Bitcoin Forum

Many warnings have been posted about the possibility of DeFi exits scams across different platforms including bitcointalk but it seems people are simply too greedy to take advantage of the hype and profit. As it turns out, many of them got burned from projects like Yfdexf.Finance.

As reported (https://zycrypto.com/crypto-whale-warns-of-growing-defi-scams-as-another-protocol-exits-market-with-funds-worth-20m/), Yfdexf’s team managed to run away with $20 million. Their official website, medium, telegram and twitter accounts have all been taken down to not leave any traces.

What happened here is also another reminder to all aridrop and giveaway hunters out there to be careful in what you are sharing in exchange for some rewards. You might not realized it yet, but you are also helping these scammers.  Yfdexf’s team organized many giveaways to create hype and many of these hunters just joined without even thinking about what they are promoting.

This is not surprising all the scammers are improving day by day, before there's a lot of projects offers ICO that would just run and now they are now on the DeFi projects first thing I've heard was on Binance not quite sure which DeFi it is. It's really now hard these days to spot the scammers I think they really are organized group and they really do plan on having an airdrop in order to get a hyped on their project.

Actually, this is difficult considering most hunters (airdrop, bounty, etc) mostly do not care about it and they only care about possibility about promoting the project scam they have in mind is opportunity to get project token and sell it for some crypto money, and their case of Yfdex. they smart because don't promote their campaign program in this forum so that no one accusations their project in this forum, and I really hope not to get stuck with a project like this because currently I'm promoting a DeFi project that has an anon team but I'm really sure I didn't choose a Potential DeFi Scam Project .

@Bttzed03 this is really sad news and I wish some how those scammers are caught, even though I know it’ll be very difficult to catch them.

Furthermore this is another example why we all should not be greedy, and why we all should strictly avoid risking our funds for short term gains by investing in unknown sites and unknown tokens.

Also you have brought up a valid point that bounty hunters need to be careful about what they promote here, and to eradicate such scams older members should tag those bounty hunters, and force them to stop promoting such type of scams.

This is the advantage of the scammers using bounty hunters to promote the project and create a hype out of it, I think bounty hunters should really do start to take care of which projects they are promoting, yes they needed money and you can have it on by participating to bounty and airdrops but I don't think it's not a reason not to search about the project if they are legitimate or not however we can't blame them since some of the scam projects really look like a legitimate projects.

I've been reading several posts on this platform of different Defi projects that had exited the space with millions of dollars, but it amazes me that despite these issues we still have people investing sporadically on Defi projects without any research as to whether the project is valid or not. I know that with time people would get tired of loosing and the Defi trend would come to a halt, just like ICO's.

History will be repeating.

Everyone doesn't learn from ERC Colour Coin/Token and Lending Platform in 2017, the problem of all cryptocurrency aspects. Almost 80-90% everyone in cryptocurrency was really easy to get scam, even not reading the whole topic about DeFi. What's they offer not new at all just a same like lending platform, and also if they want to get some stake why not using POS with Major Coin for more safe instance DeFi ~LOL

This had an anon dev too? Could someone answer why people are suddenly trusting anon devs again? Bitcoin was the only project that actually worked out fine with a pseudonym dev, but that's because Satoshi didn't dump his coins, not yet anyway.

Scammers are scammers,whatever situation they will find a way to scam people to get money quickly and they are operating their evil deeds when there are many people very exciting for something new like Defi  that's why everyone should be careful for every new project that rise in crypto market because scammers not sleeping.

More to come in the near future I guess, because projects are created for no reasons due to this trend and listed on uniswap with no difficulties which already damaged the transaction fees.But again when projects are getting exit scam, the projects created with the same purpose will follow the same to make profits in the right time.

That's really likely to happen. After all of those funny foody name of those Defi, they're likely to get out of it as soon as investors money have been collected in huge sums.

It's one by one and if these defi investors don't see it as a signal that they have to abandon the ship, it is a fact that many of their will experience the burning off their money and going to be left behind.

bounty hunters try their luck by joining the DEFi project because they don't spend any initial capital, by participating through bounties, airdrops, giveaways, and the like associated with the DEfi project. we never even knew the end was a Scam. but I agree with your input to be careful and not to help scamers especially with promoting projects related to Defi.

I think investors should be more wiser when it comes to investing in this new defi project, my advice is don't stay too long to the point of get dumped on, always sell at the first chance and get out, only those who are greedy will hang on to the point where team exit scam.

