How to know a DeFi scam

[Jaephoenix]

ICO is stone dead(RIP) and IEOs are on its death throes. Now its Decentralized Finance season and everyone and his pet cat are launching projects, and slapping DeFi on it. I would be attempting to point out the points to look out for in scammy DeFi projects.

1. Fake/Non-existent team
It is an increasingly common trend for scammers to invent fake founders and biographies for their projects, and stick it o their websites. Some don't bother at all. Having said this, some legit DeFi projects have anonymous team members. This point shouldn't be a deal breaker though.

2. No or almost no social media presence: These projects can go days or weeks without any posts or tweets. That's simply because there is absolutely nothing to report. They are simply waiting to snap up your cash

3. Poor Grammar
One of the hallmarks of a scammy project is a hastily concocted whitepaper. Even with the Google Translate, the website, whitepaper and blogs are bloated with poor or elementary English.

4. Poor and/or plagiarised whitepaper
This one is a no-brainer. From copied whitepaper content, blog news these guys copy content from successful projects and gleefully slam it on their whitepaper. Many times they are successful with this ruse.

5. Audits
I have made it a point of duty to always check if any DeFi project I associate with has an audit with a reputable and well-known firm. Audits simply mean if there actually is a real project and whether such tokens exist.

Final Thoughts
Never take my word as gospel. Some DeFi can still exit scam or rug pull even after fulfilling these conditions. Remember: ALWAYS DYOR

[Hometown]

Many a times ,it can't be easily idenfied a scam project. I already taken participated in many scams projects but they arrange their teams with real photos of others, they made strong team management, whitepaper original. Please see king casino, clipx and cindex . All projects are completed their ieo sessions on various exchanges.

[Triedboy]

The DeFi project is currently seen as being mostly scammed. And you made a very valuable post about this.  However, I think there is a man on the site of DeFi project. I think if they don't make a good decision, people will lose faith in the girl. And what approves must be a good decision before an end. So that people's faith grows again and here people start investing again.

[EAA-ALLAH]

At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community

[Jaephoenix]

Many a times ,it can't be easily idenfied a scam project. I already taken participated in many scams projects but they arrange their teams with real photos of others, they made strong team management, whitepaper original. Please see king (casino), clipx and cindex . All projects are completed their ieo sessions on various exchanges.

I know what you are talking about. I participated in promoting all three of those stated projects, from KingCasino, ClipX and CindX. One thing common in those 3 projects was lack of social media presence. I noticed it odd that there was almost no new posts for days to weeks. ClipX's own was more apparent than the rest

[hair]

It is not easy to know the DeFi scam project, apart from in-depth analysis, finding out the truth of the company such as address, telephone number, email, company registration, etc.

[yemight62]

Yes it is easy to identify a scam project if an investor can take it time to analyze and do more findings about the project. But at times, it's not that easy. I will use MAC finance as a case study. I will not say much about the project but I'm sure we inventors know it's not what it used to be when it first started..  At times,  even the team might not have that intention but they may change their mind as time goes on

[Tanimariya]

At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community

Agree with you. However, some more information is needed to identify the scams. It is good to know the correct information about the team. However, I think the above issues predominate in identifying scams.

[Coin63@]

At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community

It's very hard to identify scam projects/ scam DeFI projects but many websites analyser developer . They easily find mistakes of websites, plagrismed whitepaper, fake projects team management and community. But hunters can't identify it.

[Hometown]

At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community

Who scams projects with intelligent team management. They are very intelligent and they have a lots of hacking knowledge. So it is very hard to get any information from scammers team.

[Paglamon]

scam DeFi projects may come in the future. But I think this is not a common occurrence. I haven't seen scam projects in most cases. So I think it has a spread.

[Magepai]

I have noticed many times that some projects of DeFi have worked.Therefore, it has been seen that some people have lost confidence in this technology. If the scam project continues like this, then the loneliness of the DeFi project will gradually decrease.

[Casual]

Polkadot, YFI but these are actually DeFi's coins. But due to the sudden rise in popularity of these tokens, some of the trimmers who run the scam project have been given the opportunity to leave in the meantime. Their price and popularity will increase again.

[fadl4]

What if the web page only shows cartoon images on the faces of each team? is such a project any good? how to find out fake web page?

[Criminal]

This is very good alrt news that you are share. Already record number of projects are scam to this project. I think you are also right and you topic is true. But now some of managers are lounge some good project. I think this project is scam free projects. Because some of projects manager and community is very strong.