ICO scams vs DeFi scams

[Lordhermes]

for example, like DIAdata the team is known to the public and they are not hiding, with that move, the trust was restored and the project received huge support from investors. But till today the Defi space was packed with projects that have an anonymous team, which is likely become an exit scam. so be careful and always observe due diligence when dealing with such kinds of projects.

So many projects that pretended to have visible teams still ended up scamming huge investors, I could remember series of ICO project back in 2017-2018 like the AVXchange and also bitconnect,  these projects had visible team and was quite convincing because of the high percentages and bonuses to be given to investors luring them to lost of money, so it doesn't really matter the visibility of team or not, its just has to do with thorough research on them and chooses the best out of hundred, that's a good way to go.

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[onetrinity]

The previous ICO's lack decentralization, DeFi on the other hand is too much decentralization to the point that you cannot censor things anymore. I think too much decentralization is bad and unsustainable. We will still need a governing body of some sort but more of in a transparent way. There must be a balance between centralization and decentralization, too much of the other will cause all these negative activities surrounding crypto.

[Furryball]

Scammers won't leave this space easily because they always accomplish their aims through newbies who don't want to learn how to avoid scam projects, since ICO success scammers have been highly present in this space, I'm sure they are same people behind DEFI scam projects today, whenever any new use case did well in crypto space scammers will use that to their own advantage too

[plvbob0070]

With the easy listing process of tokens in Uniswap, it will probably serve as their paradise. As they could easily develop a token and released it. It has a major contribution to the different scam issues; however, it is not the only problem. As some investors fail to conduct an analysis and carelessly buy a token which usually turns out worthless.
For instance:
[1] FLM On Uniswap FAKE!

These are the list of Defi scams, it seems to be continuously increasing which is unsurprising to see, as Defi is open finance.
[1] LIST DeFi-Scams - Big All-In-One-Thread - LAST UPDATE: 26/11/2020

Thus, we should be watchful and learn to conduct proper research. Do not just rely on the token list in exchanges, especially in unknown exchanges. But instead, explore the official website and do the purchase. Nevertheless, any platform can be hacked, greedy developers exist and the issues in Defi can definitely affect cryptocurrency’s honor.

Thanks for this share Brother! And I didn't know that there are already many Defi Scams that's popping right now and all the airdrops, social media minings, and some are them are in the bounty sections hidden,

As the Defi trend emerges, defrauders take advantage of it to tempt investors. They lure them with promising high-return investment and ends up being an exit scam. Some even imitate illustrious projects, tricking traders and investors to buy a useless token. There are tons of them, some remains mystery and hidden. Therefore, you need to be careful in choosing a Defi project and prioritize conducting an assessment.

[fia_naila]

After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...

1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

Why DeFi easier to hack ? It is probably not hacked or something. It is just classic exit scammed from scammer. It is probably not getting hacked but the dev it self create the DeFi project for stealing people's money.
There are plenty legit project but you need to do some good research.

[Chuky92]

After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...

1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

DeFi stands for Decentralized Finance, and this aspect of decentralization is what made it stand out and as such attracts a lot of people, but however considering the hacks being witnessed one will tend to wonder if at all those platforms are decentralized or the team just using that term to enrich themselves. Also, one of the attributes of decentralization is more security and trust, but how can Defi be trusted when most of them have already been hacked, therefore looking at all this hacks, I am still wondering the Importance of Defi and its significance. On the other hand is the issue of scam projects listing on Uniswap as easy as they want, some even clone others just to scam people, this is another aspect where DeFi becomes questionable.
Hence, from all ramifications and comparing ICO and DeFi to IEO, it seems that only IEO is better so far, because to an extent exit scams was reduced and the rate at which scam projects comes up, was also reduced as well.

[South Park]

After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...

1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

The truth is that almost nothing has changed, I can guarantee you that a great deal of the people that were behind ico scams are the same people that are behind the DeFi scams, people need to finally learn their lesson, there is a lot of money to be made in this market, that is true, but if you are not careful there is also a big chance that you're going to lose all your money and the easiest way to avoid that fate is to never invest in any new coin regardless of how attractive that coin may seem.

[Slingshot]

I would say both have scam in them reason being that, in everything regarding project and crypto there must be scam in it. I could vividly remember during ICO period lots of scam where in including ieo and now defi. Defi project is having many scammers now trying to destroy defi work and some defi anyways are scamming via hacks and real dump. Well, both are same but ICO is becoming better I must say. No defi remains the same price. Most dumped.

[Irdina]

everything has the risk of a scam be it ICO DEFI or IEO, we are in the world of crypto and hackers can freely do their actions and lots of fraud occurs.  it is up to us to be smart in choosing projects so that they do not fall victim to fraudsters. in 2018 there were lots of failed ICOs, but in my opinion it is starting to recover.

[tycsols]

After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...

1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

I have the same fear and i think a big number of scammy projects has already reduced investor confidence in many new projects mostly defi based so their should be some rules and regulations where these scammers could be banned or blacklisted from raising funds or starting a fake new project.

[Oilacris]

After scammers ruin ICO in 2018 and onecoin and bitconnet became the biggest ICO fraud cases I thought things will atleast adjust for the better, things looked more promising when IEO took over and became more popular thanks to binance and other top exchanges performance but 2020 is very different, DeFi became a thing and once again scammers have the freedom to operate, something very identical to ICO freedom. All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...