You are certainly right. But you cannot know 100% which of the projects will be a scam until this project is implemented, raises money and deceives investors. Until this path is passed, it is difficult to understand whether it is a scam or not. The fact that people believe everything and this is the problem, but investors can also be understood, everyone wants to make money right now. These are the risks that you should always be aware of and not be greedy about. As for scammers, they have been and always will be.

This is surprising because i have been following defi projects but somehow i have missed this project and if it has exit scammed then i will consider myself lucky to skip this somehow but i doubt they have collected 20 million and it is easy to trace in case of defis so if you have tracking link do share here so we can see how much funds they run away with exactly.

It's crazy because of the amount of eth that scam project gott is a lot, and I think the one to blame is crypto influencers because I saw a lot of them on Twitter they held giveaways with sponsorship money from this scam project, they easily used their audience to create hype so that many were trapped in that scam project, and I hope they will realize this soon and prefer to promote a real crypto project.

DeFi right now is just creating hype in the market then it will be in a bad dump when it starts at the top, I'm not that surprised by the new DeFi project with a higher price tag and remember it came out a lot with scamer and in the end we got stuck in the new DeFi.

When ever there is a hype in new cryptosystem then there bound for news like this. This is not palatable at all. DeFi project has exposed investors again to terrible scammers that are all out to steal peoples fund.

It is sad to see another scam pretending to be a DeFi  project happens.  It is always like this.  Whenever a trend is so popular, we always see news about scammers taking advantage of the popularity of certain stuff.  I think this is also investors fault, since they invest on a project without fully researching their investment.  


Well, at least verify the people behind the project.  At least whenever the project become rogue you know the people behind the project and can file a proper complaint.  Even if you don't get your money back, at least this criminal when apprehended will spend their time in jail.

This is why  never really trusted any forms of altcoins investment. I had been there and was scam. Yes, there are project that can be listed but its market price will be too low compared the market price during the ICO period. Many reason will be explain for the team but then again it will all end up in scamming like having a dead project team that has full of promises. Later on an investors will going to find out that project is dead and his money is lost. So, never trust anyone here with your money and if you really are notnsure with the investment then take bitcoin instead.

This is getting interesting despite that I'm also among Defi project investor and the chance of project owner running away with investors money is what Vitalik advised people on Twitter but it amaze me how some crypto investors chasing after their own destruction by ignoring the danger in crypto investment.

I hope many investor will learn from this.

It's always advisable to do research and moderate your greed, there are so many airdrops and giveaways like that I consider all these as traps they promise you high value of their token just to promote and support them only to find out later that they will do an exit scam, they have done this in the past they are now doing it in this DeFi hype.

Thats what we often say, dont just follow the trend and hype because you're more concern on gaining profit.

Its best to do a research and think carefully if this project is worth to invest in.

Regrets are always in the end so to those who join in this project, let this be a lesson to not trust easily and join the hype. Dont be greedy because its your hard-earn money that you will put to risk.

It shouldn't take a genius to figure out that a project is doing something shady. Anonymous developer and heavily shilled project on social media are just two of the many reasons you should suspect and stay away.

Yes, the developer is anonymous. Many of these scammers uses the "Satoshi Nakamoto is anonymous" excuse to defend their lack of transparency. While it's true that he's anonymous, other developers who contributed in the early days aren't. I also doubt he had a huge business interest in mind unlike these token developers taking advantage of hypes and trends.

More than 90% of the time, you'll lose with that strategy. Have you seen how fast new tokens are being dumped on exchanges? It just take a minute or less. You could be sleeping or just taking a pee while they're dumping.

You don't need to be 100% certain before you avoid such projects. You just have to know the warning signs I mentioned above to realize that you have to take a step back.

I always talk about it too. Each new participant hopes that this will not happen to him and he will not stumble upon a scam project. But also many bounty hunters already understood, how to hedge a little and not join the deception - it's to participate in campaigns with trusted managers.

Oh well, it's bound to happen I guess, with so many gullible crypto traders who would just invest on something blindly especially if they see the keyword "Defi". Again, as I have said in many of my post about Defi, we are in 2017 again, similar to the madness of ICO wherein scammers are taking advantage of this noobs investors and make money out of them.

