Another DeFi exit scam

[btc-facebook]

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?

Sometimes events in the past are still not enough of a lesson for someone until they experience it,
I'm sure there are lots of novice investors who enter the cryptocurrency market and easily trust projects that promise passive income,
The new DeFi project that appeared a few weeks ago is very different from the DeFi project that emerged today, be careful with new projects, especially projects where the background of the team is unclear.

[inanilujimi]

As we know, there are already many defi projects that are scams but strangely enough, people still dare to invest blindly for defi projects who don't know what their use is, if this continues it is not impossible that other major accidents will continue to increase in number in the future, which making the crypto market a field for irresponsible con artists.

[dwinrs]

human nature is greed and only think about profit, and there are few of them who do not find out how the future of the project they are following

[luckyflop]

I could tell from its name that it is a scam! 
what kind of name is that ?! 
They usually trap newbies and as long as people have a lack of knowledge it would happen, we can't stop scammers but we can raise our knowledge before buying anything that's why they always say DYOR, it's the most important part.

[Kotone]

When ever there is a hype in new cryptosystem then there bound for news like this. This is not palatable at all. DeFi project has exposed investors again to terrible scammers that are all out to steal peoples fund.

It is terrible event actually. Most of the defi are becoming aggressive in launching different platform. I dont know but defi becomes a ground for scammers. Most of them are only focusing on gaining profits and lots of them are making a lot of money out of small projects.

If you checked the scam section most of the scam reports are all about defi exit scam.

[Genemind]

Well, investors are diving into the hype that is why it's not a surprise that scammers will take advantage of it just like what happened to ICO and IEO projects. People are being greedy joining the hype that is why scammers areenjoying this. Soon the hype will die same way as how ICO died, due to numerous scam.

[mr.smith]

I think it's the investors we should blame first. Why they don't want to spend some time doing some research about the project they are investing in. There was a lot of warning about a possible scam project in this hype. Greed will harm your portfolio. So we should not run for a project that promises nothing but hope. Find a project with a real use case.

I have seen a lot of fo projects that look legit but end up scamming people, investing in Cryptocurrency is like a box of chocolate you never know what you are going to get, you will get sugar-coated chocolate but it will end sour taste in your mouth because it's not really sweet, so many investors losses their money on project that they did research,  it's not investor's fault they really want to scam people and they want to look legit.

[casperBGD]

I think it's the investors we should blame first. Why they don't want to spend some time doing some research about the project they are investing in. There was a lot of warning about a possible scam project in this hype. Greed will harm your portfolio. So we should not run for a project that promises nothing but hope. Find a project with a real use case.

I have seen a lot of fo projects that look legit but end up scamming people, investing in Cryptocurrency is like a box of chocolate you never know what you are going to get, you will get sugar-coated chocolate but it will end sour taste in your mouth because it's not really sweet, so many investors losses their money on project that they did research,  it's not investor's fault they really want to scam people and they want to look legit.

it is a risk, and one could benefit from "this kind of investment", but researching would make number of losses smaller
there are legit projects, not all scams, but i do not invest in a project after the project was live for a day, or had go up 1000% in two days, this is scam more often than not

[peter0425]

human nature is greed and only think about profit, and there are few of them who do not find out how the future of the project they
are following

If you are talking about Profit and with the kind of movement of Defi's related currencies and projects?people tend to believe
everything will god Mooning like Polkadot and Chainlink
 in which not happening.
Like Hotdog that has been the main issue now about scamming and Now this one that had been in Hot topic.
Maybe this serve as reason because not all of promising or looks promising can generate you profit,Most of them are BS and scammers.

[Henrytrust]

With the prevalence of Defi exit scam, I don't see Defi exit scam as a big deal. Most loyal Defi investors have been scammed by one or several Defi projects making Defi projects to be twice as risky. There's no doubt that the returns from Defi projects could be worth the hussle, but the risk is on the increase.

[Elderman87]

Everyone needs to be careful.

So many scam projects out there claiming to be DeFi projects

Isn't there a way to vet these projects completely so we can point and report those scam projects?

It would do a lot of good if we can flag them on the front page of the forum.

[yazher]

This is not a new scenario for us since we have experienced such trends that will be followed by exit scams since they were flourishing in the market these few months. Anyway, we need to be vigilant about this new trend because like the past trend namely ICO and IEO, the scammers will make some use of this one and they will make it as legit as the real one. We cannot change the fact that we are going to have this Defi trend for a while but we need to consider doing our own research before stepping unto investing in any of them.

[Fundamentals Of]

The hunters are partly to blame but this post is somehow pointing fingers at the wrong people. Hunters may have the responsibility to make a little research whether what they are promoting is legit or scam, but they cannot make a very detailed one as if they are experts on it. The hunters' job is not to judge projects.

Hunters are not going to promote a scam because that would mean all their efforts will be for nothing. But there are times when what they are honestly promoting which they believed to be legit turned out a scam. That is not to be blamed on them. That is to be blamed on the scammers themselves. Why point fingers to the hunters?

[Falconer]

Just like ICO, Defi is just another pseudonym of that, the scammer has amassed huge profits from the hype and many people don't realize that the same scammer will create another defi scam project after escaping. Please be careful investing your money in any defi project.

[Convery]

I can't stand it anymore. We fight for more free world where is almost everything possible. But, why human beings still disrupt this nice idea? Why there aren´t more good ideas and solutions? Why everyday we read about new and new scams? We will never achieve this with this approach. 

[lixer]

It is 100% correct that greed causes all of this, reality is people saw defi made people millions of profit, and some of them made that profit themselves, truth be told there was A LOT of profit made from defi and that was one part of the story of defi.

After a while they realized that they are getting so much rich, or others are, and they thought they should do the same thing as well, so they started to invest like crazy and suddenly we are at a point where people actually did invest into all kinds of silly fake scam stuff because in their mind it was defi and defi was profit, obviously they learned the hard way that it was not and that was just a scam disguised as defi. Learn the fact that just because something is defi doesn't mean that it will be profitable.

[triangles]

I can't stand it anymore. We fight for more free world where is almost everything possible. But, why human beings still disrupt this nice idea? Why there aren´t more good ideas and solutions? Why everyday we read about new and new scams? We will never achieve this with this approach. 

Because at this time money means more than the noble goal of creating a freer financial world, and I am very confident that if next year there is a trend other than DeFI, I think what is currently happening will repeat itself, this is the reality of the world now.

[fuer44]

yes, but bounty hunters in general are not 100% to blame either. because basically, they don't know whether it will end up being a scam or not. because they must have only looked at the reward pool and rules section. as long as the whitepapper and road map are read even though they lack understanding, the bounty hunter must be interested in joining the project regardless of whether it will be a scam or not.

[Surrapatt]

Because at this time money means more than the noble goal of creating a freer financial world, and I am very confident that if next year there is a trend other than DeFI, I think what is currently happening will repeat itself, this is the reality of the world now.

Yes, and even though things that have happened before may repeat themselves, it is clear that they will not be exactly the same as what has happened, because each incident must have a different cause in each year.

[max6575]

those one was the chance of absence with public of audience as the fallacy as to put on provision as work on project development along with drafts of objective must gains of exchange to recover expends on waste as the entrance within the early phase as might have with least on supports with the funds on authorization.