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24 October 2020

12 Defi Con Artists Exposed – Are Rug Pulling Incidents Threatening the Future of Defi ?   | Altcoins Bitcoin News

12 Defi Con Artists Exposed – Are Rug Pulling Incidents Threatening the Future of Defi ?   | Altcoins Bitcoin News


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News.bitcoin.com has been reporting on the growing popularity of Defi protocols as well as exposing the fact that some devs and founders wilfully engage in practices that harm interests of the burgeoning Defi community.

Below News.bitcoin.com lists some Defi projects or tokens, which according to a Boxmining newsletter, have turned out to be scams.

Beer Garden Finance: According to the newsletter, the founder holds over 50% of the token supply in his personal wallet.

When the community asked for more details such as a Github link for the project, or timelocks for the tokens they were banned from the Telegram group.

Burn Vault Finance ($BFV): The newsletter says the team behind this protocol rug pulled.

Emerald Mine (EMD): According to the newsletter, user tokens worth nearly USD$2.5mil that were supposedly locked under a smart contract were moved to another account.

Unirocket ($URCKT): The newsletter says creators of this token rug-pulled and now cannot be located on social media.

From the list, prospective Defi token investors can see common methods and tactics that have been used by fraudsters to engineer theft of funds.

Since there is no regulation and the fact that most of the tokens are issued by anonymous entities, once defrauded, investors have no chance of recovering lost funds.

Influencers and community leaders have an obligation to help fix these problems as doing this is the only way to maintain the public’s interest in Defi

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