💩DeFi scams [history]💩

[the_thing]

I lost big dollar on YAM hopefully they are going to do something for the YAM holders and give some bonus YAM 2.0 tokens.
YAM was one of my biggest mistakes because I went with a contract that was unaudited.


https://bitcoinexchangeguide.com/uniswap-listed-nugs-and-nexe-token-projects-exit-scammed-soon-after-listing/
Excuses given were very similar

[tvplus006]

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.

Today, a message was distributed on various telegram channels that YFI is a scam. I managed to earn about 60% profit on this token, but after this message, I decided to close the position. Even if this coin is not a Scam. it will still have a very strong correction after such a takeoff.

[hd49728]

I lost big dollar on YAM hopefully they are going to do something for the YAM holders and give some bonus YAM 2.0 tokens.
YAM was one of my biggest mistakes because I went with a contract that was unaudited.


https://bitcoinexchangeguide.com/uniswap-listed-nugs-and-nexe-token-projects-exit-scammed-soon-after-listing/
Excuses given were very similar

Hope they will do something and give you a second chance to cash out and get bigger part of your capital's leftover back. I'd like to warn you to have a decent plan to minimise your loss. People tend to expect too much, when they get a 80% loss, they want to reduce it to 40%  but when a second chance comes and gives them a 40% loss, they hesitate to get out and a bigger loss come, maybe 50%, 60% or seriously 90% loss from original capital. Be careful and keep in mind which price you will get out from a good recovery.

Reduce your loss to a half and wait for other chances with the same token or better with other projects are better to recover your initial fund.

[Dhoe]

I lost big dollar on YAM hopefully they are going to do something for the YAM holders and give some bonus YAM 2.0 tokens.
YAM was one of my biggest mistakes because I went with a contract that was unaudited.


https://bitcoinexchangeguide.com/uniswap-listed-nugs-and-nexe-token-projects-exit-scammed-soon-after-listing/
Excuses given were very similar

Im sorry to hear that, But I don't think they will make any better progress, because their name is already bad on this forum, So maybe Cutloss is the right solution for you, indeed it will make you lose a lot of assets, but it can keep you from more losses later.

[zasad@]

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.

https://medium.com/@yamfinance/yam-migration-plan-dc72ad49aca6
https://medium.com/@yamfinance/yam-migration-faq-57c705688fe6
If you are interested, then you can look into this.
Migrating tokens from one smart contract to another will not help those who bought this scam for $ 100-175.

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.

i dont understand why this token could reach price almost similar with bitcoin, what is the speciallity and feature from it beside its supply . i am worry this alt mega pump trend could be the early stages like 2017 condition to make crypto market crash again. in market now happening mega pump in some new altcoin project, maybe investors thinking this is the best time to speculate while market agree to do this.

Total Supply 30 000 YFI
https://coinmarketcap.com/currencies/yearn-finance/
Perhaps the small number of tokens affected the price.

[MikeyVeez]

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.

But something should be behind this token because I do not believe that only hype can make this coin the 50th biggest cryptocurrency. Someone on twitter said that YFI token gives you an opportunity to claim dividends from the fees that the platform collects.

[hd49728]

Total Supply 30 000 YFI
https://coinmarketcap.com/currencies/yearn-finance/
Perhaps the small number of tokens affected the price.

With same potentiality, the lower the total supply the higher the price will be but 30.000 YFI as a total supply contains some levels of risk. Rather than having 1 YFI that has a value at 1 BTC, I would like to have 1000 SYFI (example) that has same net value at 1 BTC. Because I can store those 1000 SYFT tokens at 10 different addresses and can decentralize risk for my capital.

[ryap12]

1. YAM token
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
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

I don't think calling them scam is right. Irresponsible could be the right term due to lack of review on its smart contract. Right now price have risen around $2.6 USDT per YAM. I wonder what would happen on YAM 2.0? Will the price go back and will investors or hodlers buy YAM once again?

[tvplus006]

dont understand why this token could reach price almost similar with bitcoin, what is the speciallity and feature from it beside its supply.  i am worry this alt mega pump trend could be the early stages like 2017 condition to make crypto market crash again...

Note what the chief developer of yearn writes.finance in the article Medium, that this token has zero value and is completely useless.
"...we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it". https://medium.com/iearn/yfi-df84573db81
So YFI was not planned for trading, so where did the price of 12 thousand dollars come from? I can assume that we may see the largest dump in the near future.

[Princejebs]

The truth is, this scam will continue as more and more projects will come out to claim DEFI and it turns our as disappointment withour offering nothing. I hope the new ones will bring something unique apart from the lending stuff.
 The circle will continue until another trend start just like IEO and ICO

[wmaurik]

https://hoo.com/labs/detail/proxi, talking about DeFi scams today there is a new DeFi that might end up in a scam namely Proxi Defi, so they held a mini IEO on Hoo Exchange a few hours ago their mini IEO sold out, and also afterwards they held an auction program on Mesa.eth after all their auctions were finished. claiming to reach x27, and sure enough their token went up on uniswap but after that the drama happened because the contract creator to make a scam token ($credit) sent 3000 eth more to binance and exchanged it for usdt.

