List of Defi scams

[luckyflop]

https://amplyfi.money/: Rug pulled after collecting 2,500 ETH from investors. Their social media and websites are gone
Beer Garden Finance: Founder holds over 50% of the token supply in his personal wallet. When our community asked for more details such as a github link for the project, or timelocks for the tokens they were banned from the Telegram group.
Burn Vault Finance ($BFV): Allegedly rug pulled. Their Telegram and social media no longer exist.
CBDAO ($BREE): The project had a presale for $SBREE tokens which would be swapped for $BREE. One of the admin wallets exploited a backdoor in the SBREE token contract, minted 50,000 SBREE, converted it to BREE and sold it on the market, pushing down the price of BREE at the expense of other holders. The 50,000 BREE was sold for under 200 ETH.
Degenballz: staking may steal 1% of your LP tokens.
Emerald Mine (EMD): User tokens worth nearly USD$2.5mil that were supposedly locked under a smart contract were moved to another account. Fortunately, cryptocurrency exchange ChangeNow managed to stop the sale of 135,020 EOS. However, this only represents a small fraction of the total amount stolen.
http://lv.finance/: Falsified audit results, after investors deposited their funds in they found they were unable to withdraw. The team has disappeared.
Minions Farm: Has cute Minions but will access all your assets when you connect your wallet to the Minions Wallet site.
https://steaks.finance/: Developers apparently had trouble interacting with their own timelock. Though some consider it may be due to a problem with their code rather than ill-intentions.
http://tomatoes.finance/: Hacker triggered simple permission granting and withdrew tokens.
UniCat ($MEOW): Back door in smart contracts allowed UniCat to keep control over users’ tokens even after they were withdrawn from the pool. Around USD$200,000 worth of crypto has supposedly been stolen.
Unirocket ($URCKT): Apparently rug-pulled, cannot be located on social media.
http://yfdex.finance/: Project promoted themselves on Twitter for 2 days, took a total of USD$20mil of investor funds and absconded.

PAL Network Exit Scam

https://medium.com/@palnetwork_/pal-network-concludes-blockchain-project-pledges-remaining-funds-to-world-vision-5e3b72d0724c

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[Twinkledoe]

@luckyflop, can you please add also the corresponding ANN links of those projects, if there's any.
Just found only couple of them

CBDAO - https://bitcointalk.org/index.php?topic=5265154 -deleted the content and title thread (but you can see the original title at the 2nd post)
yfdex.finance - https://bitcointalk.org/index.php?topic=5274050.0 - deleted (the poster realized it is a scam)

[goaldigger]

I’m sure there’s a lot more scam DeFi project than those on the list and I’m curious if they are still running considering that some of them are still have an active site.

Anyway, this is a great list of scam projects and if you look at it closely they almost have the same strategy. This is a warning to anyone who are planning to invest on DeFi project without a proper research about it, always take cautious.

[kingzpro]

I was follwing a defi project couple of weeks ago its bounty campaign was also posted in this forum but soon after they announced about the tokensale they just closed their website and all social media channels which clearly indicates about an exit scam, the oroject was called yearn insurance finance with yif as token ticker.

[New_order]

https://amplyfi.money/: Rug pulled after collecting 2,500 ETH from investors. Their social media and websites are gone
Beer Garden Finance: Founder holds over 50% of the token supply in his personal wallet. When our community asked for more details such as a github link for the project, or timelocks for the tokens they were banned from the Telegram group.
Burn Vault Finance ($BFV): Allegedly rug pulled. Their Telegram and social media no longer exist.
CBDAO ($BREE): The project had a presale for $SBREE tokens which would be swapped for $BREE. One of the admin wallets exploited a backdoor in the SBREE token contract, minted 50,000 SBREE, converted it to BREE and sold it on the market, pushing down the price of BREE at the expense of other holders. The 50,000 BREE was sold for under 200 ETH.
Degenballz: staking may steal 1% of your LP tokens.
Emerald Mine (EMD): User tokens worth nearly USD$2.5mil that were supposedly locked under a smart contract were moved to another account. Fortunately, cryptocurrency exchange ChangeNow managed to stop the sale of 135,020 EOS. However, this only represents a small fraction of the total amount stolen.
http://lv.finance/: Falsified audit results, after investors deposited their funds in they found they were unable to withdraw. The team has disappeared.
Minions Farm: Has cute Minions but will access all your assets when you connect your wallet to the Minions Wallet site.
https://steaks.finance/: Developers apparently had trouble interacting with their own timelock. Though some consider it may be due to a problem with their code rather than ill-intentions.
http://tomatoes.finance/: Hacker triggered simple permission granting and withdrew tokens.
UniCat ($MEOW): Back door in smart contracts allowed UniCat to keep control over users’ tokens even after they were withdrawn from the pool. Around USD$200,000 worth of crypto has supposedly been stolen.
Unirocket ($URCKT): Apparently rug-pulled, cannot be located on social media.
http://yfdex.finance/: Project promoted themselves on Twitter for 2 days, took a total of USD$20mil of investor funds and absconded.

These are just a tip of the iceberg, there are many fake DeFi projects everywhere this days, here on this forum, check out bounty section too, there are some useless scammy DeFi bounty projects there and also twitter social media too, I don't blame these scammers, they are here to take advantage, what about those promoting these projects and those investing their hard earned money on these projects? People need to learn, learning should come first before anything to successfully avoid these scammish projects, stay safe everyone and do deep research

[Kunnu]

Very informative post, this is necessary to aware crypto community through this kind of informations anyways couple of defi projects in the list were looking genuine to me at the time of beginning because it was presented with attractive concept now this is very unfortunate to see the projects have existed scam, scammers will always come with this kind of scam projects so we must be very careful before investing in any project.

