Another DeFi exit scam just made off with $20M in investor funds

[cassavachips]

It's so funny, I'm sorry to have to say investors are such stupid people. They only think of instant benefits for a vacation. From the name of the project they should have understood that it was a complete scam because it took advantage of a similarly successful project name. It should be easy to tell they will be deceived.

[Ekyfitri]

It's so funny, I'm sorry to have to say investors are such stupid people. They only think of instant benefits for a vacation. From the name of the project they should have understood that it was a complete scam because it took advantage of a similarly successful project name. It should be easy to tell they will be deceived.

It's a shame that many investors with sizable cash have been duped. that is very bad, why are there so many investors who are deceived and are very easily consumed by market trends that are currently popular. whereas not all DeFi projects will be profitable.

[20kevin20]

Now this is where it starts. Just like how the ICO hype was in 2017. People will keep investing into DeFi projects because its trending while scammers will take advantage of this and exit the market if they found the chance. This year really is becoming like 2017 minus the pandemic.

It started as soon as YFI exploded and inexperienced ones started rushing it like flies. Hype is never a good thing, especially when you have an exaggerated one like ICOs had back then. The fact that so many millions of dollars are still being pumped in overly hyped stuff when you have an entire history of similarly running successful scams is just absurd though..

[Harriti]

The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.

https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds

Obviously, no financial institution or new project can earn more than 5% per day to pay interest to investors. it's all just a scam and it's only a matter of time. Greedy people who want to make big profits will die like investors in 2017. I encourage everyone to get to know the project carefully before speculating. Although it is a defi trend, the rate offered by SUSHI is too high compared to the normal rate and it will certainly soon go away like the previous scam projects. Be careful in the crypto market, money is never easy to make.

[Baimovic]

and it is a fact that Hype Defi may not last long in the crypto market, they only take advantage of the community and investors only for their personal gain. I am very happy if in the following days there will be more about the Defi project coming out.

[el kaka22]

This. This is exactly why ICO died and there is really not that much ICO investment anymore, and as you can see same will happen to DeFi as well.

There is nothing wrong with the cool and good projects, they are good and they should continue to do what they do, new projects coming in however will be scary because people will be afraid about them actually because what if this good looking project is actually a scam? What if it turns out like this 20 million dollar scam?

So they will be scared to put money in, when they are scared there will be less money and when there is less money it will go to less projects and when there is less projects there is less hype. So at the end of the day because defi was so hyped, scammers took advantage of investors and this is why the hype is almost over, probably already over.

[Sebas.tian]

What is the status of Uniswap at the moment, few weeks ago it passed 250 millions in a day but for sure it will be dumped into half because of the two recent biggest scams of Defi market.When these stupid people going to learn to stay away from these scammers?

They can't stay away from them because they need quick money for their existence. Existing in a world that believed in riches and fames will never minds getting into anything called quick money schemes. Defi will scam more than the ICOs day because of their  tone they're using right now. Investors so much believed in defi that they can go extra length to invest their money in scam in the name of high profit.

[kawetsriyanto]

Scammers really always utilize the hype in order to deceive and also create another scam. In this case, many people are hyped with DeFi projects. Without careful analysis, people may be able to trap so easily. Moreover, it is about investing in new projects in which they are here because of Hype. I don't think that all of them are legit. SO, just be careful! Scammers are around us exactly.

[Crypto_lion]

Damn 20 million is an insane amount of money. Feel bad for the investors but this is the risk you run when you chase quick 3x toke s . I hope they knew the risk they got into.

[Galley]

Everyone chooses for himself the degree of risk for earning. Surely those who lost their savings imagined that this could happen because it is impossible not to understand this. I want to make money quickly and a lot, as an option they got zero.

[mamesso]

Finally what was feared all this time also happened, scammers will do everything they can to get money in the wrong way and harm others, In cases like this, investors are always victims. Incidents like this are very harmful to the good name of Defi, even though Defi is on the right track, but because of the scammer, Investors will think twice about investing in Defi.

[crzy]

Everyone chooses for himself the degree of risk for earning. Surely those who lost their savings imagined that this could happen because it is impossible not to understand this. I want to make money quickly and a lot, as an option they got zero.

Some are not because they are just thinking for an easy money without understanding how the scammer works and in reality many can’t handle such losses. We will slowly hear many exit scams news because DeFi will soon fade and the hype will be gone totally. I’m still holding good DeFi projects, and I see their future but I’m not that confident on this market.

[Gotumoot]

This kind of news about new project and new crowdfunding doesn't really surprise me anymore since I think it would just continue to happen.
I think it would just continue as it is a new type of crowdfunding or a new name would pop out and the first few project would work well and then the rest would struggle and most would turn into scam.
It is just like a never ending cycle that starts from ICO.

[$crypto$]

This is the same thing as ICO in the past where a lot of money was invested there because of their madness for tokens pumped by the hype, now things are happening again with the name DeFi where many investors have given up their money only for projects that are not important even just following trends which is already left behind, this is not a good idea where now the scamer is always ready to accommodate investors' money and take them away and make sure you are no longer interested in the DeFi Project because for me this is over the market has been down since yesterday.

[zaim7413]

Damn 20 million is an insane amount of money. Feel bad for the investors but this is the risk you run when you chase quick 3x toke s . I hope they knew the risk they got into.

I think all investors know about the risks they are facing so they don't feel afraid because of it, after all investors have also experienced good luck and got the maximum return on their investment.

[Zandra]

Such as ICO project in the past, there are good and bad/scam project and the same with the DeFi project. The lesson here is don't just put an investment to the project just because you saw that is trend, make a research don't just put your money in DeFi.

[rahmatullah9305]

Invest only what you are ready to lose, well, this is one of the main rules of cryptocurrency, in the pursuit of greater profit, you need to be prepared for large losses.

That is certain and everyone in crypto must already know about it and are ready to lose, because if they are not ready, of course they will have left crypto first and will never be here again for anything else.

[carlisle1]

This is what I'm saying since the market makes these Defi projects so popular that even newbies and Noob becomes interested.
the Hype is over and most coins increases more than 100% and there are even a thousand % just because of this scenarios .

Now here we are starting to see what is the real intentions behind this and i believe there are Big financier for this overhyped Market.

For those who are in Defi Investments now?please think 100 times if you need to exit now or face the risk that sooner will come.

If you are already in profit now better leave and find legit coins and of course Bitcoin lol.

[Kupid002]

Invest only what you are ready to lose, well, this is one of the main rules of cryptocurrency, in the pursuit of greater profit, you need to be prepared for large losses.

That is certain and everyone in crypto must already know about it and are ready to lose, because if they are not ready, of course they will have left crypto first and will never be here again for anything else.

the scam is always there so they need to learn everything before taking the risk to invest their money. Just bad news for everyone if there are new investors leave in crypto world because of that reasons but we need to accept the fact that every thing that there is a money there is also scammers looking in it.

[flagpara]

Finally what was feared all this time also happened, scammers will do everything they can to get money in the wrong way and harm others, In cases like this, investors are always victims. Incidents like this are very harmful to the good name of Defi, even though Defi is on the right track, but because of the scammer, Investors will think twice about investing in Defi.

I want to support the best projects. I do my best to research but success history is very low. Now I hear only one scam news from DeFi projects. But 20 million is huge money, in future investors will think more than twice. My bad that I didn't find the name to do my research. Although investors are always victims and also high gainers.