[hd49728]

Today, a message was distributed on various telegram channels that YFI is a scam. I managed to earn about 60% profit on this token, but after this message, I decided to close the position. Even if this coin is not a Scam. it will still have a very strong correction after such a takeoff.

1.15 Bitcoin for one YFI. Even the project is good and not scam, the price is crazy high. The loss story always bittery. I see the chart and look, it dropped 50% from 0.68 to 0.3 BTC / YFI after 4 days and today it pumped to 1.15 BTC / YFI. Who sold at 0.3 got loss, and now regret but even you bought at 0.6 and have not yet taken profit, you will get loss later. Who knows.

I heard many flippening stories, ETH, XRP, and now have people call YFI will flip Bitcoin to be the new King of cryptocurrency. No. 

[zasad@]

https://hoo.com/labs/detail/proxi, talking about DeFi scams today there is a new DeFi that might end up in a scam namely Proxi Defi, so they held a mini IEO on Hoo Exchange a few hours ago their mini IEO sold out, and also afterwards they held an auction program on Mesa.eth after all their auctions were finished. claiming to reach x27, and sure enough their token went up on uniswap but after that the drama happened because the contract creator to make a scam token ($credit) sent 3000 eth more to binance and exchanged it for usdt.

Thank you, I will follow this information closely, but I have not yet found information on the prices of this token on the exchanges and the price chart. If you have data, then share links.

I don't think calling them scam is right. Irresponsible could be the right term due to lack of review on its smart contract. Right now price have risen around $2.6 USDT per YAM. I wonder what would happen on YAM 2.0? Will the price go back and will investors or hodlers buy YAM once again?

The price does not rise, it is manipulated on the gate.io exchange. YAM token deposits and withdrawals are closed. The price on this exchange was 3 times higher than the market price on other exchanges. My task is to warn users.

Migration: YAMv1 to YAMv2
https://bitcointalk.org/index.php?topic=5269687.msg55032487#msg55032487

[masterrex]

The Defi market is on fire but besides of this development, we shouldn't take our guards down while investing in cryptocurrency. because Defi is not exempted from scams and fraudulent activities because bad actors are always lurking around and patiently await the right time to strike its victims, I hope Yam token would serve as an example.

[tvplus006]

I am watching another DeFi - CURVE Finance token, whose price dropped from $ 100 to $ 3 after listing on Poloniex on August 14.  Despite this decrease in value, I do not attribute this token to scam, although it is clear that many lost their money investing in it at an early stage. Now CRV is trading around $ 4, and I think that this token has the prospect of growing in price several times.

[shoreno]

I am watching another DeFi - CURVE Finance token, whose price dropped from $ 100 to $ 3 after listing on Poloniex on August 14.  Despite this decrease in value, I do not attribute this token to scam, although it is clear that many lost their money investing in it at an early stage. Now CRV is trading around $ 4, and I think that this token has the prospect of growing in price several times.

 me either because drop of the price is normal but the drop of 100 to 3 usd is shocking . its crazy to think of people that actually bought the coin at 100 dollar per piece and what if they bough more than a piece .

they could be crying now . they trust the coin so much just because its labeled as one of the defi hype  .  hope this thread helps for those who are planning to join the defi train .

[Chukwunonso]

The truth is that we would continue to see issues like this, as several projects are going to be established to take advantage of the trend. Defi on its own is a great concept, but we cannot hide the fact that there are still scammers who are concerned about ripping off ignorant investors, we really need to be careful about Defi projects, especially the upcoming ones.

[dataispower]

The truth is that we would continue to see issues like this, as several projects are going to be established to take advantage of the trend. Defi on its own is a great concept, but we cannot hide the fact that there are still scammers who are concerned about ripping off ignorant investors, we really need to be careful about Defi projects, especially the upcoming ones.

Nearly all the new crypto projects are in DEFI category and most are baseless. Just few DEFI projects are ready to foster development of DEFI products, some just hide under the DEFI umbrella to create hype around their coin/token. Diversification is necessary, if all projects start being in DEFI category, it won't make much sense. At least some should  foster sports betting, green energy, traveling etc.

[tvplus006]

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.

Many new tokens have appeared on Uniswap, which are currently trading around 1-5 dollars. The task of the investor is to determine which of these DeFi is a scam, and which one can give a 1000% profit in the future. Because soon these new tokens will appear on cryptocurrency exchanges and their price will increase many times.

[landoffaucets]

YAM wasn´t a scam, they only launched the project too early without auditing the code. Someone find the bug in a smart contract code and caused a dump. But the creators didn´t scam people, they didn´t abuse investors fund, right?