Another DeFi exit scam

[suzanne5223]

This is getting interesting despite that I'm also among Defi project investor and the chance of project owner running away with investors money is what Vitalik advised people on Twitter but it amaze me how some crypto investors chasing after their own destruction by ignoring the danger in crypto investment.

I hope many investor will learn from this.

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[judeafante]

Many warnings have been posted about the possibility of DeFi exits scams across different platforms including bitcointalk but it seems people are simply too greedy to take advantage of the hype and profit. As it turns out, many of them got burned from projects like Yfdexf.Finance.

As reported, Yfdexf’s team managed to run away with $20 million. Their official website, medium, telegram and twitter accounts have all been taken down to not leave any traces.

What happened here is also another reminder to all aridrop and giveaway hunters out there to be careful in what you are sharing in exchange for some rewards. You might not realized it yet, but you are also helping these scammers.  Yfdexf’s team organized many giveaways to create hype and many of these hunters just joined without even thinking about what they are promoting.

It's always advisable to do research and moderate your greed, there are so many airdrops and giveaways like that I consider all these as traps they promise you high value of their token just to promote and support them only to find out later that they will do an exit scam, they have done this in the past they are now doing it in this DeFi hype.

[lienfaye]

Thats what we often say, dont just follow the trend and hype because you're more concern on gaining profit.

Its best to do a research and think carefully if this project is worth to invest in.

Regrets are always in the end so to those who join in this project, let this be a lesson to not trust easily and join the hype. Dont be greedy because its your hard-earn money that you will put to risk.

[Bttzed03]

~
This is the advantage of the scammers using bounty hunters to promote the project and create a hype out of it, I think bounty hunters should really do start to take care of which projects they are promoting, yes they needed money and you can have it on by participating to bounty and airdrops but I don't think it's not a reason not to search about the project if they are legitimate or not however we can't blame them since some of the scam projects really look like a legitimate projects.

It shouldn't take a genius to figure out that a project is doing something shady. Anonymous developer and heavily shilled project on social media are just two of the many reasons you should suspect and stay away.

This had an anon dev too? Could someone answer why people are suddenly trusting anon devs again? Bitcoin was the only project that actually worked out fine with a pseudonym dev, but that's because Satoshi didn't dump his coins, not yet anyway.

Yes, the developer is anonymous. Many of these scammers uses the "Satoshi Nakamoto is anonymous" excuse to defend their lack of transparency. While it's true that he's anonymous, other developers who contributed in the early days aren't. I also doubt he had a huge business interest in mind unlike these token developers taking advantage of hypes and trends.

I think investors should be more wiser when it comes to investing in this new defi project, my advice is don't stay too long to the point of get dumped on, always sell at the first chance and get out, only those who are greedy will hang on to the point where team exit scam.

More than 90% of the time, you'll lose with that strategy. Have you seen how fast new tokens are being dumped on exchanges? It just take a minute or less. You could be sleeping or just taking a pee while they're dumping.

~
You are certainly right. But you cannot know 100% which of the projects will be a scam until this project is implemented, raises money and deceives investors. Until this path is passed, it is difficult to understand whether it is a scam or not. The fact that people believe everything and this is the problem, but investors can also be understood, everyone wants to make money right now. These are the risks that you should always be aware of and not be greedy about. As for scammers, they have been and always will be.

You don't need to be 100% certain before you avoid such projects. You just have to know the warning signs I mentioned above to realize that you have to take a step back.

[yulchatar]

I think investors should be more wiser when it comes to investing in this new defi project, my advice is don't stay too long to the point of get dumped on, always sell at the first chance and get out, only those who are greedy will hang on to the point where team exit scam.

Crypto newbies always prefer to learn the hard way, no matter how much effort you put on to warn them here and there they will end up taking the wrong path, we have done our best and we will keep warning others, I'm sure those who end up losing money to scam projects will readjust and now cool down to learn and observe first instead of rushing to make money.

I always talk about it too. Each new participant hopes that this will not happen to him and he will not stumble upon a scam project. But also many bounty hunters already understood, how to hedge a little and not join the deception - it's to participate in campaigns with trusted managers.

[Baofeng]

Oh well, it's bound to happen I guess, with so many gullible crypto traders who would just invest on something blindly especially if they see the keyword "Defi". Again, as I have said in many of my post about Defi, we are in 2017 again, similar to the madness of ICO wherein scammers are taking advantage of this noobs investors and make money out of them.

[crzy]

This is an early exit scam, early than I expected. Many warns not to join the hype especially if there’s no real business and only here to scam people, yet greedy people fall on this trap. DeFi is a good one technically but the hype is too much, and scammers see this as an opportunity. It you are going to invest on DeFi make sure you know its real value so you wont fall on any exit scam project.

