💩DeFi scams [history]💩

[Anonylz]

In any good group there will be bad guys in it. In the defi trend, people make a lot of money based on experience in analyzing and finding good projects. Of course there are still a lot of scam projects that we should avoid, such as YAM. So don't equate all projects as the same. Defi is real, only those who take advantage of the trend to cheat are worth condemning.

Yeah same thing happens during the period of ico, many projects where created just to scam investors, the same thing is happening in defi now, many projects are being hurriedly created just to make quick money,  the trend is hot right, any defi are selling more than others, defi is taking the spotlight over ieo and ico, i hope will take note and ride the defi hype short term.

[cheezcarls]

Wherever the trending is, that’s where scammers are targeting as well. They would simply create fake DeFi projects to hype the beginners and newbies to invest in their project and would run away like hell. We should be more careful in dealing with those projects, because they can be faked.

We just simply need to take time researching their team, partnerships, reading the whitepaper and so on. I know that there will be more to come. Like ICOs started way back in 2017, more and more scammers have jumped in and successfully scammed their investors. History would repeat itself with DeFi, as only a handful of them are legitimate and the rest are just complete hype.

[LogitechMouse]

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.

Possible reasons of it is the hype of DeFi at this moment and the total supply of it which is around 30,000 YFI only.

I was quite surprised with the emergence of this coin in the top 100 in the CMC and it is also listed on Binance right now. Not interested in DeFi in anyway but this will be a huge warning for those investors who are easily falling to these kind of scams.

[tvplus006]

It blasted off and the question now is only when it will be bursted? To be honest it is my first time after 4 years in crypto market I have seen a coin or token has its value higher than bitcoin. Years ago, at the all time high, Ethereum did not reach 0.2 BTC for each ETH. What happened with YFI? And what happened with the market capital flow? Does the market have a very fresh capital from newbie investors?

I am sure that time will put everything in its place and the price of Yearn.finance (YFI) will stabilize at a lower level. Just remember that after listing ZEC on Poloniex in October 2016, it was trading at a record price: 1 ZEC = 3299 BTC. And look at the cost of ZEC today, it is equal to 0.00669402 BTC.

[thesmallgod]

Defi is the order of the day now. People jumping and overhyping the tokens without even understanding what it is. I am very sure this will bring much awareness to people that might also be talking about investing in Defi. We might as well witness the first series of scam project that will be listed on many exchange platforms that have been touted to not support scam project including coinmarketcap after the takeover by the binance team. I thought the promise not to list scam project.

[disconnectme]

I still don't understand what is sustaining the rise in YFI. I mean seriously how can people be pouring in money to it when there's really nothing other than a concept similar to a masternode on steroids.

I like the way you put it, Masternodes on Steroids, those people buying into it now would regret it because as the reward dry out people would start looking for the next big thing to put their money. Though I have regards for the developer and the transparency in the project but reality has been thrown away and just like any bull market, I just pity any newbie in the market now because most of them lacks the knowledge about how this market works

[pikkie]

I still don't understand what is sustaining the rise in YFI. I mean seriously how can people be pouring in money to it when there's really nothing other than a concept similar to a masternode on steroids.

I like the way you put it, Masternodes on Steroids, those people buying into it now would regret it because as the reward dry out people would start looking for the next big thing to put their money. Though I have regards for the developer and the transparency in the project but reality has been thrown away and just like any bull market, I just pity any newbie in the market now because most of them lacks the knowledge about how this market works

yes of course they will keep a secret about how the money process works in the developers, so I think beginners should be able to learn more about how to make good and correct investments, so they can avoid projects that are scam like that, it is very difficult to know which is a good project, but at least any effort to find more information about this DeFi project will be a good experience for you.

[TimeTeller]

Would be happy to see if the OP will continuously update the list and the progress of the projects involved.

Defi is the order of the day now. People jumping and overhyping the tokens without even understanding what it is. I am very sure this will bring much awareness to people that might also be talking about investing in Defi. We might as well witness the first series of scam project that will be listed on many exchange platforms that have been touted to not support scam project including coinmarketcap after the takeover by the binance team. I thought the promise not to list scam project.

And another issue here is that these DeFi projects found Uniswap exchange to list their crap tokens so easily.
I won't be surprised if once this DeFi hype is over, this exchange will also struggle to survive.
I am positive that the list will be long in the next coming months.

[Lizzylove1]

I have now bought the rebase Yam2, I hope this won't have  a code error! Trying to support farmers. The way of DEFI is a crazy year, don't advise newbies to invest in all these new projects, it's too risky and carries high level of uncertainty.