This is an early exit scam, early than I expected. Many warns not to join the hype especially if there’s no real business and only here to scam people, yet greedy people fall on this trap. DeFi is a good one technically but the hype is too much, and scammers see this as an opportunity. It you are going to invest on DeFi make sure you know its real value so you wont fall on any exit scam project.

Why create new topics if you already have a common topic?
https://bitcointalk.org/index.php?topic=5268573.msg54987194#msg54987194
The topic contains enough data to conduct good analytics.
Scam is usually food tokens and other staking crap.
And what does Defi have to do with it?
Show me at least one project in which venture capitalists have invested and it has become a scam.
It's like going out on the street in search of earnings, going to a casino and losing all the money there, and then shouting that there is deception everywhere.

It's quite difficult to explain but from the look of things, it seems Defi is going the way of ICO and that's terrible because it's barely months. Also, from another angle, Defi projects were filled with too much hype and the signs started showing of which many were warned but because of the hype which is too much, many people failed to get the message, its painful they are getting the message in a hurtful way now.
The truth also still remains that, Defi hype is still there and therefore many projects will surely keep coming up of which many will be from scammers, so let people be careful and make the right choices regarding investing in any Defi projects.

The issue of Defi exit scam doesn't seem to freak Defi investors. There's a philosophy of higher risk, higher reward. The investors are aware of the reward and are willing to take the risk Inorder to get the best reward. I agree that definitely exit scam is as popular as it was during the ICO's where we always heard of ICO's scam, but more people were still investing in ICO's.

I wanted to deliver a message in a way that, I think, can be seen by more people. What you copied and posted in your thread with caption as "English translation" isn't actually a translation. Other than the second paragraph in the OP, everything else is my personal message.

There's truth to this. There are really aggressive investors with high risk appetite and they go after money making opportunities but many of these guys are more responsible than we think they are. What they invest are money that they can afford to lose. Unlike other newbie investors, they have assessed the risk but still willing to take it because they are okay if the investment goes down.

As expected, the new trend serves a new tool for bad actors to lure their victims. They can easily adopt with the trend and take advantage of the hype. There’s always victims because a lot of people are greedy or no accurate knowledge about the projects. There are so many Defi projects in the space now but 90% of it are probably trash or just want to grab your cash and run.

Unsuspecting investors will learn when it's too late to get their money back. Exit scam keeps going on even before DEFI so its shouldn't blame all because of the new hype of it. The scenario in crypto had not changed yet since time, its always been the wild west.  The legit project today could turn bad, who knows what could happen to exchanges you keep using today after a year or two.

I have been following that news closely, I was not affected by it however it is just another example of what happens in this market when people are unable to use their head and are only thinking about making profits, they invested in a project that looked to be completely useless and a complete scam but people on their rush to get rich quickly forgot about making their own due diligence and now are suffering the consequences of their actions, and if this continues then I do not see how the excitement over DeFi projects can continue and they will suffer a similar fate as what happened to icos a few years ago.

Investors should always do their homework DeFi or not.
Because only with meticulous digging about its background, you can get the idea how serious they are with their project.
But sadly, most of these investors are just looking about the hype around it, for the mere thought that they will also get their profits out of it.
They don't have the time to look deeply on the project as they are busy counting their possible profits.
But unfortunately, only few can get their timings right. Not many people know when to exit before it collapses.

To see the quality of his love for this forum is when every day someone posts something that he likes. The existence of a bounty program on this forum greatly affects the number of users here. But we cannot reject the negative and positive effects of the campaign, especially the signature campaign.
The negative effect is, as you can say, that some bounty hunters don't think about what they are promoting. They make the interests of money above all idealistic traits in this forum and this is very damaging to the ecosystem. They don't try to find out the project they are promoting more deeply. So that they do not realize that they are promoting a project that is not qualified, even a scam project. It's ridiculous, a person puts something new into their habits without knowing what they are carrying.

They post on this forum unlike their daily habit. Read threads, then post opinions without reading previous posts. Their real goal is not discussion, but rather the aim is to fulfill the weekly posting requirements so that bounty payments can be sent. And this is where the quality of the posts is less than the quantity of posts.

There is also a positive effect, indirectly the existence of bounties can be used as a promotional medium to get new members in this forum. Automatically, people who want money from the bounty, must register on this forum. That means that the number of users of this forum will be bigger and bigger. Traffic will increase and advertisers will continue to arrive. This cycle will continue so that the Bitcointalk forum will never die.

