List of Defi scams

[AndRE177]

That is really why we cannot assure or we have no assurance that even if it is a DeFi platform it can really benefit us once we invested to it. Its a good thread to widen and open the eyes of many crypto investors and to start for them to make more frequent researching for a much worthy DeFi projects.

A few years ago, I made a conclusion for myself if a project is trying to be like two drops of water in the name, in the scope, in something else to another successful project. Then it will most likely be a fraudulent project. Those who want to work and create their own product will never disguise themselves as another more successful project.

[bitgolden]

Honestly it is harder to follow successful ones compared to scammed ones. Because scam ones are very hard to deal with, they are not really that easy so handle and trade and basically be part of it because you would face with problems already since they are basically scam so they will have to convince people constantly, look at sushi for example they did something horrible and kicked the owner who did it but trying to convince people now.

So, the good ones will keep giving you reasons why to stay with its price and success, whereas the scam ones will keep giving you reasons not to leave, and if you think reason to stay and reason to not leave are the same things you are wrong, reasons not to leave tries to keep you there against all the bad things whereas reasons to stay is the ones that are good reasons.

[luckyflop]

WARNING: CoreX
Very quick DD, but lots of warning signs. Claims that contracts are written from scratch. They aren't:
- Fee Approver - Copy of CORE's code
- CXF Token - Generic ERC20 mintable token
- SDE Contracts - Copy of some other crowdsale called "CMRPDCrowdsale".
- CoreX Vault - Copy/frankencopy of CORE's code

But none of the above matters compared to this. The SDE contract (0x5584443288371BEF8b4B4405B2a31A75C378c1e4) sends all the ETH to another address: 0x9ab49f64094051e7a39a444428b88d4b3923efbd. 0x9ab49f64094051e7a39a444428b88d4b3923efbd is closed source, but if you decompile it, you will see that it matches OpenZep's RefundEscrow contract (https://github.com/OpenZeppelin/openzeppelin-contracts/blob/master/contracts/payment/escrow/RefundEscrow.sol). The "creators" of CoreX didn't even bother to rename anything, we queried their contract with the ABI from RefundEscrow. The beneficiary address is 0x82E73Dd96870989930A902F3b440DedB5C573bf1.

In summary, all the funds sent to the SDE are then sent to the escrow contract, which the beneficiary can withdraw. Check 0x82E73Dd96870989930A902F3b440DedB5C573bf1. Lots of Tornado transactions, probably done multiple scams prior to this.

Learnt about CoreX from Unibot advertisements. Unibot should look into reviewing the quality of projects they're reviewing.

Follow up to CoreX scam. These guys are the same devs as from the second Yearn Evolved (YEVO) scam.

As you correctly found out the address 0x82e73dd96870989930a902f3b440dedb5c573bf1 is the beneficiary of the CoreX fund raise contract. And the same address was the beneficiary of the YEVO fund raise, which exited with the funds without ever launching.

https://etherscan.io/tx/0x3ffd69862e5844b437ceac23381fb5267cb0629812ec82fbe1d380ff5144170b

https://etherscan.io/address/0x64995fe5b2cbcbf40d4a5160abc4c086c8c972ee#readContract

[Mehedi72]

I'm just confused about what's going on in crypto market.I get disappointed after seeing those projects are scamming. recently i invested on some defi tokens like dia data, dego finance, oikos & etc. most of them were good to me but now can't trust on new defi tokens.even everywhere is full of fake defi,promoted by scammers.that's discourage myself along with others investors,for invest on upcoming defi tokens.

[grandpix]

I am pretty sure the list is more than this. Alot of project popped up in the last two months and more than 60% of them rugged pull. It's sad. Investors need to be careful, don't invest in everything you see or come across and don't be greedy.

This is for sure, defi projects appear too many, they don't release details about development team members. Everything is very unpredictable, so don't follow the movement, carefully choose projects.

[tvplus006]

I'm just confused about what's going on in crypto market.I get disappointed after seeing those projects are scamming. recently i invested on some defi tokens like dia data, dego finance, oikos & etc. most of them were good to me but now can't trust on new defi tokens.even everywhere is full of fake defi,promoted by scammers.that's discourage myself along with others investors,for invest on upcoming defi tokens.

