Potential DeFi Exit Scam

[slaman29]

If only there was a better way for people to review all of these smart contracts on the different platforms, or even a way for them to get them reviewed by a certain group of independent coders. Not that I would still ever use them, but surely there's a way to see if they work against the investors.

[tabas]

They will do the same.
Nothing to expect from those defi projects that solely made for the sake of pocket money for the developers. The projects that are worth looking for are those existing already and have been stable.

[sedov1966]

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

Thanks for reassuring, but it feels like anyone who is registered on such forum at least will spend extra 5-10 minutes on research of a project one is investing in.
It is not a secret that a lot of defi projects are exit scams and one should avoid those at any cost

[maxreish]

What do you expect. I mean, new hype project like defi means a new opportunity for some scammers to just produce shitty and fake defi to collect funds and then ran away afterwards. Just like those projects before which are ICO,IEO who were once hyped but not that long because of those scammers too.

Let's be aware of those popular projects now, its hot in the eye of fraudsters.

[tvplus006]

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.

A few days ago, a service was opened on Binance that provides participation in the creation of new DeFi. I think that Binance is responsible for the new DeFi that is hosted on its platform, but we still need to be careful before we take part in them. So I think it's more secure than what we see on Uniswap.

[lepbagong]

They will do the same.
Nothing to expect from those defi projects that solely made for the sake of pocket money for the developers. The projects that are worth looking for are those existing already and have been stable.

all systems are made to make improvements, as well as defi, but can you guarantee it will be the best ?. so far I have not believed that there will be phenomenal changes. the behavior that is carried out is still the same as during the time when ICOs and IEOs, what means changes are only for a moment for profit only.

[Kotone]

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

Thats not shocking anymore. When you visit the world on eth defi, you can see a lot of projects that have fled and this is due to the easy accumulation of fund due to defi hype. Normally they will raise fund and will rug the project once they earned enough funds that they think enough.  Too many projects like this so its not surprising to happened as well on other blockchain.

[Bitstar_coin]

Very disappointing to see many Defi projects exist scam this days making uncomfortable for investors, too bad people are falling for this scams, it has been said that people should do much research to be sure of what type of project they want to invest on, this is new way for scammers to exploit people, everyone should take note.

[dg2010]

Very disappointing to see many Defi projects exist scam this days making uncomfortable for investors, too bad people are falling for this scams, it has been said that people should do much research to be sure of what type of project they want to invest on, this is new way for scammers to exploit people, everyone should take note.

Scam projects are not bad because if you come early you will definitely make a huge profit from that coin. I had a very good strategy before I started doing those Defi projects and it helped me to earn x3 or x4 profit in a very short period of time. Of course, those projects do not have specific products and most importantly, you have to sell them after making a profit because if you hold, you will easily lose all that money.

[Fredomago]

Very disappointing to see many Defi projects exist scam this days making uncomfortable for investors, too bad people are falling for this scams, it has been said that people should do much research to be sure of what type of project they want to invest on, this is new way for scammers to exploit people, everyone should take note.

True. Investors needs to be more careful as this DeFi hypes are very dangerous, scammers are exploring with the hypes
and waiting for the opportunities take away greed and newcomers money.

What brings  this scam developers to take this place are those people who are not doing
their research just blindly invest because of the trends and not because of real usages and
additional developments.

[pilosopotasyo]

The contract should be audited by a third party to check if there is no back door or there is a trigger that the funds or coins can be transferred at a certain condition, this is what happens to Tron based matrix and Ponzi scheme  where investors are surprised that all the coins in the wallets are all gone in an instant because there is a part there that can trigger for a fund transfer.

[khimer_rangers]

I will not be surprised by greedy people who want to make money fast, We have to be more careful because every new project that is trending will definitely be taken advantage of by scammers and yes it can reduce confidence in the defi project.

[7788bitcoin]

Very disappointing to see many Defi projects exist scam this days making uncomfortable for investors, too bad people are falling for this scams, it has been said that people should do much research to be sure of what type of project they want to invest on, this is new way for scammers to exploit people, everyone should take note.