---

what we have to hunt down and eradicate is a project scam that has seriously damaged investor confidence, and that is our job as well. Bounty hunters can be overcome with new regulations such as this merit regulation, but scam projects are very easy to carry out open promotions here.

we must be skeptical on DeFi and not go with the hype, because only shit and fish carcasses always follow the flow of the river water

I've been expecting this since the hype is still on going, thus scammers find a new opportunity to join the hype and go find some investors as a victim to fund the project. Usually they are making some excuses like delays the progress of their project, then definitely go straight to exit scam afterwards.

Unfortunately, they are not really sincere to put up this project. Thus their main purpose is to scam investors and participants. Haven't we learned from previous projects like ICOand IEO?

Defi project is booming and famous right now because success list with higher price more than 300%, almost investor reach much profit during investing with Defi coin project. When getting good project and looks more interested for investor will give chance for many scammer to make project the same ideas with defi, they will looking for how to promote and make investor most interested to invest on their Defi project coin, the same meaning with Yfarming coin family after success raise higher price many time I found Y coin created in my country. Without carefully how to check real or nor project make many investor will trusted and invest with higher amount to reach much profit later.

Well, humans are synonymous with greed, and really, once they've tasted a win from investing to something like this, they'd keep going since they think it's easy to profit. Even if they get scammed countless of times, they'd still continue on.
Well, they never think of it as a scam, they don't think much of it so they just probably think of it as a loss of investment. It is a way to profit though, so I guess it''s rather understandable why they keep investing even after all the scams that happened, but really, wouldn't a little bit of research be fine to do before investing? Blindly investing would only lead to more exit scams being made since they think there are mindless investors out there.
That's why there's a separate part of the forum with regards to advertisements, bounties, and signature campaigns. I doubt you could really blame the forum from housing scams, especially since anyone is free to use the forum. It's basically like blaming the banks for money laundering, stealing, etc.

Not surprised to be honest. I also kinda don't feel bad for those that got scammed. They were warned multiple times, yet they still invested on those coins with the hope of making some quick profit within few days. There are still new and old defi projects that are potential scams, but people are still promoting it and investing in those projects despite most of the people warning against them.
I wonder how many people are going to get scammed and lose money after the defi trend is over.

Sometimes events in the past are still not enough of a lesson for someone until they experience it,
I'm sure there are lots of novice investors who enter the cryptocurrency market and easily trust projects that promise passive income,
The new DeFi project that appeared a few weeks ago is very different from the DeFi project that emerged today, be careful with new projects, especially projects where the background of the team is unclear.

As we know, there are already many defi projects that are scams but strangely enough, people still dare to invest blindly for defi projects who don't know what their use is, if this continues it is not impossible that other major accidents will continue to increase in number in the future, which making the crypto market a field for irresponsible con artists.

human nature is greed and only think about profit, and there are few of them who do not find out how the future of the project they are following

I could tell from its name that it is a scam!  ::)
what kind of name is that ?!  ???
They usually trap newbies and as long as people have a lack of knowledge it would happen, we can't stop scammers but we can raise our knowledge before buying anything that's why they always say DYOR, it's the most important part.

It is terrible event actually. Most of the defi are becoming aggressive in launching different platform. I dont know but defi becomes a ground for scammers. Most of them are only focusing on gaining profits and lots of them are making a lot of money out of small projects.

If you checked the scam section most of the scam reports are all about defi exit scam.

Well, investors are diving into the hype that is why it's not a surprise that scammers will take advantage of it just like what happened to ICO and IEO projects. People are being greedy joining the hype that is why scammers areenjoying this. Soon the hype will die same way as how ICO died, due to numerous scam.

I have seen a lot of fo projects that look legit but end up scamming people, investing in Cryptocurrency is like a box of chocolate you never know what you are going to get, you will get sugar-coated chocolate but it will end sour taste in your mouth because it's not really sweet, so many investors losses their money on project that they did research,  it's not investor's fault they really want to scam people and they want to look legit.

it is a risk, and one could benefit from "this kind of investment", but researching would make number of losses smaller
there are legit projects, not all scams, but i do not invest in a project after the project was live for a day, or had go up 1000% in two days, this is scam more often than not

If you are talking about Profit and with the kind of movement of Defi's related currencies and projects?people tend to believe
everything will god Mooning like Polkadot and Chainlink
 in which not happening.
Like Hotdog that has been the main issue now about scamming and Now this one that had been in Hot topic.
Maybe this serve as reason because not all of promising or looks promising can generate you profit,Most of them are BS and scammers.