[ampu]

The DEFI cryptocurrency market is very weird. It does not depend on the volatility of bitcoin. It is the same way IEO organizing projects did last year. Projects with FOMO populations and IEO values ​​are pushed too high. I find that it is the decentralized exchange that helps DEFI projects get pushed up faster because price orders are being eliminated, only the decision to buy or sell. In such a space, it is easier to manipulate value. It is also thanks to the DEFI cryptocurrencies that have brought cash flow back into the crypto market.

[arufox]

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.

We know the answers, they lose if still hold the token, but if have an opportunity to sell it when the price pumped, he lucky.
Do you think the team can refund to all loss investors? No bro but you can go direct to telegram channel if you don't believe it

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

it's less risk if you choose the top coin with a good track record. but it will be so high risk if choose new coin

[hulla]

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

The volatility in nature of cryptocurrency is not something new and even all newbies are aware of it. However, the volatility in nature of crypto investment was not the reason why Yam investors lose their investment cause the mistake was from the project team ending, cause the project was not thorough checked before launching it.

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

it's less risk if you choose the top coin with a good track record. but it will be so high risk if choose new coin

Maybe but choosing the top coins doesnt guarantee investor will make profit and an example is Dave which invested in Link and lost $12K.

[MoonIsBlue]

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

Exchanges in this case still provide the necessary liquidity. It can drop to 0.0001 as long as there are buyers and sellers an exchange can make money. What are they supposed to do when you buy something thinking its legit? You're the one who has to make decisions based on the information available. Maybe they fix the contract or fork (idk if thats possible) and people will want to buy.
Sucks what happened, but you cant blame an exchange doing its business which is to match buyers and sellers.

[zasad@]

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

Exchanges in this case still provide the necessary liquidity. It can drop to 0.0001 as long as there are buyers and sellers an exchange can make money. What are they supposed to do when you buy something thinking its legit? You're the one who has to make decisions based on the information available. Maybe they fix the contract or fork (idk if thats possible) and people will want to buy.
Sucks what happened, but you cant blame an exchange doing its business which is to match buyers and sellers.

There is such a thing as reputation. If you are trading a scam, your reputation suffers.
If the exchange in the midst of trading closes the input and output of deposits, then this already speaks of price manipulation.
I saw that on gate.io the input and output of tokens was blocked and the rates were significantly inflated relative to the market price. This is not the correct behavior for the exchange. If the exchange is trading a scam, then it should not prevent users from withdrawing funds to other accounts.

[BeginToMine]

The fail of YAM really caused panicking to investors. The fall was extreme but how crypto is, some will benefit while some will be affected. When it heavily dumped, some users picked it and it gave them alot of profits because it mooned again but not to what it was back then. Let's always be careful because not all Defi worth investing.

[Piston Honda]

bro haha all these uni defi erc shit things are pure garbaaaaaaaaaaaaaaage.  sure in many years 1 or 2 MAY have some role in the tech eth is trying to implement but otherwise it's all another hype cycle of bullshit.  all pnd whale action for this crap.  99% of ppl don't know or care what they are.....they just wanna be greedy and make money.  sadly most will get rekt.

[Anarchy101]

https://www.coingecko.com/en/coins/equus-mining-token

It's not confirmed yet but I think the team has exit scammed on their community the price just dropped from $.018 to $0.0002 so far the team is silent about the situation.

[hd49728]

https://www.coingecko.com/en/coins/equus-mining-token

It's not confirmed yet but I think the team has exit scammed on their community the price just dropped from $.018 to $0.0002 so far the team is silent about the situation.

There are limited info on the coingecko.com for equus token (EQMT). Genesis date is not available and some more info need to be presented.

Those scam projects that try to disguise investors as they are DeFi projects while in fact they are non-DeFi projects. Those projects remind me about the scam staking amd masternode coins in the past. In the days, there are a few new staking/ masternode coins were created every day. Their estimated ROIs look very very attractive but it won't last too long. Developers dump their premined coins and another thing comes later when stakers or masternode owners dump their rewards to get capital back or to get profit.

Many scam projects after a few months did not give investors enough money from staking or masternode rewards to pay VPS monthly fees.

[ryzaadit]

I don't know, why everyone need learning from Bitconect.

And now we are on Bitconect 2.0 with the word of DeFi, because they only offering a less supply, locked, stake token with some interest the difference between the lending they offering a small percentage stake while lending gives a huge percentage offers.

I believe we already have 50-100 project with the IDEA of DeFi, and 95% of these project soon not gonna survive just same as lending platform.

[forexandcryptoauditor]

Creating DeFi projects and no done due diligence and testing for their smart contract? This clearly shows a scam and the initial idea was to attract investors from social media hype. We should be careful about such projects.