1.  Wemade and MYSTiC Games to onboard new highly inter-operable games to WEMIX PLAY
  2.  Wemade to support blockchain gaming ecosystems growth in Dubai and the UAE through collaboration with Dubai Chambers 
  3. Wemade CEO Henry Chang to attend Fortune Global Forum and Abu Dhabi Finance Week 2023
  4. Recordian Set to Propel PulseChain Blockchain to New Heights in 2024
  5. Lee Yewon wins WEMIX CHAMPIONSHIP 2023
  6. Wemade announces global teaser site and pre-registration date for blockbuster MMORPG NIGHT CROWS
  7. WEMIX announces listing on Canadian virtual asset exchange Biconomy
  8. Wemade and 2TG Entertainment to Launch New Strategy RPGs on WEMIX PLAY in 2024
  9. Wemade and Fingerlabs announce strategic collaboration to drive WEMIX3.0 blockchain ecosystem growth
  10. Wemade and Elympics Sign Milestone WEMIX PLAY Onboarding Deal
  11. WEMIX enters into strategic partnership with Chainalysis
  12. Wemade launches first-of-its-kind Real World Event NFTs at G-STAR 2023
  13. Hong Kong FinTech Week 2023 “Fintech Redefined.”
  14. Wemade announces Strategy SLG Street Wars: Hero Domination WEMIX PLAY Onboarding Deal
  15. WEMIX PTE. LTD. Invested in Five Chinese Game Developers Through Blockchain Game-specialized Fund
  16. ABC Conclave – Dubai – The Pinnacle of Web3 Innovation, Gathering Global Experts to Forge the Future of Decentralized Technology at Address Dubai Marina
  17. Wemade Signs Blockchain Game Onboarding Deal with Polish Game Developer Katnappe
  18. WOW Summit Dubai 2023: Unveiling a Star-Studded Lineup of Speakers and Esteemed Sponsors
  19. Wemade launches Drops NFT auction service on WEMIX PLAY 
  20. Wemade welcomes two new US game developers to join top global blockchain gaming platform WEMIX PLAY
  21. Dubai to Witness World’s Largest Web3 Conference: ABC Conclave to Unite Global Web3 Pioneers in Dubai World Trade Centre
  22. Crypto Expo Dubai 2023 Unveils Premier Sponsors and Stellar Speaker Lineup
  23. Top Exchanges and Mining Giants to Meet at Blockchain Life in Dubai
  24. Wemade and SK Planet Enter Strategic Partnership to Drive Blockchain and Platform Business Growth
  25. Wemade onboards Game Developers from Canada, Singapore and Hong Kong for WEMIX PLAY
  26. Lightscale launched Kroma mainnet, Ethereum Layer 2
  27. Henry Chang, CEO of Wemade, delivers a keynote at ‘KBW2023: IMPACT’
  28. Wemade launches first-of-its-kind ‘PoET’ block reward program
  29. WEMIX3.0 welcomes CertiK as a node council partner WONDER 9
  30. WEMIX Listed on US Cryptocurrency Exchange TAPBIT
  31. HashQuark joins WEMIX3.0 NCP as WONDER 16
  32. Blockchain Life 2023 in Dubai – The Crypto Event of the Year
  33. Wemade onboards Global Game Developers across Singapore, UAE, and South Korea for WEMIX PLAY
  34. Hackless Unveils Pixel Pirates Quest: A New Rewarding Adventure in the Crypto World  
  35. “Make Every Trade Count” with BitDelta, the New Platform Set to Revolutionize Trading 
  36. Crux Decussata (X.com) launches with Symbol “X”
  37. Wemade CEO outlines blockchain gaming vision at WebX, Asia’s largest web3 conference
  38. WEMIX Announces Listing on Indian Cryptocurrency Exchange CoinDCX
  39. Klaytn Joins WEMIX3.0 NCP as WONDER 23
  40. WEMIX.Fi Introduces WONDER Staking Service with 40 WONDERS
  41. Wojak Inu Goes Live on Dex-Trade, Aiming for New Heights
  42. Cogito announces New Digital Asset Class – Propelling Crypto into a New Era with AI