With the prevalence of Defi exit scam, I don't see Defi exit scam as a big deal. Most loyal Defi investors have been scammed by one or several Defi projects making Defi projects to be twice as risky. There's no doubt that the returns from Defi projects could be worth the hussle, but the risk is on the increase.

Everyone needs to be careful.

So many scam projects out there claiming to be DeFi projects

Isn't there a way to vet these projects completely so we can point and report those scam projects?

It would do a lot of good if we can flag them on the front page of the forum.

This is not a new scenario for us since we have experienced such trends that will be followed by exit scams since they were flourishing in the market these few months. Anyway, we need to be vigilant about this new trend because like the past trend namely ICO and IEO, the scammers will make some use of this one and they will make it as legit as the real one. We cannot change the fact that we are going to have this Defi trend for a while but we need to consider doing our own research before stepping unto investing in any of them.

The hunters are partly to blame but this post is somehow pointing fingers at the wrong people. Hunters may have the responsibility to make a little research whether what they are promoting is legit or scam, but they cannot make a very detailed one as if they are experts on it. The hunters' job is not to judge projects.

Hunters are not going to promote a scam because that would mean all their efforts will be for nothing. But there are times when what they are honestly promoting which they believed to be legit turned out a scam. That is not to be blamed on them. That is to be blamed on the scammers themselves. Why point fingers to the hunters?

Just like ICO, Defi is just another pseudonym of that, the scammer has amassed huge profits from the hype and many people don't realize that the same scammer will create another defi scam project after escaping. Please be careful investing your money in any defi project.

I can't stand it anymore. We fight for more free world where is almost everything possible. But, why human beings still disrupt this nice idea? Why there aren´t more good ideas and solutions? Why everyday we read about new and new scams? We will never achieve this with this approach.  ::)

It is 100% correct that greed causes all of this, reality is people saw defi made people millions of profit, and some of them made that profit themselves, truth be told there was A LOT of profit made from defi and that was one part of the story of defi.

After a while they realized that they are getting so much rich, or others are, and they thought they should do the same thing as well, so they started to invest like crazy and suddenly we are at a point where people actually did invest into all kinds of silly fake scam stuff because in their mind it was defi and defi was profit, obviously they learned the hard way that it was not and that was just a scam disguised as defi. Learn the fact that just because something is defi doesn't mean that it will be profitable.

Because at this time money means more than the noble goal of creating a freer financial world, and I am very confident that if next year there is a trend other than DeFI, I think what is currently happening will repeat itself, this is the reality of the world now.

yes, but bounty hunters in general are not 100% to blame either. because basically, they don't know whether it will end up being a scam or not. because they must have only looked at the reward pool and rules section. as long as the whitepapper and road map are read even though they lack understanding, the bounty hunter must be interested in joining the project regardless of whether it will be a scam or not.

Yes, and even though things that have happened before may repeat themselves, it is clear that they will not be exactly the same as what has happened, because each incident must have a different cause in each year.

those one was the chance of absence with public of audience as the fallacy as to put on provision as work on project development along with drafts of objective must gains of exchange to recover expends on waste as the entrance within the early phase as might have with least on supports with the funds on authorization.

its very bad when crypto market trying to recover after suffered so many negative news and smoothly growth but Defi project destroyed it. many Defi ended scam and caused market crash . last news from telegraph about just swap https://cointelegraph.com/news/tron-legitimized-a-project-before-it-pulled-an-exit-scam-community-says  . hopefully it will not happen again to us.

yes, we hope that there will be improvements and changes that occur but every new system emerges is considered the best even though there is no accurate proof of the success achieved with the new system. but indeed it cannot avoid many who are looking for loopholes to get around how to cheat in a renewable way. need to be careful of all who want to invest, do not be tempted by a new system that has not seen prominent results. remember the past system changes continue to occur but there is no change from people who cheat.

Where do you get news like that so you can say future predictions and future possibilities for the cryptocurrency situation? isn't the state of the cryptocurrency market very difficult to predict and predict? If you can predict all the things that will happen to cryptocurrency, you've always been rich.

Yes, it's no wonder that many scammers take advantage of the Defi trending situation as a new scam tool. plus many bounty hunters have become obsessed with taking part in the Defi hype including the Yfdexf.Finance project. fortunately I am not at all interested in participating in the project, hopefully the bounty hunters will be more careful and do not easily believe in this Defi program.

