New DEFI exit scam: YFDEX.Finance

[kryptonick 2659]

YFDEX was a new Defi project that had a presale similar to the ICOs we have seen in the past. After only 2 days of promotion they managed to make 20 million dollars in Ethereum in these presales convincing investors it was going to be a new mining liquidity pool that would be a "powerful player".

The Defi craze according to experts is looking a lot like the ICOs where many scams appeared and got out with billions of investors funds.

Link to the story:

https://www.cryptoglobe.com/latest/2020/09/defi-exit-scam-vanishes-with-20-million-two-days-after-launch/

 

A week ago we seen Sushi Defi project founder Nomi Chef drain the Sushi pool by selling all the tokens he owned and made 14 million claiming to be doing what Charlie Lee did. But now Nomi Chef tweeted that he will give all tthe funds back and asked for the sushi investors to forgive him. So this exit scam may be cancelled but more will soon happen.

 

Edited September 12, 2020 by kryptonick

[rekter 8129]

21 hours ago, kryptonick said:

 

The Defi craze according to experts is looking a lot like the ICOs where many scams appeared and got out with billions of investors funds..

 

Exactly similar, with a difference that now people are trusting anonymous and pseudonyous developers like it would be 2014 all over again. And they are for some reason pouring money to them. Seems like this is perfect time to be a scammer.

Edited September 13, 2020 by rekter

[Ridam 7455]

The YFDEX was just another trap. They were promoting their projects in social media with huge craze and hype. And even they were doing huge giveaway for luring the people into their trap in Twitter. Most of the De-Fi projects are now just for money as we see with sushi and big drama has started in Crypto like the chief Nomi did. 

[MuhammadSh 3067]

This period we have seen many scam projects like what you have mentioned in your topic.. i am wondering why all of them have appeared in this period exactly? why after the halving event of bitcoin and in a time which bitcoin trying to reach 12k$.. of course this time is studied and they know what they are doing in the right times to attract people to buy their crypto currencies easily.. we should really be aware and not trusting this overstated drama by the owners of these scam projects in order not to lose our money in a while!

[Kudogi 114]

The YFDEX is anothe scarmers they always promote their projet sweetmouth and convince people to join just all to fraud them and ejack their identities

[Whited35 15285]

4 minutes ago, SilverF said:

DeFi-nitely is a bubble, I understand that whales and other types of users find profits attractive, at the end of the day it is they who make them worth so much, but lately the history of Bitcoin is repeating itself during the 20k bubble, YFI for example is worth $ 60,000 in some markets, something absurd in my opinion.

So I have been repeatedly doubting this DeFi craze ! Billions of dollar are still locked on the smart contract of DeFi protocol which will bring more awful results if one of such biggest protocols makes a scam exit. Regarding YFI, there was a separate story. 

 

8 hours ago, Ridam said:

sushi and big drama has started in Crypto like the chief Nomi did. 

@Ridam If you are thinking about to invest in DeFi token, wait and investigate more before investing 😉

[malik6314193 5449]

Scamming is crypto is easy as compared to othere. 

There are some reasons for that which are

There is no proper law for using crypto. 

Here members are around the world and invest in it. So if it scam with their user then no one can get them. Because nobody knows that from where they are. 

And the last thing is users have not proper information about crypto so it is easy to scam with them.

[percare 3192]

I have many doubts for defi and I was afraid to invest there for many reason as most don't have their real names and they are suddenly appear code is written in a few days and list on a dex that is uniswap that I never used before and have to pay the ethereum fees meanwhile I don't have thousands of dollars to not care about my investment. I think defi is for rich people and not us perhaps.

[Raqeebzy 6456]

On 9/12/2020 at 4:47 PM, kryptonick said:

The Defi craze according to experts is looking a lot like the ICOs where many scams appeared and got out with billions of investors funds.

I see not much difference to be honest; just the protocol. Scammers taking advantage of the massive craze is imminent; subsequent ones can be hardly prevented too and also DeFi is far from over, a lot considering moving to Tron blockchain. We just have to be careful.

[Moaz 7239]

Unfortunately, fraud has increased a lot in this year’s world, and this currency YFDEX is one of the scam that they sell to investors in the stage ICO with large amounts, and then this currency fails and you lose your money in an instant, for this we must all crypto users Be careful not to fall into the trap of these fraudsters

[lharost 1526]

23 hours ago, rekter said:

Exactly similar, with a difference that now people are trusting anonymous and pseudonyous developers like it would be 2014 all over again. And they are for some reason pouring money to them. Seems like this is perfect time to be a scammer.

Yeah, that's the problem with these new projects that come out every day as a DeFi and get listed immediately on Uniswap, if anyone is investing in any project DeFi or not and while it has anonymous team all the while their website just was create a few days ago they should be aware of the risk they are taking, I know that some people that just buy these tokens and look at it like gambling even, if you are a serious investor and you are looking forward to making some money with your investment do not ever even for one day invest in a coin/token that has anonymous team no matter what.