  43. Wojak Inu Challenges Pepe with Locked LP and Renounced Contract
  44. Exploring the Advantages of BlackFort’s POSA Algorithm
  45. ArtHouse Spirits DAO Announces Membership NFT Sale with Exclusive Holder Perks
  46. Istanbul will be hosting Eurasia’s Largest Blockchain Event once again on May 8–11, 2023
  47. Nordek, Powered by NRK – Joins World Blockchain Summit – Dubai 2023 as Powered By Sponsors
  48. TWT Stake – A New Platform with Advanced Staking Solutions for the TWT Token
  49. SpaceCatch Is an Augmented Reality (AR) Game With a Space Sci-fi Theme
  50. UTB Bot Unveils a New Way to Leverage Automation and Cryptocurrencies
  51. Dragon’s Game Launches In 2023 Q1, Set To Disrupt The Crypto Gaming Space
  52. Cryptounity – Created With Beginners, for Beginners
  53. SolidProof Announces New Affiliate Reward System for KOLs
  54. GDCC Coin Unveils Deflationary Model for Crypto Enthusiasts
  55. Top 100 People in Blockchain and Cryptocurrencies
  56. Dypius Announces Live Testing for its World of Dypians Metaverse Game
  57. Voltreum Announces a P2P Blockchain-Based Strategy to Trade Energy
  58. SolidProof Announces New Partnerships to Further Enhance Services
  59. Voltichange Ready to Enhance the Volt Inu Universe
  60. SolidProof to Offer Discounted Prices on Their Smart Contract Audit, KYC, and Marketing Services
  61. Affiliate Me Token Announces a New Concept for Crypto Marketing
  62. KVX.com Launches Crypto Trading Services in the EU
  63. A Look At The Highly Anticipated Project Dark Frontiers And Its Creators: GS Studio By Gamestarter
  64. MetaSetGo Presale to start from 29th October, 2022
  65. Defi Scams – Most Common Scams in the DeFi Space
  66. CoinBitco: An All-in-One Solution For All Your Crypto Needs
  67. Tesla Model 3, 7,000,000 TFS, and 7,500 FS – Fairspin Birthday Tournament Is On!
  68. indu4.0 Presents Its New Solutions to Persistent Problems in the Global Economy
  69. Here are the Benefits of Auditing Your Smart Contract with SolidProof
  70. Most Anticipated P2E Game Race Kingdom partners with Leading DeFi company Ferrum Network
  71. Volt Inu (VOLT) Listing on Gate.io While Their Marketing Strategy Continues to Grow
  72. Terra Classic (LUNC) explodes: +67%! Is the Terra Revival coming?
  73. Tax fraud! Bitcoin bull Michael Saylor in the focus of the authorities
  74. John McAfee: Is death just a fake? What’s up with the rumors?
  75. Fan Token pumps – these sports cryptocurrencies are already available plus 2 exciting alternatives – Coincierge.de
  76. Bitcoin weak and directionless – next stop $17,000?
  77. Much better than expected! Bitcoin is Really That harmful to the Environment
  78. BudBlockz wants to build a community like DOGE – Coincierge.de
  79. This crypto investment could bring 3500% return in the next 12 months – why Tamadoge is the meme coin of the future – Coincierge.de
  80. +10% in 24h! Is the rally for The Merge starting?
  81. Saudi Shiba Inu Coin (SAUDISHIB): Crash after price explosion!
  82. Trading volumes on 157 fake exchanges – new analysis
  83. Bitcoin whales are currently selling their Coins massively
  84. The Legends of Bezogia Beta Launches on Aug 30th 2022
  85. BC.GAME partners with eSports organization Cloud9
  86. High profits in online casinos are quite possible
  87. Discover COSMOS with 1xBit – Coincierge.de
  88. Why Ethereum Is an Attractive Investment Now
  89. Bitcoin is on an Uptrend after panic sales – will BTC pump now?
