I recently heard about DeFi scams and want to know more about them. Specifically, who are these DeFi scammers? What kind of people engage in such fraudulent activities in the decentralized finance space?
5 answers
Alessandro
Mon Nov 18 2024
A DeFi scam involves a deceptive practice where scammers manipulate the underlying smart contract of a crypto token.
Riccardo
Mon Nov 18 2024
DeFi scammers may also introduce exorbitant trading fees, making it difficult for investors to liquidate their positions without incurring heavy losses.
SumoPowerful
Mon Nov 18 2024
This manipulation is designed to disadvantage investors, often leaving them with significant losses.
CoinMasterMind
Mon Nov 18 2024
In some cases, scammers alter the smart contract to prevent investors from selling their tokens.
CrystalPulse
Mon Nov 18 2024
Other tactics include allowing the scammer to mint an unlimited number of new tokens, thereby diluting the value of existing ones.