DeFi the decentralized ways of scam

[Lucius]

The scammer knows this, while you might get rid of some low-level ones with the bigger ones it's hard to do so, and those are the ones that take millions out of the pockets of foolish investors. Was EOS a scam? Would/Could you send someone to prison for it?

As far as punishment is concerned, I still stand behind the fact that most online crimes are punished very lightly, which sends the message that such crime pays off. What I actually mean when I mention greater government involvement are laws and regulations that could declare DeFi, ICO, NTF, and similar nonsense illegal - not only in the sense that those behind it will be found guilty if caught, but also in the sense that anyone who uses it will be equally responsible. The average person still blindly follows the law, and if something is illegal he will not touch it even with a long stick.

On the one hand, I understand people who want to make a quick profit and make a lot of money - but I don't realize that they don't use their brains at all. Is it perhaps too harsh to say that they deserve what happened to them?

[stompix]

What I actually mean when I mention greater government involvement are laws and regulations that could declare DeFi, ICO, NTF, and similar nonsense illegal - not only in the sense that those behind it will be found guilty if caught, but also in the sense that anyone who uses it will be equally responsible.

And when the government will move towards this the first ones to protest will be exactly crypto users who will see this as another infringement on their rights.

There is one office that has always talked about laws, our beloved "crypto mom", and her position is actually the opposite of what you're praying to happen and starts with this, which is aimed more at protecting the developers than the buyers.
https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0

Right now there are thousands of poeple with loads of money who don't want any regulations as they benefit from those, there are millions of buyers who want to buy what they want without somebody else caring, and there are a few who are against this whole ICO>Defi>Meta scams but who aren't actually involved in it, so our boycott would mean zero.
That's why I told you, not going to happen! 

[Lucius]

Right now there are thousands of poeple with loads of money who don't want any regulations as they benefit from those, there are millions of buyers who want to buy what they want without somebody else caring, and there are a few who are against this whole ICO>Defi>Meta scams but who aren't actually involved in it, so our boycott would mean zero.
That's why I told you, not going to happen! 

In that case, I will no longer ask whether all those who believe in such things deserve what will surely happen to them, and that is that they will be scammed - but I will say that they deserve exactly what they have chosen - an old saying says "you will reap what you sow". In that case, anyone who is scammed should not seek help from the authorities, but most do nothing anyway, so there is a vicious circle in which the authorities turn their heads the other way until most pretend that nothing bad is happening.

I have to start taking pictures in front of my computer every day, so in a few years I will sell those pictures as NTF and make millions

[Williamm07]

All in the name of 'decentralization' more crimes are been committed by scammers but honestly even before decentralized and blockchain become a thing scammers are already everywhere, it's in human nature so no matter what solution you bring to the table scammers will use them to their own advantage.

[_act_]

Another DeFi hack

Wormhole token bridge loses $321M in largest hack so far in 2022

The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens ($321 million) from the platform.

Twitter




This is the highest DeFi hack so far in 2022 and the second largest DeFi hack.

[_act_]

Latest DeFi bridge exploit results in $4.4M losses for Meter

https://thecryptotribe.com/latest-defi-bridge-exploit-results-in-4-4m-losses-for-meter/

Another token bridge suffered a malicious attack where tokens were minted by a hacker through a smart contract exploit, eventually leading to a cascade effect across other DeFi networks.

The Meter Passport token bridge platform has incurred $4.4 million in losses due to a smart contract hack which also caused Hundred Finance to lose $3.3 million through under-collateralized loans.

Two DeFi hack in January, another DeFi hack again at the beginning of February, which means in 2022, 3 DeFi hack have occurred.

[_act_]

Another DeFi exploit: hackers stole $3 million DAI and Ether

Hackers get away with $3M worth of DAI and Ether

[quote author=

PeckShield which is a  DeFi analytic firm tweeted that:

[quote author=https://mobile.twitter.com/peckshield/status/1503632734299701250ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1503632734299701250%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fdeus-finance-exploit-hackers-get-away-with-3m-worth-of-dai-and-ether]

Deus Finance was exploited in https://ftmscan.com/tx/0xe374495036fac18aa5b1a497a17e70f256c4d3d416dd1408c026f3f5c70a3a9c, leading to the gain of ~$3M for the hacker (The protocol loss may be larger), including 200,000 DAI and 1101.8 ETH

[/quote]

This should be the 4th DeFi exploit.

[_act_]

Another DeFi exploit

‘Unlucky’: Agave and Hundred Finance DeFi protocols exploited for $11M

Agave and Hundred Financial have paused operation since the hack, investigation about the exploit continues. The hacker stole approximately $11 million in Wrapped ETH, Wrapped BTC, Chainlink, USDC, Gnosis, and Wrapped XDAI.

This is the 5th DeFi exploit I know about this year 2022.

[_act_]

Another DeFi exploit

Li Finance protocol loses $600,000 in latest DeFi exploit

$600000 stolen from 29 users' wallets.

Among the stolen tokens were USD Coin (USDC), Polygon (MATIC), Rocket Pool (RPL), Gnosis (GNO), Tether (USDT), Metaverse Index (MVI), Audius (AUDIO), AAVE (AAVE), Jarvis Reward Token (JRT) and DAI (DAI).

[JackeyB]

Scammers are everywhere, even equipping them with sufficient knowledge to participate in the crypto market is still not enough.

[Daodex]

Scams are happening right now all in the name of Decentralisation from DeFI projects, it's expected that teams will be anonymous all in the name of Decentralisation again, I've said this few times before that freedom is what gives power to enormous crimes now tell me how centralised projects won't progress? 😂😂😂

[JackeyB]

Nothing new, the type of Decentralisation that DeFI projects gives is just like that of privacy coins and projects with anonymous team members, it's always about no team information and there are projects with anonymous team that still exists and working well till date, God gave humans the freedom to choose yet many still dwell in sin, it's not Decentralized fault

Although the group has made its identity public, there are also some projects that are still unreliable and they have scammed a lot of money. so sad

[_act_]

Another DeFi hack

DeFi protocol Beanstalk loses $180M in exploit, hacker gains $80M

DeFi protocol Beanstalk Farms lost over $180 million to malicious players due to an exploit on April 17 that allowed a hacker to pass a governance proposal.

The Ethereum-based stablecoin protocol’s exploit left several tokens missing and saw its U.S. dollar-pegged stablecoin drop below the $1 mark.

Twitter
@BeanstalkFarms was exploited in a flurry of txs (https://etherscan.io/tx/0xd09b72275962b03dd96205f8077fdc08bec87c0ebd07e431aadc760f31f34b01 and https://etherscan.io/tx/0xcd314668aaa9bbfebaf1a0bd2b6553d01dd58899c508d4729fa7311dc5d33ad7),
leading to the gain of  $80+M for the hacker (The protocol loss may be larger), including 24,830 ETH and 36M BEAN.