[cryptoaddictchie]

https://amplyfi.money/: Rug pulled after collecting 2,500 ETH from investors. Their social media and websites are gone.

Cant forget this one. Ive participated on this event good thing I only throw 1eth for the LP tokens. I really thought they could pulled of something unique like core did. Cause we can diffuse the LP tokens on uniswap pool and the fees will be credited to stakers. The idea is really good however, I cant imagine why they fuck up with the 2.5k ether.

This is a warning to anyone who are planning to invest on DeFi project without a proper research about it, always take cautious.

Yeah it is. Only invest with what you can afford to lose. Not all defi projects like Bree which has been trusted for a long time will do na exit scam. Anyway thats how it is. Just be careful everyone.

[Jawhead999]

Good catch and summarize @OP but I don't think it's necessary to create similar topic that has been discussed before [1] [2] So, it's better if you post your report on these topic and lock this topic.

[1] https://bitcointalk.org/index.php?topic=5276012.0
[2] https://bitcointalk.org/index.php?topic=5268573.0

[plvbob0070]

Very informative post, this is necessary to aware crypto community through this kind of informations anyways couple of defi projects in the list were looking genuine to me at the time of beginning because it was presented with attractive concept now this is very unfortunate to see the projects have existed scam, scammers will always come with this kind of scam projects so we must be very careful before investing in any project.

Is not it how they attract investors? They make it visually pleasing to convince people that they are a trustworthy and profitable investment. However, some of it indicates a visible sign of scams. Despite that, people don't analyze the risk of it. It explains why assessing the details of the project should be focusing on. Protect yourself and assets by learning to consider the information on the project, such as their core objective and contact details. We should always be careful about doing investment especially on those Defi projects because after we see an increasing number of projects, we also notice the number of Defi scam projects.

[crzy]

There's more to come so learned from these scam projects and never invest again easily. There are some project that even exist for a long time and after that, they are gone now after scamming so many investors. The DeFi hype is still here so the scammers are still making fake projects to create hype and to scam people. This is just a small list of many scam projects, take this as your reference for your future investment.

[Jating]

Yes, I open up a thread about one of those scams here: Yield farming Unicats allegedly stole $200k thru backdoor code.

And what's scary though is that this is just the beginning, the hype on Defi is still there and <insert name here>.finance will continue to flourish as long as there are investors who are willing to hand over their hard earn money to this cyber theft.

[sharos]

Now almost everyone interested in defi. So, Scammers taken this way. So much defi project is success now. But, This does not mean that all projects are trustworthy. 

This is very helpful list for cryptocurrency investors.

I was follwing a defi project couple of weeks ago its bounty campaign was also posted in this forum but soon after they announced about the tokensale they just closed their website and all social media channels which clearly indicates about an exit scam, the oroject was called yearn insurance finance with yif as token ticker.

We see this type in so much scam project. A scam project is a source of great frustration for investors.

[ijeb]

It is kinda funny how they still manage to attract users.
These times everyone should do a lot of research before stepping in for a project.
Where did you found all of this info about the projects? It may help us to move forward and avoid such scams. Thank you!

[husencoe]

Now, there are indeed a lot of DeFi projects that end in scams, one of which is like the project you mentioned above, we as bounty hunters must be more selective in choosing projects before participating in them now.

[Sirait]

I am sure the number of DeFi scams will continue to grow in line with the high interest of investors in the DeFi project.

for me, this is great attention so that in the future investors will be even more cautious about the emerging DeFi project.

[benthach]

with defi hype this is just a small percentage of what to come

[bunglor]

Good catch and summarize @OP but I don't think it's necessary to create similar topic that has been discussed before [1] [2] So, it's better if you post your report on these topic and lock this topic.

[1] https://bitcointalk.org/index.php?topic=5276012.0
[2] https://bitcointalk.org/index.php?topic=5268573.0

This is exactly what I'm looking for a compilation of list of DeFi scams so when I would like to invest to DeFi projects I can make a quick search here if they are scam before doing a deep research about them. This is really helpful

[Jeremy Franklin]

Good catch and summarize @OP but I don't think it's necessary to create similar topic that has been discussed before [1] [2] So, it's better if you post your report on these topic and lock this topic.

[1] https://bitcointalk.org/index.php?topic=5276012.0
[2] https://bitcointalk.org/index.php?topic=5268573.0

Good catch @Jawhead999! These lists are extremly helpful when it comes to detecting possible DeFi scams. And from what I have seen the lists are getting regular updates. I will of course bookmark them and check them out before I invest in a DeFi project. It's crazy how many scammers are out there. And even if there is a decent project after a few days several clones are popping up.

Anyway, thanks for sharing this here!

[cryptoperkele]

Somehow i think that this is going to be very long list because when you look at those amounts that scammers are getting, it will surely attract flocks of scammers to do their own DeFi presales.

[Warkop]

If what you provide for this Defi scam project is correct, I think it is very good before investing take a look at your threads, especially for newbies who are just investing for the first time, but you do not provide details for this information, you should provide AAN Bitcointalk Link or Bitcointalk bounty the link, to make it easier for everyone to know that this project is a true scam.