Decentralized Finance and Token scams

Decentralized Finance and Token scams


In this technological era we live in if you want to succeed in the business and investment field, you have to find the problem and then you create and offer solution. That s the ethnics of business. So in the current world we in the problem is everything is centralized and people do not enjoyed freedom of their money.

The solution has been brought on the table and crypto currencies are the game changers. Low we have DeFi and their main aim is to eliminate the middleman which is the banks.

Scavengers on the Lookout

Whenever an opportunity arises some people grab it will both hands and some even try to see how they can capitalize on that. With the crypto market going to the moon everyone is now talking about it and newbies are now keen what DeFi is all about. At this moment those scammers that is when they maximize their chances and they prey on those newbies scamming them their hard earned money.

How do they Scam investors?

  • Creating and Selling worthless Tokens
  • Creating Scam Tokens

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Scammer mostly used ponzi schemes to scam investors their hard earned money but now they have realized that DeFi is making waves there are higher chances that they will try and create so many DeFi Token and sell them to investors. Imagine they create 500 million tokens and they sell them for $0.01 per coin which means they will pocket 5million and those worthless coins are those type which will suffer still birth. They will just be listed and sold then its over.

Some are clever enough to create scam tokens which doesn't even have blockchain at all, they are not even worthy to be classified as crypto. People are just fooled by the whitepaper stating the roadmap promising to be the best crypto among best top 10 but that wont happen. I remember i lost my money 3,500euros in swisscoin.eu scam and people lost to onecoin.eu aswel.

So be alert scams are on the rise and there are higher chances that they will be targeting the DeFi, don't be fooled do your proper research first before you invest in DeFi so that you pick the correct one. Even when farming make sure you make the right choice and decision don't just do because you are lured by hire return percentage. I hope this ill be helpful to you guys.

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