The real warning was a long time ago when ICOs were still happening but while crypto is a place for people looking for something crazy in investing, they expect huge profits without thinking they could lose all the money. Looks like new people or people with small capital are only being played by the big whales

This is the problem with the crypto space nowadays . If something becomes a success some greedy people copy paste the idea start overdoing it and it becomes a false trend which in turn make crypto look bad to people who have no idea about cryptocurrencies and are just getting to know it because of the bad name . The same thing happened to ICO's and now its DeFi . Just found a new copycat thats probably an exit scam .

https://imgur.com/a/8eXuv9W

Funny thing is people are buying into this scam ...smh

This scammers really do took advantage on this DeFi hype some of the biggest scammers are just really waiting for this kind of opportunity i guess there will be more reports about DeFi scams and soon people who doesn't have enough knowledge about cryptocurrency will mistakenly accuse the DeFi in general as a Scam but in reality they are good project if it is a good and legitimate team.

usually things like this will continue to happen, where there is a new system then everyone is competing to participate which is clear that behind it there is a purpose to cheat, because this method continues and is always used but there are still many who are also deceived. not sure whether this defi system is a scam because only a few have stated it, but with time it will be seen whether this statement is true or not, we are waiting.

that is if they will only accuse defi but what if they accuse crypto as a whole ? but on the past when theres still no defi , crypto was already been mistaken by some as a scam but somehow most of those people already learn  . i just dont want the issue to rise again because there are those that are still not involved ln here  .

defi hype is not over so you can be right  but its okay if they report it atleast they know and they detected that it was a scam . its only worst if they will leave those scammers unharmed because scammers think that they were succesful and wont be shy to keep coming back

I feel sorry to investors who invested and expect huge returns but turned into scam just be very careful if you want to invest into new defi especially if team is anonymous and into yfarming schemes dont ever trust much better to pull out your money and put into more serious project, Im sure there are many more scam defi will emerge everyday, stay away in yfarming with no audited smartcontracts and funds are not handled by trustworthy individual.  

It was because they used the opportunity to make a profit, so they believed it for a moment, because when the hype was over no one would be able to benefit from the name of the coin, so people who were clever at seizing opportunities would always benefit.

This kind of stories brings bad reputation to cryptocurrency, a lot of investors had been warned to beware of the current Hyping of De-Fi projects and stay clear of it.
I read it here were a member of this forum said he had been making profits consistently on this so-called project, It just another ICOs in making which had trended in the past were a lot of investors lost their hard earned money having scammed when those project managers went into thin air with investors funds.
Of course this is not regulator obviously the story of exim scam of De-Fi will continue unchecked.

I've said it already in my previous posts that this DeFi hype will cause many DeFi scam projects and they are starting it already :).

Scams are everywhere and they will swarm the DeFi industry once again. They came with ICO hype is at its peak and now they will do it again in DeFi hype. One project did it already and more will do it too soon.
Poor investors who are easily attracted by these kind of projects.
Poor investors who didn't do any research and just throw the money and hoping that they will get profit.
Poor investors who don't know which projects are they investing their money with.

Feel sorry?? I don't feel sorry for them. I said it too and I will say it again. Investors will not learn if they will not experience things like this. What's worse is that some of these investors are tend to get scammed twice and they are just stupid for real.

DeFi brings so many possibilities to earn some good profits. Unfortunately, scammers have hijacked the hype and now use it to lure unsuspecting investors. Everyone should protect their funds by performing relevant research on the DeFi projects they are interested in. Simple stuff like whitepaper checks for plagiarism and GitHub details should be looked into before they go ahead to invest

Obviously, what you are saying is very true and investors should always consider the things that make them quickly hook on every strategy presented by Defi's new projects at this time, because scammers are always there to provide new ways so they can take advantage funds from investors before they run away from the project.

Yes, the scammer team of Yfdexf project got successful in their lousy attempt and this is just a beginning if we don't get alert there will be many more projects will exist scam, bounty and airdrop participants should have to understand this truth that they are not going to be millionaire by participating in lot of bounties in single time this is not going to happen ever so avoid those bounties and airdrops which looks suspicious in any way only focus on genuine bounties/airdrops.

You've said it all mate, not matter how Most of us try to warn people, some people still won't listen, some will know that the project they are promoting is a scam project but still will go ahead promoting it having the mindset that before the project closes shop, they must have cashed out.

