or better call them exploits of the code and exit scams are just taking this to another level of scam.
If this is what they plan to do then it is a scam by itself. What is DeFi doing is asking us to stake as collateral some useless tokens and earn passive income as others will borrow these coins. First of all why would someone borrow any token? They give back some tokens to borrowers like Comp, UNI and they sell for profit.
Really this is how DeFi creates value?
DeFi is Bitconnect 2.0.
The hacks or better call them exploits of the code and exit scams are just taking this to another level of scam.
After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.
why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history
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