  90. Should you buy Lucky Block V1 or V2 now? – Coincierge.de
  91. Almost $1 million ripped off! NFT Marketplace SudoRare suddenly goes offline
  92. Battle Infinity (IBAT) before new stock market listing
  93. Now the crypto markets are threatened with new pain
  94. Galaxy Digital Announces 10% Public Float Buyback Program
  95. Cardano bear finally crossed over: here you buy Cardano
  96. NFT Signals: Trading Platform Gains New Partner – Reaches 18.5 million USD Total Group Profit – Coincierge.de
  97. Former Crypto Boss of Facebook Launches Bitcoin Startup
  98. The role of Crypto at the World Economic Forum in Davos 2022
  99. KuCoin is the native token of the KuCoin Community Chain (KCC)
  100. Top-DEX Uniswap blocks 253 crypto addresses! What’s behind it?
  101. Chelsea Football Club Partners with Crypto platform WhaleFin
  102. Crypto Market 7 Times Bigger than Before Covid
  103. China ranks 2nd in Global Bitcoin Mining Hashrate
  104. Receive crypto coins anonymously with UniJoin’s Bitcoin Mixer
  105. LimeWire signs partnership with Universal Music
  106. Three countries that could adopt Bitcoin as legal Tender
  107. Here you can buy Tron
  108. Bitcoin and Ethereum crash in double-digit percentage range
  109. Sneakmart and StockX Collaborate on Sneaker NFTs
  110. Portugal imposes 28% tax on Bitcoin and crypto
  111. Cryptos in the green despite declining forecast
  112. Cardano (ADA) could crash another 14– – here’s why
  113. Ripple Funds Carbon Market Technology with $100 million
  114. Argentina’s largest Private bank Now Offers BTC and ETH
  115. Binance has stopped Solana withdrawals for a short time
  116. Bitcoin is in danger of a new crash – even below $17,700
  117. Crypto Casinos and Online Gambling with CoinsPaid
  118. Germany Publishes First Tax Guide for Crypto
  119. Cryptos in the Green, Dogecoin Rises by 26 %
  120. Bitcoin and Ethereum Futures Dominate Spot Markets Again
  121. WisdomTree Launches Solana, Cardano and Polkadot ETPs in Europe
  122. Is Ethereum Merge Still on track for August?
  123. Cryptos Mixed, Strong Day for Dogs-Meme-Coins
  124. GameFi and DAOs have brought Solana (SOL) strong growth in Q2
  125. Solana Project Announces $9.1 Million in Funding
  126. Ripple Adds Former White House Adviser to Board
  127. Solana shuts down for the eighth time this year
  128. Where can I buy Wing Finance Coins?
  129. Ripple’s XRP Signals Massive Rally – Is a New Bull Run Coming?
  130. Seedify Announces Cross-Chain Integrations with the Ethereum Network
  131. Get Top Notch Smart Contract Audit and KYC Services for your Crypto Project with Solidproof
  132. SYLTARE Set to Launch NFT Trading Card Game on August 18th
  133. Swap TC Gets Into Data Analytics with SafeMarketCap
  134. The FishVerse Announces the First Ultimate Fishing Metaverse
  135. Volt Inu Set to Launch the Volted Dragons Sailors Club NFTs on the Market
  136. Legends of Bezogia Reveals Sustainable Play2Earn Mechanics By Publishing Breakthrough Whitepaper
  137. Shibnobi Builds On Its Gains, Announces Whitelist SweepWidget Contest For $Shinja Holders
  138. Inaugural ZENCON a resounding success
  139. Gulf Xellence announces the most exciting and largest CRYPTO FEST 2022 to be held on 19th – 20th October in Dubai,UAE
  140. ‘Baby Shark BubbleFong Friends’ NFTs made a splash on Binance NFT
Defi Scams – Most Common Scams in the DeFi Space