[zasad@]

Why create new topics if you already have a common topic?
https://bitcointalk.org/index.php?topic=5268573.msg54987194#msg54987194
The topic contains enough data to conduct good analytics.
Scam is usually food tokens and other staking crap.
And what does Defi have to do with it?
Show me at least one project in which venture capitalists have invested and it has become a scam.
It's like going out on the street in search of earnings, going to a casino and losing all the money there, and then shouting that there is deception everywhere.

[Shallow]

It's quite difficult to explain but from the look of things, it seems Defi is going the way of ICO and that's terrible because it's barely months. Also, from another angle, Defi projects were filled with too much hype and the signs started showing of which many were warned but because of the hype which is too much, many people failed to get the message, its painful they are getting the message in a hurtful way now.
The truth also still remains that, Defi hype is still there and therefore many projects will surely keep coming up of which many will be from scammers, so let people be careful and make the right choices regarding investing in any Defi projects.

[Chukwunonso]

The issue of Defi exit scam doesn't seem to freak Defi investors. There's a philosophy of higher risk, higher reward. The investors are aware of the reward and are willing to take the risk Inorder to get the best reward. I agree that definitely exit scam is as popular as it was during the ICO's where we always heard of ICO's scam, but more people were still investing in ICO's.

[Bttzed03]

Why create new topics if you already have a common topic?
https://bitcointalk.org/index.php?topic=5268573.msg54987194#msg54987194
The topic contains enough data to conduct good analytics.

I wanted to deliver a message in a way that, I think, can be seen by more people. What you copied and posted in your thread with caption as "English translation" isn't actually a translation. Other than the second paragraph in the OP, everything else is my personal message.

The issue of Defi exit scam doesn't seem to freak Defi investors. There's a philosophy of higher risk, higher reward. The investors are aware of the reward and are willing to take the risk Inorder to get the best reward. I agree that definitely exit scam is as popular as it was during the ICO's where we always heard of ICO's scam, but more people were still investing in ICO's.

There's truth to this. There are really aggressive investors with high risk appetite and they go after money making opportunities but many of these guys are more responsible than we think they are. What they invest are money that they can afford to lose. Unlike other newbie investors, they have assessed the risk but still willing to take it because they are okay if the investment goes down.

[ecnalubma]

As expected, the new trend serves a new tool for bad actors to lure their victims. They can easily adopt with the trend and take advantage of the hype. There’s always victims because a lot of people are greedy or no accurate knowledge about the projects. There are so many Defi projects in the space now but 90% of it are probably trash or just want to grab your cash and run.

[target]

Unsuspecting investors will learn when it's too late to get their money back. Exit scam keeps going on even before DEFI so its shouldn't blame all because of the new hype of it. The scenario in crypto had not changed yet since time, its always been the wild west.  The legit project today could turn bad, who knows what could happen to exchanges you keep using today after a year or two.

[South Park]

Many warnings have been posted about the possibility of DeFi exits scams across different platforms including bitcointalk but it seems people are simply too greedy to take advantage of the hype and profit. As it turns out, many of them got burned from projects like Yfdexf.Finance.

As reported, Yfdexf’s team managed to run away with $20 million. Their official website, medium, telegram and twitter accounts have all been taken down to not leave any traces.

What happened here is also another reminder to all aridrop and giveaway hunters out there to be careful in what you are sharing in exchange for some rewards. You might not realized it yet, but you are also helping these scammers.  Yfdexf’s team organized many giveaways to create hype and many of these hunters just joined without even thinking about what they are promoting.

I have been following that news closely, I was not affected by it however it is just another example of what happens in this market when people are unable to use their head and are only thinking about making profits, they invested in a project that looked to be completely useless and a complete scam but people on their rush to get rich quickly forgot about making their own due diligence and now are suffering the consequences of their actions, and if this continues then I do not see how the excitement over DeFi projects can continue and they will suffer a similar fate as what happened to icos a few years ago.

[TimeTeller]

Unsuspecting investors will learn when it's too late to get their money back. Exit scam keeps going on even before DEFI so its shouldn't blame all because of the new hype of it. The scenario in crypto had not changed yet since time, its always been the wild west.  The legit project today could turn bad, who knows what could happen to exchanges you keep using today after a year or two.

Investors should always do their homework DeFi or not.
Because only with meticulous digging about its background, you can get the idea how serious they are with their project.
But sadly, most of these investors are just looking about the hype around it, for the mere thought that they will also get their profits out of it.
They don't have the time to look deeply on the project as they are busy counting their possible profits.
But unfortunately, only few can get their timings right. Not many people know when to exit before it collapses.

