Quote from: MRKLYE on March 05, 2021, 04:55:37 PM

Quote from: Looper_U on March 05, 2021, 02:18:42 PM

Whatever happens to any DeFi project the code is to be blame, this is why DeFi projects are highly risky than any other projects in crypto space, if failure comes it's the code, if hacks happens it's the code to be blamed, this is just the way it is, so tell me why won't devs rug pulled themselves? There will be no one to be blame anyways

A majority of these "DEFI" projects are just shitty age old HYIP scams just modernized to take advantage of not having to run the garbage on your own servers. Tons of these contracts have "emergency withdrawal" to deployer/owner address backdoored into them allowing the owner to steal all funds whenever..Ultimately if you don't audit the code you're sending your money to, then its a reference back to a fool and his money are easily parted or something.

I can smell that you are telling the truth. Since HYIPers and scammers are now seeing the big potential of DeFi and cryptocurrency they decided to make a big camp in this industry with the aim of making the most money then make an exit scam and the days after make a new project again...we are witnessing the same process from time to time and I am always sad for the innocent victims of this situation. Sadly, there remains no effective ways to counteract scams...but I am hoping that an audit of smart contracts can be helping.