💩DeFi scams [history]💩

[zasad@]

1. YAM token (YAM)
https://yam.finance/


https://www.gate.io/trade/yam_usdt

What happened?

The team launched the project without auditing a smart contract
Added PR, hyped social networks and launched token sale
The price has risen to $ 175 per token.
Due to a critical error in the smart contract code, the token price drops to 70 cents.
https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f
Liquidity is lost on the 1inch and Uniswap exchanges.
Gate.io and Bibox continue to trade a scam

YAM 2.0 is coming, we are waiting for the continuation of the party

2.MEME token (MEME)
https://bitcointalk.org/index.php?topic=5268573.msg55019734#msg55019734

3. yearn.finance (YFI)
https://bitcointalk.org/index.php?topic=5268573.msg55021873#msg55021873

https://bitcointalk.org/index.php?topic=5268573.msg55024801#msg55024801

4.Spaghetti (PASTA)
https://bitcointalk.org/index.php?topic=5268573.msg55100124#msg55100124

5.DOG Token(Hotdog)
https://bitcointalk.org/index.php?topic=5268573.msg55119631#msg55119631

6.YUNo.finance (YUNO)
https://bitcointalk.org/index.php?topic=5268573.msg55126139#msg55126139

7.KIMCHI.finance (KIMCHI)
https://bitcointalk.org/index.php?topic=5268573.msg55126139#msg55126139

8.vodka.finance  
https://twitter.com/vodka_finance

9.Pizza Finance (Pizza)
https://coinmarketcap.com/headlines/news/4000-to-1-in-5-minutes-defi-hotdog-and-pizza-present-free-fall-on-their-first-day/
https://bitcointalk.org/index.php?topic=5268573.msg55127011#msg55127011

10.SushiSwap (SUSHI)  
Pump- dump
1$-10$-2$
https://coinpedia.org/news/sushi-dumped-still-a-good-gain-option/

refund
https://bitcointalk.org/index.php?topic=5268573.msg55178475#msg55178475

11.Yfdexf.Finance SCAM stole $ 20 million
https://bitcointalk.org/index.php?topic=5268573.msg55171709#msg55171709

12. yieldfarming.insure (SAFE)
https://coinmarketcap.com/currencies/yieldfarming-insure/
4000$ - > 230$
Another shitty farming project

13. tomatos.finance
https://bitcointalk.org/index.php?topic=5268573.msg55259710#msg55259710

14. CBDAO (BREE)
https://bitcointalk.org/index.php?topic=5268573.msg55346057#msg55346057

[zasad@]

Rezerw

[Upgate]

What a surge
#Defi is on fire
Yamfinance has existed for less than 48 hours and has $400m + locked in it by hard working yield farmers!
All the coins that are being listed are doing an magnificent job nowadays, specially DeFi

[tbterryboy]

The name of the project is kind of funny, Yam token lol. What is the project even all about, because I tried visiting the website and was getting some warning, so I decided to go back. And the name is just like they never put any thought into choosing a name for the project.

People have to be careful about projects like this, you can’t trust these kind of things because mere looking at the few things I have seen about it, I don’t need anyone to tell me that the project is not going to be a good one. The warning I was getting on their website is saying that anyone that wants to engage with contract has to be very careful. You can check their website – yam.finance, I don’t know for you guys, but that’s the warning I am getting. I didn’t bother to go further than that.

[zasad@]

Meme (MEME)
https://dontbuymeme.com/
https://www.coingecko.com/en/coins/meme
https://coinmarketcap.com/currencies/degenerator/

https://twitter.com/DeFiDude/status/1294589760615350272


This is not a scam, this is just a cruel joke that spawned a coin with a capitalization of $ 1 million.

How an anti-meme coin joke backfired into a $1.2 million meme coin
"ConsenSys developer Jordan Lyall poked fun at the rapid uptick of DeFi projects on Twitter. Then someone to then turn his joke into a real meme coin."
https://decrypt.co/38887/an-anti-meme-coin-joke-just-led-to-a-1-2-million-meme-coin

[goaldigger]

When there’s a hype, scammers will always take opportunities to scam and fool people so if you see any project that is suspicious better to stay away and of course warn other people not to invest.

Looks like a Yummy product that can eat all your money later on, and a Meme name is not good at all. DeFi is very hot and prone to many scammers and hackers just like the ICO before. Don’t support any scam project because its not worth it and you’ll lose your money for good.

[minairia3]

This is not a scam, this is just a cruel joke that spawned a coin with a capitalization of $ 1 million.

You are right. Not a scam and no one forced to buy this token. However Im sure those who fomo on the token are got rekt badly. Defi hype could really make you fomo and worse lose all your money in an instant. It only took how a day or two to cripple its big marketcap. Meme coins are not bad but what happened here is likely unforgettable on crypto space. I almost fomo, due to very fast movement but I let my emotions be tempted.

Much better to focus on trading and learn basics of it. We can earn with a pattern and right analysis.

