ATTENTION! Before saying anything! Don't buy EIFI tokens! If you already did.... I have bad news for you: EIFI is probably a scam!
This is the elaborate scam they are utilizing right now to rob you!
Step 1 - Build up a front
EIFI Finance introduces themselves as " a scalable, fully decentralized platform for exchanging tokens in a peer - peer and trustless manner. It enables high - frequency trading, high liquidity, and lightning - fast transaction speed for supporting DeFi applications." - EIFI, 2021
Their product portfolio is structured as followed:
EIFI Service Portfolio, 2021
1) AMM DEX Platform
EIFI's Decentralized Exchange (DEX) Platform will be equipped with Automated Market Maker (AMM) protocols enables immense compound interest rates.
2) Smart Yield Farming
Through access to multi-chain liquidity sources EIFI will share the high yields to its Ecosystem.
3) IDO & NFT Marketplace
EIFI has build their own IDO & NFT Marketplace. It's main focus is affordability, hence the market place is focused on (but not limited to) BSC.
Doesn't sound too bad, right?
Now check out the "media partners" they are working with:
Nice, but how is the token doing at the moment?
Lets check on Coinmarketcap.com, as it is actively traded on Pancakeswap right now:
Oh damn, they seem successful !!!
Step 2 - Use affiliates & airdrops as marketing tool
Now I want you to go back in your memory and try to remember the first time you heard about EIFI. Was it by any chance through a post/article someone wrote? EIFI has supposedly a $100 airdrop running, for a simple signup. Sounds too good to be true? Well, it is....
You get your token once you sign-up, no problem here. Nonetheless, you won't be able to get your money out of the wallet as it is "locked" inside the wallet until around September when the ICO is supposed to happen. Then you will be able to withdraw 1% of the stacked tokens monthly. The given justification for this is to "prevent rug-pulls". Well, kinda makes sense right?
Step 3 - Create scarcity
When the front and the marketing are in place to drive traffic to the "business", the last thing (before actually scamming people) is to create scarcity for the product/service, so people will engage with the business out of FOMO (fear of missing out).
Thus, EIFI Finance launched a pre-sale of the EIFI token starting with only $10!!! And the price rises about 10 cents every 2 hours until the current market price is reached(The current price of $243 is probably artificially driven to increase in value with fake demand). Now people will think "I can 20x my money" and buy in.
Step 4 - Rob innocent people
Well, I don't have the technological knowledge but you can imagine: they will exit with the money one way or the other (probably even before the ICO).
On fist sight one could say: "they seem very established". Nonetheless, lets check out what their "media partners" wrote about them:
Let's check another one:
Alright, here are two more (just to be sure):
Alright, so do they actually have media partners? Well, I would say "not really".
You wanna see their real marketing partners? There you go, check out the EIFI telegram group:
200.000 people!!!! And all of them have referral links! (just to give you an impression)
While taking the screenshot I actually saw a member of the EIFI group posting this:
I think more and more people will become aware of the scam, until it will be inevitable for the scammers to exit.
Who is behind EIFI?
So, I found out that EIFI Finance was called EYFI Finance and had a different coin called EYFI token. I found a reddit post, you can check it out here. A user shares this: "Previously, EYFI-Finance, now known as, EIFI-Finance. As of this post, they are currently carrying out a large scale scam as we speak. Over 87K investors of the EYFI crypto want answers. "They", are promising to have a full sell off in 2 days. We'll see. 🙄 If you purchased their first coin or token called EYFI, good luck cashing out. So far, no luck." Other users even called it the "largest crypto-scam"/ "the most elaborate crypto-scam" ever done.
The only two references on EIFI and their team I could gather are these two videos i found on youtube:
Even if EIFI is not a scam, would you really prefer EIFI Finance over another protocol/business? I certainly would not invest into EIFI!!!!!
But this is up to you (please don't).
I hoped that this post will tear down EIFI's front and prevent investors from getting tricked into this elaborate scam.
EDIT: I thought it is a good idea to share this post to prevent as many people as possible from investing in EIFI. So: Please share this post if you can/want. I want to reach as many people as possible and save them from those bad actors! Thanks for the support!