This is the warning am sending out to those investing and promoting Dextrust, i just created a this thread https://bitcointalk.org/index.php?topic=5276205.0 (https://bitcointalk.org/index.php?topic=5276205.0) to warn people of the possibility of scam, but then, some people will read but still go ahead to trow away their hard earned money

good effort but you will be very difficult to remind bounty hunters because most of them don't care about tscam or not they will definitely do it especially for those who follow social media campaign, I don't mean to demean them but this is a fact even sinc ico season a few years ago,has happened a lot, but I'm sure those of investor who buy dextrust tokens will surely listen to you.

The problem is it's still hard to find good projects, people do not want to promote scam projects they do not want to waste their time and their effort they only want a good project, bounty hunting is now is a hit or miss you find a project to promote and it turns out to be a scam, you find a good project but they ask a lot and sometimes did not distribute or low value.

Yes its true still hard to find good project, i try join bounty unidapp and its look good project like uniswap, project like dfinance from wings team seem like legit project. Dfinance (xfi ) swap from wings token and not have token sale, total supply xfi 145 million. I hope i can make some profit with those unidapp and dfinance.

yes better avoid projects that look less legitimate because it would be detrimental to others and ourselves if the project came out to be a scam, now is the defi project season you can see on twitter a lot of new projects that have sprung up and I think many will become scams.

And on average, the new projects also embed the name DeFi to attract more investors, because DeFi is still in a good trend so some project developers take the opportunity to build new projects through the DeFi system even though it is only in name.

Unfortunately it will keep happening scammers feel like they can get away with anything and I think that for the most part they are right, people on their rush to make money in the markets decide to invest when they have no knowledge about it and because of this they end up losing money that they in fact needed for their everyday life, and then they have to face enormous economic problems and when you add the pandemic to all of this then their situation becomes unsustainable, but scammers do not care and for the most part authorities do not care either so if you are going to invest then make sure that whatever project in which you are investing is legitimate and if you have even the smallest suspicion this is not the case then you need to run away from that project.

investing in defi must thorough while we analize project, dont ever miss even single point. we see several defi project now be scam and only this thing that we could to do no else. defi look interesting but we have to know its contain high risk too , price could rise 10x but it could run out in few minutes after listing.

What the hell man, that is a huge amount of money, 20 million !!
From here, we can learn that defi project doesn't give a guarantee the project will become a success one.
There were to many hypes in defi projects, Yfdexf.Finance was one of them. We should be careful more if we want to invest on hyped defi projects.

You should also be able to mention what DeFi coin is a scam and maybe also be able to provide more detailed information so that many will read the information you provide which will be very useful for new traders who can avoid defi projects that are indicated as scams.

In the world of cryptocurrency there are various types of scams, so we bounty hunters must be careful and also analyze further the projects we are promoting, because the more people who promote a scam project, the more investors will be deceived, including defi projects that are currently popular nowadays.

It should be borne in mind that now it is sometimes very difficult to distinguish a fraudulent ICO project from a project with a poorly trained team, albeit with a good and promising idea. Therefore, no matter what our own research we do, there will always be a risk of getting into a fraudulent project. DeFi projects are now raising very large amounts of money, so they will attract a lot of scammers.

when many scams like that will indeed make the name cryptocurrency worse and of course there will be many investors who do not believe in cryptocurrency anymore, and the problem is the difficulty in determining whether a project is scam or not at the beginning of its journey because sometimes it just looks a scam when it has been running a little more long.

We cannot blame them since they are only hoping to make enough profit out of their investment. They are willing to risk their money even if there is no guarantee of return, it is like they gamble what they have hoping to make money. Even if there are so many reminders, we all know that they are being reached by those reminders, but if they still risk their money, that end is because of their own choice.

this condition that make cryptocurrency market crash for 2 years. fake team and scammer make investors affraid to invest in any project and finally there is no good project occur due fund problem. its very difficult to prevent fake developer occur , except our self as investors do dilligent analisys to project so get off from scam project.

The problem is that things are getting so bad that for the most part bounty hunters should stop promoting new projects, after all the majority of them are scams and the few that are not do not really need bounty hunters at all as they can make use of exchanges to promote their projects and gain popularity with investors without the need to try to convince people in this forum or in social media which explains why bounty hunting is getting less and less effective as time passes.