[Apostlekin$$$]

YAM isn't a scam but a failed DeFi project, the team are non professionals that's why there is issue with the smart contract, if this project has good foundation it should recover back but I guess not, I'm sorry for those who invested on YAM project

[Kong Hey Pakboy]

YAM isn't a scam but a failed DeFi project, the team are non professionals that's why there is issue with the smart contract, if this project has good foundation it should recover back but I guess not, I'm sorry for those who invested on YAM project

It's true. The YAM isn't a scam project because it is a failed project that it didn't reach it's hard cap because the team are not professionals and it is their first time launching their own coin. But a lot of old DeFi projects have started to increase their price like ALGO that it surprisingly increased it's price and other DeFi project in the first week of August.

[zasad@]

yearn.finance (YFI)
https://ycosystem.info/
https://coinmarketcap.com/currencies/yearn-finance/
https://twitter.com/iearnfinance/status/1285608609565597698
"The token is to manage the platform. If you aren't interested in managing the platform, stay away from the token."

What do you think it is?
The token has grown from $ 35 to $ 10,000.

[kindbtc]

YAM token
1.https://yam.finance/


https://www.gate.io/trade/yam_usdt

What happened?

The team launched the project without auditing a smart contract
Added PR, hyped social networks and launched token sale
The price has risen to $ 175 per token.
Due to a critical error in the smart contract code, the token price drops to 70 cents.
https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f
Liquidity is lost on the 1inch and Uniswap exchanges.
Gate.io and Bibox continue to trade a scam

YAM 2.0 is coming, we are waiting for the continuation of the party

MEME token
2.https://bitcointalk.org/index.php?topic=5268573.msg55019734#msg55019734

So what will happen to the failed YAM holders and investors? I mean will they get refund or will their tokens be swapped to YAM 2.0 automatically when the dev launch it as announced? Can you please confirm this.

[doctor877]

its a very funny scenarios, a painful one for those who bought at high price. there is something about cryptocurrency that you have to know which is that everything is trend and it occurs every three to four months. now its seeming as if defi project is the only project but very soon it will go low and we move on till the next wavy idea comes on and people will jump on it. people need to understand this and do things with caution.

[IvugeoEvolutionCoin]

The price spike and FOMO created by YAM Finance before its failure shows how the DEFI craze has taken over the crypto market with storm. So many investors just FOMO and buy any coin with DEFI function, even without proper risk management. Aside the YAM scandal, CURVEDAO also cost many a lot of pains. I know someone invested 15,000$ in CURVE at 20$+, now price dropped to 3$+ and that's massive loss. DEFI is a good concept but let's be careful what we invest in and also how much we invest.

[SlimShadyMmp]

Maybe probably defi will be here for a while I will suggest people use extreme caution the way the handle their funds, some project are not really worth the risk FOMO is just real and it will be good to know how to handle that effectively I still FOMO but sometimes is better to give a project a month or 3-weeks runtime to see how it turns out

[elda34b]

I'm not sure I follow what's the category of scams nowadays. A failed project due to a buggy smart contract is a scam, a governance tokens that was explicitly stated as only a governance token without financial purpose is called a scam, an explicit meme token as a joke is called a scam. Is a 'scam' anything that is either overpriced or went downhill due to some bug?

But at least it's clear that we're far from having intelligent investors since a governance token is worth $10 when the team itself says it should worth $0.

[math2020]

Defi are scams not sure but currently they are performing very well. They are good for current days. In future  we do not know. We should not hold it for long time.

[Inkdull]

Not all DeFi projects are scam, you are responsible for whatever project you invest money on, Chainlink or Compound isn't like this YAM, they have interest and useful use cases, you need to do research to figure this out yourself

[Serco]

i dont trust new token that launched in uniswap , recently many new token there and price could soar more than 5x only in few minutes or hours. even this token could beat best project in crypto market that already exist for years.in my opinion YAM and other token that launched in uniswap only speculation to pump and dump. it will die in several months later.

[hd49728]

Binance is not a guarentee for all DeFi projects and investors but to reduce risks of investment in scam DeFi, investors should be and act wisely. Only buying DeFi tokens on reputable exchanges such as Binance. Binance with CZ and their teams do know which projects are scam and as CZ said in an interview in 2018, good projects have due chances to be listed on Binance, even free of listing fee. Scam projects are not tolerated on Binance. Their investigations are better than from amateur investors.

People are greedy and they want to invest in scam DeFi on small exchanges. It is risky but they chose it and deserved losses.

[bigcash2011]

YAM token
1.https://yam.finance/


https://www.gate.io/trade/yam_usdt

What happened?

The team launched the project without auditing a smart contract
Added PR, hyped social networks and launched token sale
The price has risen to $ 175 per token.
Due to a critical error in the smart contract code, the token price drops to 70 cents.
https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f
Liquidity is lost on the 1inch and Uniswap exchanges.
Gate.io and Bibox continue to trade a scam

YAM 2.0 is coming, we are waiting for the continuation of the party

MEME token
2.https://bitcointalk.org/index.php?topic=5268573.msg55019734#msg55019734

As far as i know YAM is not a scam, it was just a case of the bugs in their software or coding or programming or smart contracts whatever the correct term is, so i think it will be sorted out, there will be either a swap or the same coin will be reinstated with necessary improvements.