Nothing has changed in the cryptocurrency market since the hype DeFi. Just like in the days when ICO were popular, there were many scams programs. And all the scammers that promoted the fraudulent ICO have now repurposed and are promoting the fraudulent DeFi.

[Oneandpure]

I'm just confused about what's going on in crypto market.I get disappointed after seeing those projects are scamming. recently i invested on some defi tokens like dia data, dego finance, oikos & etc. most of them were good to me but now can't trust on new defi tokens.even everywhere is full of fake defi,promoted by scammers.that's discourage myself along with others investors,for invest on upcoming defi tokens.

Nothing has changed in the cryptocurrency market since the hype DeFi. Just like in the days when ICO were popular, there were many scams programs. And all the scammers that promoted the fraudulent ICO have now repurposed and are promoting the fraudulent DeFi.

This why make me not interested anymore with Defi project because they not trusted and left project without have destination at the future, the same with scammer promoting an ICO project without have plan for listing on the market. I know how many investors have been swallowed up by the false promises of the owners of the Defi coin. They give promise with real partner and look giving real impact for the world but the least of project Defi is scam, now we can see how many their coin become shit without have value anymore because developer and the owner have got more from investor money. Now they will find new way what the next project named to get list on their planning to make many investor become lost much money.

[luckyflop]

​​Axion Network exploited, attacker, drained $0.6M. The attacker got 79B AXN with stake/unstake exploit. Then he moved 79B to Uniswap taking all the liquidity. TornadoCash was used as an anonymizer. Axion was audited by Hacken and Certik.

[luckyflop]

​​Axion Network exploited, attacker, drained $0.6M. The attacker got 79B AXN with stake/unstake exploit. Then he moved 79B to Uniswap taking all the liquidity. TornadoCash was used as an anonymizer. Axion was audited by Hacken and Certik.

When your smart contract is audited by 2 reputed companies -  $17M mcap company (Certik) and Hacken & it still gets hacked, what can you do?

Message from AXION Community Admin -

There seems to have been a minting exploit in the contract with regards to staking. We're talking with the dev team and looking into potential solutions. This was not a rug pull as many are claiming, dev fund hasn't moved. We'll address this more over the course of today.

We'll likely have to do a rollback and replace liquidity after we address the bug.

DO NOT BUY AXN RIGHT NOW

The site has been taken down until we address the problem

The dev team is working hard on this. We will find a solution. Axion will be restored. There were nearly $500K stolen which is nothing compared to the dev fund. Though things look crazy right now, it's important to keep calm and not contribute to the fud. We have come very far and will certainly overcome this small hurdle as well.

Read here : https://t.me/axionofficial/124953

[istiak2277]

[/sub]

I am pretty sure the list is more than this. Alot of project popped up in the last two months and more than 60% of them rugged pull. It's sad. Investors need to be careful, don't invest in everything you see or come across and don't be greedy.

I was lucky I didn't join any of those projects. There is more project that was listed on uniswap and rugged by developers. Like this KPR rugged 1400 ETH: https://etherscan.io/tx/0xb4a01b32a11c11438f4110ca93e5f18cba7962d50ea73ea1bf2a6b0245a042d6

Another one is here. dev mint extra tokens and dump with 350k rugged: https://etherscan.io/tx/0x7c2f46015e5433e523fe59b9ace8e095b01619275fd6882bd90ec1cfc3cf3498

[albon]

This why make me not interested anymore with Defi project because they not trusted and left project without have destination at the future, the same with scammer promoting an ICO project without have plan for listing on the market. I know how many investors have been swallowed up by the false promises of the owners of the Defi coin. They give promise with real partner and look giving real impact for the world but the least of project Defi is scam, now we can see how many their coin become shit without have value anymore because developer and the owner have got more from investor money. Now they will find new way what the next project named to get list on their planning to make many investor become lost much money.

This is what makes the high risk investment in defi projects, that the project owner and his team make the team anonymous and after they collect money they can close the site and close the project pages on the social and when they create another project, no one can recognize them, this enables them to deceive more people. no one should be fooled by the name Defi, but everyone should make sure of the quality and capabilities of the project because the projects that want to steal the investors at these times are stealing under the name of defi and they have nothing to offer but deception.