1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

I have the same fear and i think a big number of scammy projects has already reduced investor confidence in many new projects mostly defi based so their should be some rules and regulations where these scammers could be banned or blacklisted from raising funds or starting a fake new project.

Due to decentralized aspect of this market then its really hard to implement on making out some regulations about scams yet you wouldnt know it initially and also majority of them can simply
vanished in thin air without leaving any trace about their identities.So it would be still ending up on a useless investigation or search up.

Comparing ICO and DeFi scams then i can say that nothing beats out the severity of ICO scams in the past compared to now which it isnt really that too rampant but its really there
but the intensity isnt really that high and also people are becoming wiser day by day.

We are much pretty aware on whats scam and mostly who got victimized are those noobs arent familiarized with this market.

[AhmadM]

ICO and Defi from Q3 to Q4 2020 have become a popular trend, there are more and more scammers, yes that's a natural thing, ICO scammers are better than Defi Scammer, because ICO scammers have been around since 2018, when ICOs were hype and created scammers, hopefully we will be spared from scammers

I don't really understand what the things you are talking about, in any case both of ICO and Defi scam projects are scammers and there is no one of them are better, they are one of the worst things in the current space. That's why we needs to do lots of research from some perspective before want to starts involved in a crypto project.

[Bananington]

All in the name of Decentralized and DEX, Uniswap for example, scammers are now roaming free...

1. They find uniswap as better haven to sell clone tokens
2. Even hacks are happening around DeFi projects almost every month now.

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

Everything with an advantages still has disadvantages, Uniswap for instance has bought a new dawn to decentralized exchange era, seeing massive volumes even bigger than most centralized exchanges. However scammers take advantage of this to launch scam projects and list token on uniswap or launch fake clones of already existing tokens doing well. It's also true that many DEFI platforms risk being hacked, I doubt if developers hack the platforms themselves. I just think more security advanced technology need to be developed to curb this.

[inoes]

where there is a trend there are scammers. everyone wants to make a profit, even those who are already profitable always want to get more and more. that's an illustration of why there are always scammers among good projects, because they are thieves who are not yet full. Was DeFi intentionally hacked? we need data to answer that, by looking at who benefits.

[bussybuddy]

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

ICO, IEO, DEFI,... have brought a lot of great things in this market, but everything has a good and a bad side so the problem is not the mode of participation, but the participant. I see scam projects and get money from new entrants in this market, so if you have the knowledge there is no reason to be fooled by new projects in the trending.

[lifeOK]

These days it's getting truly hard to locate a genuine project. Some time ago ICO was in trend and DeFi is quite recent, but it's very common trends always turn into scams. So, Involves those project has solid partnership as the good partnership involved are pillars to the project's success. Would be nice to have acknowledge community's opinion and individual research.

[flyer88]

why is DeFi platforms more easier to hack? Or are developers the real culprits hacking their platforms themselves? DeFi failure will forever be a stain in crypto history

ICO, IEO, DEFI,... have brought a lot of great things in this market, but everything has a good and a bad side so the problem is not the mode of participation, but the participant. I see scam projects and get money from new entrants in this market, so if you have the knowledge there is no reason to be fooled by new projects in the trending.

Only greedy people are often fooled, every time Hype comes they will try without doing research first, as in case  Defi project, many people were scamed, they only hope the price will pump after listing on Exchange, but in fact many have failed, even falling below the presale price.

[Jeger.Kiting]

It cannot even be counted with the number of several ICO / Defi scam projects, even to distinguish between them is very difficult for an ordinary person who doesn't know how to invest properly, so cases like this often occur, and the mode is almost the same as ICO / Defi fraud, as long as the system does not repaired, the group of con artists will be free to continue making scams on behalf of ICO / DeFi, because they are very easy to trick their prey, let alone ordinary people, experienced people will certainly experience the same thing, because the Scam project is very clever at hiding its badness ...

[lepbagong]

It seems like it will always happen if every new arrival everyone will be tempted after seeing the success of one of the projects but do not see the whole thing that will definitely happen because everywhere is acting to commit fraud in any new project.

ICO was successful after many people were greedy, so many people did not believe it anymore even though it was not the system that was wrong but the people, as well as defi. which had made a scene because of its value that exceeded bitcoin and triggered people to undertake fraudulent projects.

all back to us to be more careful and not quick to believe. because there are still many people who want to commit fraud.

[Menawi12]

It cannot even be counted with the number of several ICO / Defi scam projects, even to distinguish between them is very difficult for an ordinary person who doesn't know how to invest properly, so cases like this often occur, and the mode is almost the same as ICO / Defi fraud, as long as the system does not repaired, the group of con artists will be free to continue making scams on behalf of ICO / DeFi, because they are very easy to trick their prey, let alone ordinary people, experienced people will certainly experience the same thing, because the Scam project is very clever at hiding its badness ...

Maybe this is because everyone can create an ERC20 token and describe the token as DeFi or do an ICO. DeFi has been on the hype for a while now and I think anything that's hype needs high alertness and needs more research. I prefer to invest in coins or tokens that are listed on large exchangers because the liquidity factor is maintained