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

[RealMalatesta]

What the hell is yfdexf.finance? Like seriously how the hell do you guys find those places? I really do not understand that at all. I wouldn't put in a single cent there but people collectively ended up putting over 20 million dollars for the dude to actually steal from them.

I could seriously consider starting a "asdgavvxcvasdefi.finance" and would probably even make some money, live rest of my life without ever worrying about making a single cent again aside from that. Think about it, this dude stole some 20 million, would you ever need to work again if you had 20 million dollars? I could have just 1 million dollars and even that would be enough for me to never work again in my life, it is such a huge amazing number. Do not be so easy to fool by these scammers.

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[luckyflop]

Nowadays you don't have to be a professional hacker to be able to do that , with a simple WordPress website, a smart contract with logo, some shit token you can do that too , unfortunately, market has been overloaded with newbies and they seem to be good bate for some thieves .

[mamesso]

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.

Scammers have always been parasites in the crypto space, throughout the history of crypto projects have never been free from scammers, starting from ICO, IEO and DEFI. Their presence is very disturbing, thus making investors suffer huge losses. Investing in crypto projects is very risky, but we can avoid it by researching and understanding the direction and goals of the projects we are going to invest in.

[grabpopcorn536]

A project has an anonymous team dev and they are willing to spend a large amount of money to participate in a private sale. They deserve to lose money for a project of this kind, at least they need to know who is behind the project and whether the source code of the project already exists, and who is moderating them. For me, a decent project should not give them too much money because they may not work seriously.

[babykika2027]

This defi story is so like ico story. Soon we will see a lot of posts like this

[tvplus006]

Investors try to buy DeFi tokens at a low price at an early stage of project development. And such investors do not wait for the project to be audited, in order to get a high profit. Perhaps such a strategy brings profit to the investors, if the rest of the projects turn out profitable.

[$crypto$]

Investors try to buy DeFi tokens at a low price at an early stage of project development. And such investors do not wait for the project to be audited, in order to get a high profit. Perhaps such a strategy brings profit to the investors, if the rest of the projects turn out profitable.

Some are profitable, some are not, still for investors who buy DeFi tokens at low prices and succeed with the continuation of higher prices then that is lucky, but now there are still many DeFi tokens that continue to be disguised, even some investors don't know how to choose DeFi tokens at an early stage.

I think there are still many benefits from the DeFi project until now even investors are still hunting for it to buy in the early stages of development.

[r32godzilla]

Well, how many scam DeFi projects have to come to bring people to a question, why I would risk my money for few percent interest? There are sooo many working DeFi platforms, lending platforms with up to 8% interest rate, why people still risk their money to gain a little bit more? 

[Vishnu.Reang]

Right from the beginning, I was against over-hyping DeFi. Because I have seen how the previous bubbles fared. We had the ICO bubble in 2017-18, and then the IEO bubble in 2019. You can check the current state of these bubbles now. Every time, the bubble form around an interesting idea. The concept of ICO, IEO and DeFi is really good. But the problem is that after they get over-hyped, the scammers will flood the market with their pyramid and ponzi schemes. And unfortunately, there is no shortage of investors who are either stupid or greedy (or both) to fall for these schemes.

[Bitstar_coin]

Nowadays you don't have to be a professional hacker to be able to do that , with a simple WordPress website, a smart contract with logo, some shit token you can do that too , unfortunately, market has been overloaded with newbies and they seem to be good bate for some thieves .

Yeah, newbies seem to be the prey to this unending project with exit scam information, Defi hype is making some investors not to think properly before taking any risk, they just want to catch the next big thing and scammers have recognize this so they utilize it, even when lots of people have been scammed, others don't seem to learn from it.

[pawanjain]

Sounds like 2018  and ICO tokens getting dumped
I had already expected this since the DeFi hype was going quite similar to the ICO hype.
The difference being that those who were aware of the ICO hype backed off this time which is why the DeFi hype didn't last longer.
I think sooner or later most of the DeFi tokens will be dumped and only a few tokens with real potential will survive this DeFi dump.

[deathcode]

Yeah, newbies seem to be the prey to this unending project with exit scam information, Defi hype is making some investors not to think properly before taking any risk, they just want to catch the next big thing and scammers have recognize this so they utilize it, even when lots of people have been scammed, others don't seem to learn from it.

seduced people with the desire to make quick profits. so they followed the hype that occurred in the DeFi project. many people should have realized this situation. if there are still deceived and cry I guess it is their problem.
it is not a matter of new or old people. It relates to everyone's different psychology when it comes to the hype and character of market trends moving.

[Miaallen]

When these defi things get hyped up to a certain extent, and many project of the form started springing up, I had knew that would be a point of predation on the newbies by these cryptocurrency scammers that disguise as good project teams.

[sarmrakib]

The defi is now trending its got a huge hype but i think the process they follow its amazing .we have seen lots of scamming in past years on ICO and IEO but still the good project has been succeed .I always suggest investor to invest on a legit project but sometimes its may happen .Hope the upcoming project will be better .

[Avanesier]

DeFi cant be a scam at any point of time. Its going to take over the BTC and ETH.

The numbers and stats of People getting into defi has increased.

READ More news at TheNewsCrypto

#Defiadoption #DEFI #BTC #Crypto

[justdimin]

I understand that a lot of defi projects made investors a lot of profit and that is why there is so much attention towards them, it makes sense that people want to be part of something that they feel they might be too late or just in time, which is why they try to invest into everything they can find just to make sure that whichever still goes up, they could make some profit from it.

I have seen people who said if they could 100x from just one investment, that means they can invest into hundreds of them since it would go down but not to zero so they would be still in profit. I really can't believe how people think that way but it is true. All of this is wrong thinking obviously, they should be a lot more careful about what they do but unfortunately we can't stop these people.

[bobyhodob]

I understand that a lot of defi projects made investors a lot of profit and that is why there is so much attention towards them, it makes sense that people want to be part of something that they feel they might be too late or just in time, which is why they try to invest into everything they can find just to make sure that whichever still goes up, they could make some profit from it.

I have seen people who said if they could 100x from just one investment, that means they can invest into hundreds of them since it would go down but not to zero so they would be still in profit. I really can't believe how people think that way but it is true. All of this is wrong thinking obviously, they should be a lot more careful about what they do but unfortunately we can't stop these people.

Many DeFi projects take advantage of it because in the current exchange such projects have very high prices so these thieves try to use opportunities like this to make a profit, I am sure actors like this have tried during the ICO period and currently the DeFi era they try again.

[rexxarofmoknathal]

Is it surprising that among the many DeFi projects, there are also some which aren't legit 
To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.

[CarnagexD]

Is it surprising that among the many DeFi projects, there are also some which aren't legit 

This isn't surprising at all lol scammers are always watching the market, and this hype made them overwhelmed to get into it. Besides, creating token these days is so basic, like af, you can create your own advertise it yourself, get an investor and voila. As I see, this is going to be a ruined era for projects, the hype will be over as soon as investors gets jacked.

To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.

Imagine a shitcoin being pump out of nowhere just because of the hype. The projects these days are not even for long term lol.

[disconnectme]

Anyone trusting any anonymous developer deserve to lose his/her money, at the year 2020 and the level of sophistication among hackers now, you shouldn't trust anyone, this is the basis on which Bitcoin was built. I just have a feeling this is just a start we are still going to see more people having rug pull under them