Bitcoin Forum

With Defi projects being on the rise the past few months, I was curious to see if other members here have experienced any DeFi project hacks/exploits or rug pulls. Have you lost money during any of these incidents? If yes, how much, if you wouldn't mind sharing here.

Personally, I've been through the algorithmic stablecoins crash, managed to get through and remove any assets from BoltDollar (BTD) and MonsterSlayer (MSC) before losing any money. I've also experienced ValueDefi's exploit, fortunately the vault I was in wasn't affected, but I lost the value of their token, vBSWAP.

The last exploit I've experienced was the Iron Finance one, fortunately I wasn't in Polygon, so I didn't suffer any losses, however, it was one of the highest earning vaults I've used in a long while. It's a shame that it's gone.

Fortunately for me, I never suffered any major losses, what's your experience?

I'm one of the defi fans who was at bsc to hunt down new projects that were being formed before they were at coiningecko and cmc.
there are so many rug projects that i have experienced maybe around $1000 i lost,, even hundreds of tokens in my wallet address, among the projects i remember that i invested in quite a large value
ZD rug $120
Waffle rug $170
More rug $ 300
SLD rug $350
even though I have suffered a lot of losses but I personally still make a profit that is greater than the loss I experienced.

I experience yesterday DeFi on Mydefipet which hacker exploit smart contract of chainswap and dump millions of DPET token until liquidity pool was empty. I'm investing 2000$ that time and my holdings value almost equals to 25% of my original holdings. I'm glad that the game developer address the issue immediately and ban the hacker address. So far the price of the token was back to its original price and I have another profit because I bought the dip.

I'm pretty inexperienced in the DeFi field, and I'm usually afraid of investing into vaults that integrate the risk of impermanent loss. I can see that you were involved in quite a few projects, did you suffer any significant IL, during your investments?

Most vaults I was involved into, were stable LPs (Such as Iron-BUSD) or algorithmic stablecoins (BTD, MSC), thus, I have no experience with any of the other kind.

Fortunately i am never invest in Defi project, i dont know why but i could felt this project full of risk when token exploited. As said above there are defi project rug pulled and alot of investors suffer huge losses. Personally i am prefer invest in project that based new platform technology , they create a breakthrough to make creating smart contract be easy for everyone. One basic principle was never trust anyone in cryptocurrecny market, and Defi be a place for trusted person only meanwhile human nature was like not that.

Good, myself as well is not into Defi or what is current hype, I'm a risk taker, a gambler, but it seems that the current will just rug pulls anytime and it's beyond our control. As compare to trading or gambling as least you know something might not be right and you can pull out your investments anytime. And just like others who have shared their experience here, some lost already. And it just shows how the market is really moves. It's a free market and anytime you can lost your money from defi hacks and rugpulls.

That was unfortunate and bad timing since the market is currently experiencing some unstable graph since a few months ago. incidence such as this one will badly affect its flow and it might turn to be a problem in a few days because most of the time when hacking occurred people who invested more than what they can afford will actually withdraw all their tokens simultaneously. The result will be a further down trend in the graph of the market where the price will fall and hard to come back again.

I've lost my money in several projects that have very large supply, such as BSCDOG and FairEclipse, luckily I only bought tens of dollars, last time I bought TOKAU because it has NFT from famous Artists, but the LP is unlocked so I immediately sell it before it's too late.

I lose a small amount I don't pour on something that is too good to be true and with APR as high as 1000% there's a high risk involved on it, the worst part is they did a pull rug hours after the launch of their APY, I did not notice the time lock, time lock should be 12 hours or more so you can pull out your funds in time before you lose money, better the RugDoc review before investing in a particular DeFi project.

a lot happened when the Defi system started to enter and there were still many loopholes that made a lot of losses for investors because a bug in the staking system caused losses because suddenly the balance was lost it was hard to believe and it happened in the stake cake at that time when it was sold at the current price is around $2000 it has been a long time and the balance suddenly disappeared this was purely a staking error that made the coins cake disappear it made me more careful to buy so as not to repeat the loss which could have been more I could get.