[kyoukage01 3181]

On 9/13/2020 at 10:29 PM, SilverF said:

DeFi-nitely is a bubble

Pun noted, LOL. 😁

 

On 9/13/2020 at 10:29 PM, SilverF said:

I understand that whales and other types of users find profits attractive, at the end of the day it is they who make them worth so much, but lately the history of Bitcoin is repeating itself during the 20k bubble, YFI for example is worth $ 60,000 in some markets, something absurd in my opinion.

Oh boy, here we go again with the craze. It would have made more sense if people have learned their lesson already and had been more cautious, but we still have some getting duped despite a few crypto users like @Whited35 raising red flags against some DeFi projects, if not all, for quite a while now. But no, scammers right now are happy to know that there are still plenty of doofuses who can still be swindled so easily.

 

Now I wonder what will happen to DeFi (and ETH, in a way) if the majority of its projects are proven to be scams and ponzi schemes. I hope the aftereffect of such a bad news won't affect the current standing of cryptocurrencies as a whole, although the negative effects might prove otherwise.

 

[Whited35 15285]

3 hours ago, kyoukage01 said:

Now I wonder what will happen to DeFi (and ETH, in a way) if the majority of its projects are proven to be scams and ponzi schemes. I hope the aftereffect of such a bad news won't affect the current standing of cryptocurrencies as a whole, although the negative effects might prove otherwise.

@kyoukage01 Here are some good signs that Ethereum 2.0 is more likely to launch in November. Here you can find the details https://decrypt.co/41664/ethereum-2-0-on-track-for-november-launch-says-dev. Meanwhile, we have nothing to do with this DeFi craze and high Etherem network's gas fees. 

[kyoukage01 3181]

18 hours ago, Whited35 said:

Here are some good signs that Ethereum 2.0 is more likely to launch in November. Here you can find the details https://decrypt.co/41664/ethereum-2-0-on-track-for-november-launch-says-dev.

Would you think that the devs behind Ethereum are being too eager to rush things to cope up with the DeFi craze? Let's just hope they know what they are doing.

 

As for its relation to the topic, since ETH 2.0 promises faster transaction speeds(?) the DeFi craze may explode even further during the first few days ETH's new version is released. And with it are opportunistic scammers who would like a piece of the pie named investment profits. These scammers will be the undoing of DeFi as people will lose their interest and trust in it.

 

Thanks for the link BTW.

 

[Whited35 15285]

56 minutes ago, kyoukage01 said:

Would you think that the devs behind Ethereum are being too eager to rush things to cope up with the DeFi craze? Let's just hope they know what they are doing.

@kyoukage01Oh, I was trying to relate something important with DeFi and Ethereum 2.0. I believe DeFi system is still in the highly experimental phase. Regarding Ethereum 2.0, you know it will be PoS based algorithm and definitely yes, it will be solving scalability problem with the improved speed of transaction. On Ethereum 2.0, according to devs, anyone having 32 or more ETH will have opportunity to earn rewards and new coins by staking. So clearly, lending and staking will not be a mutually exclusive actions and large value to staking on Ethereum 2.0 will be coming from large value crypto operators. I do not think such amounts again revert to DeFi protocols. So I am pretty much sure, eventually dapp devs will combine DeFi dapp into Ethereum 2.0 for smaller retail users 😉.

[Oplia45 28]

We have to be tender of any cheat that shows and from the trivial I seen in the minus time in crypto I take at hand are loads of sting that be able to pinch cash and disappear this one that the writer discussion has come again? we necessity to avoid, I am providential I resolve not to be inflicted with a set to invest and consume in scams like this.

[BitcryptoHan 2557]

We need to be careful of the type of Definition project we want to invest on, some are also very risky. It was not funny and very surprising that a defi project was lately defeated to be scam. A project that was even legitimated by Tron. 

[kryptonick 2659]

3 hours ago, BitcryptoHan said:

We need to be careful of the type of Definition project we want to invest on, some are also very risky. It was not funny and very surprising that a defi project was lately defeated to be scam. A project that was even legitimated by Tron. 

The risk is very high. After the success Defi is having now it will be full of scams and I expect 90% scams to appear. I'm not saying everything is a scam but at least for the members of the forum that don't have enough money to lose in investments it is very high risk.

[Ree1976 77]

Do you think SUSHI is very high risk or not ?

[wonadoo 117]

The YFDEX is anothe scarmers they always promote their projet sweetmouth and convince people to join just all to fraud them and ejack their identities

[kinomanchik0 29]

IDK, I just think all of this ICOs are scams, it is better to take part in some IEOs from crypto exchanges. There are more chances to get profit.

[hatem70 20]

I think that everyone who fell into the trap of this quorum are most of them who recently entered the field of cryptocurrency and do not have any ink in the field, so they have become easy prey
There are also some of the channel owners venturing into this currency and attracting new investors in the field of digital currencies
Therefore, we must confront these swindlers in various possible ways, and experts must address this phenomenon in order to preserve the investors' money.

[Dev1lsm1le 49]

99.99% of DeFi tokens are a scam that awaits the fate of Yfdexf. Please be very careful if you enter large amounts

[Neksoni 2]

Класнно 

[Guada 43]

there is also xfyi another decentralized scam.