Lately, there is a craze regarding DeFi projects. Looking at the solutions being brought into light which is basically to leverage decentralized networks and to transform old financial products into trustless and transparent protocols which is able to run without intermediaries. However, scammers will use this hype to their advantage as well. Do your research carefully before investing in any project, hype or not. Do not fall for just any project which claim to be DeFi projects. We are so excited that we may forget ourselves and just looking forward to the profit if the value of the token increases. Let's not let our guards down as we are not in normal times. God bless!
I had a friend who is a blockchain consultant telling me and the rest in our private group chat about fake DeFi projects. We should not make the same mistake again like the ICO boom in 2017, where we just join any of them without even taking time to research their credibility, reputation, full transparency of their team and activities, etc.
As scammers would see something that's trending like DeFi, they are going to take advantage of it by making fake DeFi projects to hype investors and run away with their hard-earned funds. Just like ICO's we should always take time to assess various factors if it's worth investing or not.