Are there even legitimate DeFi projects anymore?
the answer is very difficult, there are legitimate projects, with team members who don't hide their faces, with original whitepaper, but you can ask me:
is it a legitimate project?
well, there are ways for projects to be scam even when they have real staff and an original whitepaper, everything modern scammers do is:
1 - they show the faces of the team members
2 - they show original whitepaper
3 - at the beginning of the project they are very active on the telegram
but when they get money they keep selling the currency, they go on trips and ignore the investors and as a consequence people lose money, this is a modern way that scammers have found to steal without being labeled scammers
A lot of them seems to be a scam or a Ponzi scheme nowadays
have some projects that offer 900% APY