[bayu7adi]

Also you have brought up a valid point that bounty hunters need to be careful about what they promote here,

To see the quality of his love for this forum is when every day someone posts something that he likes. The existence of a bounty program on this forum greatly affects the number of users here. But we cannot reject the negative and positive effects of the campaign, especially the signature campaign.
The negative effect is, as you can say, that some bounty hunters don't think about what they are promoting. They make the interests of money above all idealistic traits in this forum and this is very damaging to the ecosystem. They don't try to find out the project they are promoting more deeply. So that they do not realize that they are promoting a project that is not qualified, even a scam project. It's ridiculous, a person puts something new into their habits without knowing what they are carrying.

They post on this forum unlike their daily habit. Read threads, then post opinions without reading previous posts. Their real goal is not discussion, but rather the aim is to fulfill the weekly posting requirements so that bounty payments can be sent. And this is where the quality of the posts is less than the quantity of posts.

There is also a positive effect, indirectly the existence of bounties can be used as a promotional medium to get new members in this forum. Automatically, people who want money from the bounty, must register on this forum. That means that the number of users of this forum will be bigger and bigger. Traffic will increase and advertisers will continue to arrive. This cycle will continue so that the Bitcointalk forum will never die.

what we have to hunt down and eradicate is a project scam that has seriously damaged investor confidence, and that is our job as well. Bounty hunters can be overcome with new regulations such as this merit regulation, but scam projects are very easy to carry out open promotions here.

we must be skeptical on DeFi and not go with the hype, because only shit and fish carcasses always follow the flow of the river water

[maxreish]

I've been expecting this since the hype is still on going, thus scammers find a new opportunity to join the hype and go find some investors as a victim to fund the project. Usually they are making some excuses like delays the progress of their project, then definitely go straight to exit scam afterwards.

Unfortunately, they are not really sincere to put up this project. Thus their main purpose is to scam investors and participants. Haven't we learned from previous projects like ICOand IEO?

[Xxmodded]

Defi project is booming and famous right now because success list with higher price more than 300%, almost investor reach much profit during investing with Defi coin project. When getting good project and looks more interested for investor will give chance for many scammer to make project the same ideas with defi, they will looking for how to promote and make investor most interested to invest on their Defi project coin, the same meaning with Yfarming coin family after success raise higher price many time I found Y coin created in my country. Without carefully how to check real or nor project make many investor will trusted and invest with higher amount to reach much profit later.

[Wexnident]

Well, humans are synonymous with greed, and really, once they've tasted a win from investing to something like this, they'd keep going since they think it's easy to profit. Even if they get scammed countless of times, they'd still continue on.

The issue of Defi exit scam doesn't seem to freak Defi investors. There's a philosophy of higher risk, higher reward. The investors are aware of the reward and are willing to take the risk Inorder to get the best reward. I agree that definitely exit scam is as popular as it was during the ICO's where we always heard of ICO's scam, but more people were still investing in ICO's.

Well, they never think of it as a scam, they don't think much of it so they just probably think of it as a loss of investment. It is a way to profit though, so I guess it''s rather understandable why they keep investing even after all the scams that happened, but really, wouldn't a little bit of research be fine to do before investing? Blindly investing would only lead to more exit scams being made since they think there are mindless investors out there.

~

That's why there's a separate part of the forum with regards to advertisements, bounties, and signature campaigns. I doubt you could really blame the forum from housing scams, especially since anyone is free to use the forum. It's basically like blaming the banks for money laundering, stealing, etc.

[adzino]

Many warnings have been posted about the possibility of DeFi exits scams across different platforms including bitcointalk but it seems people are simply too greedy to take advantage of the hype and profit. As it turns out, many of them got burned from projects like Yfdexf.Finance.

As reported, Yfdexf’s team managed to run away with $20 million. Their official website, medium, telegram and twitter accounts have all been taken down to not leave any traces.

What happened here is also another reminder to all aridrop and giveaway hunters out there to be careful in what you are sharing in exchange for some rewards. You might not realized it yet, but you are also helping these scammers.  Yfdexf’s team organized many giveaways to create hype and many of these hunters just joined without even thinking about what they are promoting.

Not surprised to be honest. I also kinda don't feel bad for those that got scammed. They were warned multiple times, yet they still invested on those coins with the hope of making some quick profit within few days. There are still new and old defi projects that are potential scams, but people are still promoting it and investing in those projects despite most of the people warning against them.
I wonder how many people are going to get scammed and lose money after the defi trend is over.