Potential DeFi Exit Scam

[BitSat19]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

[Princejebs]

No amount of warning will make some greedy fellows in this industry will make them decouple from defi trend, all in aim in making quick profits.
The rate at which new projects are been listed on Uniswap, you would wonder how scam this Defi is all about. The trading volume on Uniswap has been declining for the past days, this shows that the trend will soon collapse.

[masterrex]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

This is it another Defi project founders were caught up by greed and run away with the investor's fund., I hate to read news like this its make me angry and think that crypto industry is just a milking cow of those scam bugs and dragging out those legitimate cryptocurrency-based firms this must stop the industry leaders and state regulators should come up a solution regarding this problem.

[Lagduf]

Im not sure that awareness will prevent those greedy players to stop investing in the defi that was no fully audited. We have learned a lot from so many scam defi this week.

From that article and we know that so many scam defi has already created by the anonymous person. Some may steal the identity from others.
We must be careful with any defi that can't prove itself as a real person.

This trend gonna be crazy like ico bubble when a bunch of scammers appeared at the same time.

[rahmathidayat93]

And that is also a warning to everyone here in an indirect manner, so be aware of the new things that are emerging through the current DeFi contract, as scammers continue to take advantage of these conditions to get new prey in crypto.

[Chukwunonso]

I've come to realise that most people are in the industry for the money and they're not really concerned about the risk involved. Defi projects have had several exit scam projects, but people are still flooding newly established projects to invest without doing research about the project. I feel really sad when I see people loose money from obvious scam projects.

[Warkop]

This is what I'm worried about, many people boast of projects that use defi, in my opinion not all projects that use defi are good, because I'm sure bad projects will definitely follow the current trend using defi, and everyone thinks projects that use defi are not will cheat for their investment. So be careful when choosing a defi project, because not all defi projects look good and become successful.

[hd49728]

You can report them in DeFi scams [history]. It is a topic for scam DeFi projects. It maybe not enough for lazy investors but if you want to help, you can leave your information on scam DeFi there.

[Crypto_lion]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

And the crypto influencers are promoting any new tokens which is getting listed for a quick pump. How many such promoters are giving out some information like this ?

[plvbob0070]

This happens because people want easy money, to the point that they don't consider the process and consequences because they are much more focused on how they will be able to get it. Nowadays, scammers would make every effort to gain your trust and provide plausible information. This is why it's significant to do a background check to verify if the project is worthy. There are different articles about Defi exit scam that will guide you before putting your funds at risk and always do prior research. Be careful and don't trust easily.

[jrrsparkles]

Every start up has the potential of performing exit scam and in the past most of them did but still people believe that this time every project is going to give huge returns for them.

Ignorant people will never learn so just let them to realize on their own.

[electronicash]

ooh nooo its never a good habit to just hurry to invest all because its a defi project. this hype still is the same as ICO, you still need to investigate.  so many dex though so this sji111111111 could send it to any of it. chinese dex around or even the most popular like polonidex or the newdex 

the only defi project that i think can be trusted in EOS is the Defibox and probably the Vigor.

[cryp24x]

It is so sad to see a very potential system such as DeFi be defiled by these scammers.  I hope those person behind the scam will be apprehended.   This should be another lesson for us that no matter how trending the thing is, we must always do our research and be not blinded by greed.

[kindbtc]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

It is not about any specific blockchain network but due to massive defi trend we will see many news like this on each major network like eth and tron as well. But it is part of the game, we have to pick the right ones and remember that because this market is unregulated we will see scams and exit scams.

[Miaallen]

I read the same but I didn't just want to believe it but it seems to be real. That's why I keep warning people to never invest all their life savings on cryptocurrency.

[tippytoes]

The new hype will eventually give chance to new scammers and strangely enough, there are still many people who are fooled by the same tactics. This is a lesson for us all even though a new hype has emerged, but research is the best way before you decide to invest.

There will be more of them in the next coming weeks. Right now, some of them are not yet uncovered to be a scam. But once the hype is over, you will see which projects are still standing strong and those which disappeared are only money-grab projects. Investors should not believe those overwhelming promises from these projects. Because a too-good-to-be-true reward or ROI is more than likely a bait for naive users.

[Baofeng]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

What do you expect? This is 2017 repeat of ICO pulling an exit scam here and there. Investors should learn their lesson from the past and not repeat it. It's good that a third and independent party has warned us, but it is already too late as the website is no longer accessible, (first sign of an exit scam). And then those who lost their money will blame crypto currency as a whole for their foolishness.

[diskodasa]

The new hype will eventually give chance to new scammers and strangely enough, there are still many people who are fooled by the same tactics. This is a lesson for us all even though a new hype has emerged, but research is the best way before you decide to invest.

There will be more of them in the next coming weeks. Right now, some of them are not yet uncovered to be a scam. But once the hype is over, you will see which projects are still standing strong and those which disappeared are only money-grab projects. Investors should not believe those overwhelming promises from these projects. Because a too-good-to-be-true reward or ROI is more than likely a bait for naive users.

It is still profitable if you exit that project early because most current DeFi projects do not have a specific plan and what people care about is only profitability.

I have been involved in a lot of DeFi projects recently but I will sell them as soon as I make a profit because the information about those projects is so small that I can recognize it immediately. Anyway, the scam project is still profitable but the risk is very high if you don't exit early.

[dimonstration]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

We must be updated in news and in monitoring every projects were we will invest, it's not new that some founders of any projects try to escape or do exit scam in crypto world so we must be aware in every details, companies, their location, teams and project purpose. DeFi can be like another ICO that produce many scam projects that operates in the past and later on said to do exit scam, so do not plan to invest too long in any projects that are brought  by hype the profit is only sure at the start.

[mr.smith]

Two blockchain security firms have warned that the creators of a DeFi contract on the EOS network may have fled in what appears to be an exit scam.

https://www.coindesk.com/blockchain-security-firms-eos-defi-locked-crypto

So we DeFi investors should be aware of this I got it from that article

no multi-signature (multisig) feature, meaning whoever is behind the contract can move assets even if they are supposed to be locked up.

this is very risky indeed if there is a way to transfer the account on a smart contract that is supposedly lock then the scammers who created the smart  contract can always get away.