Look, I get what you're saying, it's a risky business but may involve reasonable or high rewards without involving much effort. There are vaults that offer minimal risk, the one I mentioned before (Iron Finance) was the safest and easiest passive income I made, before it went down. Fortunately for me, I was in BSC and not Polygon, thus, my money wasn't in any risk when the incident happened.

If it wasn't for the exploit, Iron Finance would still be going strong (unless something else happened). The risk is always lurking, even in stable LPs.

Reading this proves that everything that is trending in the crypto world will be the target of hackers to take advantage, as investors must be smart in choosing projects whether the developer has enough ability to overcome this hack.

Honestly, I've never invested in DeFi so I don't have any experience with this, the loss in the ICO is enough to make me prefer to keep BTC and some altcoins like BNB dan TRX.

I didn't lose too much. I also frequently link my wallet on several DeFi sites. but I don't use my main wallet.
the biggest loss was $200 in waffle assets. and it provides a great experience for me. at that time I was not as careful as the OP. After this, we will walk carefully because we are experienced ;D

Hello again, didn't want to open a whole new thread just to ask a simple question. Does anyone have any prior experience with the Ellipsis.Finance platform? There's a vault on Beefy that has almost the double daily yield than the one I'm in right now (Dopple).

I never got rugpulled by the scam developers coz i was doing so many deep research before try to invest in any shitcoin. The potential rug pull coin can be seen easily through the code. So many people were getting rugpulled caused by they have clue about that. They should see the code as the main concern to determine whether the developer can rugpulled them all or not.
This is the main thing. It looks like so many members have ever got rugpulled

I am trying to look for projects very carefully  or at least not to risk big money. I investigate docks, team members, community, social media, look through the smart-contract and read audits. So I understand the idea of the project and all details of how it works and how to interact with smart-contract. But one time I had an experience with one scam project. I bought one token that has just launched and it dropped by more than 10000 times in one day, but fortunately no big losses.

What's with that rugpull? is there way we could prevent that or what are the things we could take a look before transferring money to DeFi project? I only invest to DeFi projects for 4 times but luckily I haven't experience any rugpulls so far, right now I'm afraid of investing to DeFi projects.

The last months i invest a lot in Defi's and i haven't experienced any rugpul or scam. I don't know if i am lucky, or because i do a research before i enter a project.

I check TVL sums, rugdoc review, community members etc.

I am thinking of a new strategy now: to invest in a project after it was hit by a hack. The token price would be in big dip and you can profit in the future if the team behind it, respond properly. I haven't done it yet, but i think i will try.

I also experienced the most losses while in crypto it was because of investing in defi...

the defi project name which makes me lose a lot is Pulsar.farm, at first they looked convincing with a big TVL and big APR but a few days later they said they were burning token but what happened was the value of the token fell by 60%. I lost $300 from investing in the defi and immediately withdrew my LP which was only a small amount.

Something like dev was adding liquidity then some investor buying their token an expecting to get an good apy with instant profit but after sometimes Dev will cancel the liquidity or selling the token, Something like Pump & Dump but in more new way especially on DeFi, For some prevention you can check the smart contract source code or maybe joining some IDO on DXSALE or Unicrypt where the liquidity was locked, Well you just need to be more careful, Good luck!

Do you consider Iron finance to be a hack or rug pull? Personally I don’t think so. In my opinion it was just a bad joke of the rules of the market. Development team just didn’t predict there would be such a big panic, so they didn’t provide tools on how to increase the price of Iron in case of panic.
Personally I also invested in this project, but I managed to withdraw all my money and sold Titan, when falling just started and Titan was 50$.

I have recently seen Merlin Lab too rug pull and went to zero within few days, it was very ugly thing imo, I was very lucky not to invest in that project before it went down the drain, am just feeling sorry for those who invested in their lies, They were given high Apr in their platform that was already a bad sign, the amount was unusually high and looks good to be true. Investors should be careful.

I'm not quite sure to be honest, but it did look strange. The last few days before it crashed, it had achieved a lot of publicity, and a huge TVL. Maybe it advanced way too quickly, and they didn't expect it? I'm not sure. I had also invested $3.000 in their Iron-Busd vault, fortunately, I was in BSC and didn't suffer any losses.

From what I've seen, they've relaunched their platform.