It is not a big surprise that we are seeing scammers following the trend. If you check back during the initial cryptocurrency hype you could see many coins popping up left and right and many scammers made their money and then came the ICO hype and the scam followed that and then the STO and the IEO and we have seen many scams and now the DeFi hype and if you say that it is disappointing and surprised then you are not following the market.

[dunfida]

Very disappointing to see many Defi projects exist scam this days making uncomfortable for investors, too bad people are falling for this scams, it has been said that people should do much research to be sure of what type of project they want to invest on, this is new way for scammers to exploit people, everyone should take note.

It is not a big surprise that we are seeing scammers following the trend. If you check back during the initial cryptocurrency hype you could see many coins popping up left and right and many scammers made their money and then came the ICO hype and the scam followed that and then the STO and the IEO and we have seen many scams and now the DeFi hype and if you say that it is disappointing and surprised then you are not following the market.

For people who have been here for a while now will surely see that stuff but if they dont then they are just new into this market yet they havent considered that this one is really just the same into those hype level that we have seen on ICO's and this is no different. Exit scams will surely be there yet scammers will surely just use things whatever they do saw on whats trending as long they can able to extract out money out of investors then thats surely an easy millions for them.Investors shouldnt really be easily get hyped or tagged along with this
new craze.IEO didnt really get that much of attention and now we do have this DeFi but i can say it doesnt really make something new nor relevant overall.

[Dinda mayasi]

I hope, all will be careful and safe in this deFi era crypto business. Even if some things happen something suspicious, then that's what happened in wallet Waves a few years ago. What's on the watch is the hackers who can penetrate our wallets. Hopefully the bad things we fear won't happen to us.

[Anonylz]

I think the bigger warning will be for people to stay away from Defi if you are not able to take the consequences that will result in the end, especially those faceless Defi project should be avoided by any means necessary, it seem exit scam is a common trait of new Defi project, creating fake project to scam people.

[AthenaBanana]

Defi is so popular that why scammers are in the move to defi projects. I think its betters to dig deeper in the project before you support their project

[makishart]

Defi is so popular that why scammers are in the move to defi projects. I think its betters to dig deeper in the project before you support their project

The short term speculators will never care about that but the real investors will always do a deep research before try to invest in any project.

This project is very similar with the defi project called justswap which has been locking the user's amount.
the problem is not so many people can do a deep research for the code and mostly the locked happened caused by the developers were putting the backdoor or a code to make the coins can be controlled by the team.

[shoreno]

Defi is so popular that why scammers are in the move to defi projects. I think its betters to dig deeper in the project before you support their project

The short term speculators will never care about that but the real investors will always do a deep research before try to invest in any project.

This project is very similar with the defi project called justswap which has been locking the user's amount.
the problem is not so many people can do a deep research for the code and mostly the locked happened caused by the developers were putting the backdoor or a code to make the coins can be controlled by the team.

everything that has a swap , farm on thier name should be watch out because clones usually come after the original and legit project became silent  . speculators are not investors and its not a problem if they wont reseach because they are not buying anyway but it will not be right if they post missleading and wrong information because other inoscent user might follow that  . code researching is new to me and it sounds hard but people usually research on common things  but thats a good suggestion , i didnt knew that code matters too .

[Shallow]

All these DeFi projects' scams and hacks will only keep presenting a bad image for DeFi and it is totally bad because DeFi is or will now be likened to the ICO era, and we all knew what happened then, the death of ICO and many projects as well. If most DeFi projects continues this way, sooner than later, it will be hard for anyone to pay attention to them, in this way, new Defi projects will struggle to grow and the old ones might start losing attention.
However on the other hand, I will say most investors got scammed because they failed to pay attention to what matters such as the project idea and so on but instead they paid attention on hype. Now since the hype is down already and going down more, there is need to be careful because most projects will still look for a way to attract investors, where many will be scam developers looking for how to scam, just few developers will have the right mindset towards developing a good project.