New DEFI exit scam: YFDEX.Finance

[Bernardo Brazon 31]

Thanks for the information, friend, you always have to be aware of new scams disguised as legality, many can be financially damaged.

[dark1night 94]

The crypto market shouldn't be the home of scammers. people invest here trustingly. The more savvy investors are, the less scams will be.

[Gherkj34k 55]

DeFi is a very popular destination. And many people want to make money on such frenzied popularity. Including deceivers who, under the guise of real projects, launch a pyramid and scams when they collect enough money

[Ernestoramster 10]

This is a world plenty of scammers they are wolves dressed as sheeps, they are only looking for money. The best defense is to be cautious and read, investigate, ask every question that is in your mind before investing in these new DEFI projects. Or..... Say a prayer, close your eyes and jump into the train

[ehnegociosonline 24]

Yfdex.Finance (Yfdex), a new liquidity mining fund, turned out to be a scam, grabbing up to $ 20 million of investor funds two days before the project was launched.
***

The decentralized finance (Defi) project Yfdex.Finance convinced people to turn over their life savings after just two days of aggressive social media marketing, then vanished without a trace, taking $ 20 million of it. its investors.

On Thursday, investor and analyst Cryptowhale tweeted about the alleged dramatic looting of Yfdex, a classic hit and run. “Another day, another Defi scam!” Commented the analyst. "After promoting itself on Twitter for 2 full days, Yfdex has taken a total of $ 20 million in investor funds in its recent scam."

A visit to Yfdex's official channels on Telegram and Twitter showed that both accounts had been deleted. The protocol's website, as well as its page on Medium, all used to promote the project, returned an error message.

[DollarDuck 106]

Lot of people will be screwed by this DeFi hype. Of course if someone is walking out with bag full of cash, someone is losing in the market. Those who are smart enough to cash out early will go home as big winners while most will be bag hodlers of crap defi tokens. I am seeing in the future that a lot will share their disappointments with this defi craze.

[alexisroca 24]

Yfdex.Finance (Yfdex), a new liquidity mining group, allegedly got ripped off and took up to $20 million in investor funds. The decentralized finance project (Defi) convinced people to hand over their life savings after only two days of aggressive social media marketing, and then disappeared without a trace.

[cryptonauta 25]

The truth is that with the Boom of Uni in the Defi world, the number of false projects flourish quickly and many times overshadow or make possible large projects or new investment ideas go unnoticed. First you have to be careful and do a lot of research before investing.

[bechir091 11]

Yfdex scarmers they always promote their projet sweetmouth and convince people to join just all to fraud them and ejack their identities

[AlexRay 54]

Yfdex.Finance Vanishes With $20M Investors' Funds Just Two Days After Launch, I personally think it's a record. Within a few hours, a total of more than $20 million had been locked into the Yfdex protocol from thousands of investors. And that was it. Soon after, on September 9, the project completely disappeared.

Edited October 7, 2020 by AlexRay

[volader 27]

You may investigate before invest in defi platforms. Some people join without investigate and got scammed.

[velasco19 1753]

You are right, there is a lot of craze for Defis, many fork YFI and give themselves a similar name, many people think they will be successful and even invest money without knowing what the protocol that supports that currency does and they must understand that a selloff affects the coin, an example was Eminem which was a beta version of the YFI creator that a lot of people invested in for a Tweet, but the creator always specified that it was a trial version.

[luis quiroz 67]

On 9/12/2020 at 9:47 AM, kryptonick said:

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.

 

That is why I always recommend investigating projects a lot to see their legitimacy, see where the project is based.
Many are taking advantage to scam people who do not handle the subject much.
In spite of everything there are some projects that are real and can be used, but you have to be well informed.

[TheRealCryptoDex 39]

To be honest, I'm not surprised about this, when the defi was just starting to become popular I thought "This could be a good opportunity either to investors and scammers" I couldn't have been more accurate, it's almost like all the people who have seen any new defi platform came out, are going as fast as they can to invest in it. I'am not saying that all defis are scam, but, we have to check all the possibilities before start to even think about spending money on one, at least in my humble opinion ^^.

[Raichu1987 115]

Currently one does not know what to trust, now everything is scam, they ask you for ethereum in exchange for their coins that are worth me, even the strongest platforms become scam, this will be a great fight that cryptocurrencies must go through.

[raulden 34]

DEFIs, despite being very old, are now very fashionable, we must always be careful when we enter these types of projects because not all of them could be beneficial, uniswap many people were lucky to be able to earn money the others we no longer know

[Michar1 1693]

Defi are becoming fashionable and it is a means by which people take advantage and want to deceive people, stealing their money, time and dirtying the cryptocurrencies.

[AliJoseMeyer 41]

It runs the risk of being a scam in my opinion most of these projects defi will go to the floor, but if it loses its value because no one buys and everyone wants to sell could not be considered a scam simply that the project collapsed by many factors such as mismanagement, did not have and expected impact, does not solve any problem, this crypto world is a lottery you do not know for sure what project will take off. 

[alperenler58 0]

Unfortunately people do not want to invest in bitcoin and its derivatives because they scam people and all exchanges are damaged 

[edixsonv 46]

The decentralized finance (Defi) project Yfdex.Finance convinced people to turn over their life savings after just two days of aggressive social media marketing, then vanished without a trace, taking $ 20 million of it. its investors.
Now, knowing the risks that exist in investing in DeFi projects, where the project may not go as planned or may result in scam, I do not understand, how people invest all their money in this. If you are going to risk investing, do so with a capital that you are willing to lose, or that if you lose it will not completely affect your economy.

[Doris02 45]

In this year we have seen many projects that are only launched on the market with the intention of scamming people, this is one more of those projects, so when investing we must know well where to put our money

[Alinalo 17]

almost all of defi tokens are scam, dont waste your time

[Jharoth12 31]

I thought the project was real but no, it ended up being scam, now defi projects are coming out that end up taking advantage of the pending popularity and study the project before investing.

[Jeje17 101]

Fraudsters come back again and ask for forgiveness so that people can trust them and invest again in new clients.  Then they leave when the bags are filled with money from novice investors who do not know that many defi projects are scammed.  The world of cryptocurrencies is full of swindlers and scammers who live off the dreams of beginners in trading and cryptocurrencies.  Do not put your money or invest your currencies except in the safe hands of a reliable project.

[Artugul78 91]

I am hear something to this context.. I think it is risk able site..anytime its go to floor...i will try to tell about this site when i know about this site..