[luckyflop]

[/sub]

I am pretty sure the list is more than this. Alot of project popped up in the last two months and more than 60% of them rugged pull. It's sad. Investors need to be careful, don't invest in everything you see or come across and don't be greedy.

I was lucky I didn't join any of those projects. There is more project that was listed on uniswap and rugged by developers. Like this KPR rugged 1400 ETH: https://etherscan.io/tx/0xb4a01b32a11c11438f4110ca93e5f18cba7962d50ea73ea1bf2a6b0245a042d6

Another one is here. dev mint extra tokens and dump with 350k rugged: https://etherscan.io/tx/0x7c2f46015e5433e523fe59b9ace8e095b01619275fd6882bd90ec1cfc3cf3498

Thanks for sharing those, seems like an endless list, yesterday I was a witness a 77 ETH scam through Bounce finance pool and I couldn't believe that, exactly when smartcredit wanted to announce the pool ID , some scammer made a similar pool name and post the link in their telegram channel and could scam 77 ETH easily, now they don't even need to know to code, everyone can make a pool in bounce finance like a glimpse.

[luckyflop]

​​Axion Network exploited, attacker, drained $0.6M. The attacker got 79B AXN with stake/unstake exploit. Then he moved 79B to Uniswap taking all the liquidity. TornadoCash was used as an anonymizer. Axion was audited by Hacken and Certik.

When your smart contract is audited by 2 reputed companies -  $17M mcap company (Certik) and Hacken & it still gets hacked, what can you do?

Message from AXION Community Admin -

There seems to have been a minting exploit in the contract with regards to staking. We're talking with the dev team and looking into potential solutions. This was not a rug pull as many are claiming, dev fund hasn't moved. We'll address this more over the course of today.

We'll likely have to do a rollback and replace liquidity after we address the bug.

DO NOT BUY AXN RIGHT NOW

The site has been taken down until we address the problem

The dev team is working hard on this. We will find a solution. Axion will be restored. There were nearly $500K stolen which is nothing compared to the dev fund. Though things look crazy right now, it's important to keep calm and not contribute to the fud. We have come very far and will certainly overcome this small hurdle as well.

Read here : https://t.me/axionofficial/124953

NEW UPDATE: Seems like Certik has no hands on this, this tweet has been published today by Certik:

Our experts investigated the exploit to Axion $AXN, which we audited in Oct. The malicious code was added to the contract after our audit was

done, purposefully injecting the exploit.

https://twitter.com/certik_io/status/1323423417215913986?s=20

[larus]

This list will be bigger with every week. Especially if we will see another btc dump

[CryptoTrip]

It seems to me that this list can be enumerated endlessly, from the smallest (these are the ones that are listed on the uniswap and as soon as they fill in a little liquidity, the scammers take all the funds from the pool, there are thousands of them) to the big ones who worked on the site, developed farming and interested thousands of people, and then with millions went into the sunset

[oioi]

There must be a lot of fraudulent projects whether in the present year or in the past year or in the coming years,
scam projects will definitely continue to exist, we have to be smarter to choose which projects we will follow,
we have to be more careful

[cryptoknightt]

of course there are many others that are still unexplored and have disappeared. no wonder there will be an update list like this in the future because of the many scam projects. maybe some people here can add it so that people know and can identify scam projects like this in the future.

[GreenStox]

isn't it the same way? many new projects end up scams or don't survive. so regardless of the definition or not the project, still has a big risk of a new project. it's just that the hype in defi is on the rise and it can easily go up / down very fast.

[Tomcolor]

Yes you are right lot of defi project gonna scam at running time so i can't believe easily a new defi project. However defi hype over time coming soon and this hype never alive very long because every investors alert now and there not try invest a new defi project. Thanks OP for share some defi scam project and you can continue adding new scam project.

[reallester]

This amounts of frauds done by these defi projects is much with a short period of time they surfaced. It's been long I witnessed such scams. It's better to invest in good altcoins than shitcoin coming to us in the name if DeFi.
Most are fraudulent projects with no team at all.