DeFi Growth in Market and Scammers Activity

[Dilip21 12]

If you are new to Decentralized Finance (DeFi) refers to the use of Blockchain technology in cyptocurrencies, and smart contracts to provide financial accessibility to those who have been kept out of the current system by geographic, economic & financial barriers. DeFi platforms fall into the category of decentralized applications (DApps) built on top of smart contract-enriched blockchain.

Recently, they are many DeFi coins available in market and they provide the staking features on different platform.

Due to this hype in market of DeFi, scam tokens also arrive in market in the name of DeFi.

 

Scammers are now actively created ERC-2 tokens and operate some social handle and in the name of presale launch raise certain amount of Ether and ran out. This is why DeFi investment required high amount research before it perform scam to you. It is better to research with all of their legitimacy before investment of funds.

[tienda 8776]

@Dilip21This is the role of the scammers, when a such project or program introduced in the market always they create a double project or program to plant the confusion, and some times the name are equal. So if a such legit project did their promotion and then the message arrives to the people, when the people engage will fail in the false project, because the name is almost the same! For example Uniswap, the scammers created UniswapX!

[Raqeebzy 6456]

It has just become norms for scammer to hide in cryptocurrency hottest cake at each moment. The same situation in 2017 ICO craze, it was the hottest and the most profitable investment back then but came with lots of risks in finding the real ones from the scams.

DeFi; we have to be careful in choosing protocols and where to invest. There are more scams and weak projects than the real deals 

[Whited35 15285]

On 11/30/2020 at 11:08 AM, Dilip21 said:

This is why DeFi investment required high amount research before it perform scam to you. It is better to research with all of their legitimacy before investment of funds.

So this is the common problem in DeFi sector. I am more concerned to weakly created DeFi platforms which could have the bugs in their smart contracts and scammer or hackers may exploit them later to lure a huge amounts. Scamming activities are increased because scammers have known the growing craze in the DeFi sphere specially in 2020. 

[Fiyyaz7711 51]

On 11/30/2020 at 1:40 PM, tienda said:

@Dilip21This is the role of the scammers, when a such project or program introduced in the market always they create a double project or program to plant the confusion, and some times the name are equal. So if a such legit project did their promotion and then the message arrives to the people, when the people engage will fail in the false project, because the name is almost the same! For example Uniswap, the scammers created UniswapX!

It's suggestions by me that scammers attack in the forum which is getting popular and the trading of bitcoin is being done on higher rank. So be conscious and careful in this regard.

[MrSpasybo 1049]

On 12/9/2020 at 3:42 PM, Whited35 said:

So this is the common problem in DeFi sector. I am more concerned to weakly created DeFi platforms which could have the bugs in their smart contracts and scammer or hackers may exploit them later to lure a huge amounts. Scamming activities are increased because scammers have known the growing craze in the DeFi sphere specially in 2020. 

@Whited35 The security of the platform is the most important thing. Many projects have implemented and announced their own DeFi platform in a hurry with many mistakes in smart contracts and ended up having to "hire" hackers to find out the error for millions of dollars from users.
Recently, the ForceDAO project was hacked, leading many to believe that in the DeFi market there is 1 new project every day, but also 1 more project being hacked.

[Whited35 15285]

17 hours ago, MrSpasybo said:

@Whited35 The security of the platform is the most important thing. Many projects have implemented and announced their own DeFi platform in a hurry with many mistakes in smart contracts and ended up having to "hire" hackers to find out the error for millions of dollars from users.

Really, this sort of news do not sound good. DeFi is still at the highly experimental phase as there are so many things have to do. Hackers have detected the weakest point to exploit the systems and innocent investors are loosing their locked tokens. Top rated manpower with the advanced blockchain expertise is needed to develop the best DeFi platforms with the advanced architecture. 

[CryptonZzz 10]

I think it's worth the risk, but look for tokens on a special service that tracks fraudulent projects itself.I use ListingSpy.net , it helps a lot. Agree, if all investors were afraid, they would never have earned large amounts of capital, the same bitcoin was once a "new coin" and many also thought that it would not shoot, were afraid of losing money and refused to buy it even for $ 50. Well, well... New coins can bring a good profit, of course, the risks are high, but if you carefully analyze the project, use the aforementioned service, then the risks, although they will not be reduced to zero, will be significantly minimized. Read about it here:https://listingspy.net/blog/en/how-to-avoid-honeypots-rug-pulls-and-other-scams-1