In the world of Defi, scams are unfortunately all too common. This article looks at popular Defi scams, how they operate, and how to protect yourself.

We’ll also provide tips on what to do if somebody scammed you and how to report a scammer. Finally, we’ll discuss the implications of DeFi scamming and present examples of successful prosecutions.

What Are DeFi Scams, and How Do They Work? 

Decentralized Finance (DeFi) is a term that has gained enormous popularity over the years. DeFi is the shift from centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain.

DeFi promises a more equal and accessible financial system, but it’s still largely unregulated. Lack of regulation has made DeFi a haven for fraudsters, who have plundered millions from unwary consumers.

We can summarize a typical scam in three steps:

  1. The scammer creates a fake project or impersonates an existing one.
  2. The scammer promotes the fake project or impersonates the existing one to generate interest and attract users.
  3. The scammer exits the scam, leaving users with worthless tokens or no access to their funds.

The Most Common Types of DeFi Scams 

There are many types of scams in the DeFi sector, but some are more common than others. Let us look into a few of this industry’s most frequent criminal schemes.

Phishing scams

DeFi is not immune to phishing scams. Due to the intricacy of several DeFi protocols, fraudsters have managed to successful target newcomers. 

The most common type of phishing scam in the DeFi space is impersonation. This is when a scammer creates a fake website or social media account that looks identical to a legitimate one. 

They will then use this fake account to try and trick users into sending them money or personal information. Another common type of DeFi scam is the Ponzi scheme. Instead of investing the money, the fraudster pays out previous investors. 

This scam is widespread in the DeFi space, as there are often high returns from investing in new protocols.

Scams Involving Fake or Stolen Identities

One of the most common scams in the Defi space is identity theft. Someone uses your personal information to register a new account or access an existing one. 

They may also use your information to apply for credit cards or loans or to make purchases in your name.

Another way that identity theft can occur is when someone steals your private key or recovery phrase. This gives them access to your accounts and allows them to make changes or send funds without your permission.

Pump and Dump Schemes

If you are not new to the field of financial investments, then you must have probably heard about pump-and-dump schemes. 

A group conspires to acquire a cryptocurrency at the same moment to drive up its price. Afterward, it sells it when at the peak price after promising a group of traders that this would not happen.

Pumpers make a profit, whereas dumpers lose. Sadly, it’s as simple as that. Pump and dump schemes are not new and have been around for quite some time. They are so common that the U.S. Securities and Exchange Commission has issued an investor alert about them.

Forgery and Counterfeiting of Digital Assets

Unfortunately, not every project in the DeFi world is legitimate and original. Forgery and counterfeiting are rampant, with scammers selling digital assets that don’t exist or aim to look like something else.

This scam generally happens when someone creates a website or social media account that looks identical to a legitimate project. However, the page has slight changes that allow the scammer to redirect funds to their wallet. 

For example, a scam on Twitter happened when someone created a fake version of the popular Defi project Uniswap. The account looked identical to the official one, except that it had one letter changed in the URL. 

This small change allowed the scammer to siphon over $150,000 worth of Ether (ETH) from unsuspecting users.

Fraudulent Activities Associated with Initial Coin Offerings (ICOs) 

Last but not least, ICOs tend to have an association with fraudulent activities. In an ICO, a company offers digital tokens for investors’ fiat currency or cryptocurrency. However, many ICOs are scams, with companies using the funds raised to enrich themselves instead of developing the project.

A severe fraud associated with ICOs is when the team behind the project absconds with the funds. This type of fraud is, technically, an “exit scam.” 

In an exit scam, the team often creates a fake project website and whitepaper, promising huge returns to investors. They will then raise money from unsuspecting investors and make off the cash, leaving investors high and dry.

How to Protect Yourself from DeFi Scams 

At this point, you will probably be wondering how you can protect yourself from falling into one of these scams. Below are a few tips.

  1. Do your research: This is the most important thing you can do. When you are looking at a project, make sure to read up on it as much as possible. Look at the team’s backgrounds and the project’s roadmap, and try to find as much information as possible.
  2. Don’t invest more than you can afford to lose: This general rule applies to all investments, but it is essential in the DeFi space. These projects are still very new, and there is a lot of uncertainty surrounding them. As such, you should only invest an amount you are comfortable losing.
  3. Beware of social media scams: Social media is a great way to stay up-to-date on all the latest news in the crypto world. However, it is also an excellent way for scammers to reach many people. Be careful about the links you click on and the information you trust.
  4. Look for projects with KYC and audit certifications: If a project has undergone a KYC (know-your-customer) or audit process, it passed a vetting procedure. This adds an extra security layer and gives you peace of mind. SolidProof, PeckShield, Hacken, and Solidity Finance are popular companies taking care of this aspect.

What to Do If Somebody Scammed You

If you think someone scammed you, there are a few things you can do:

  1. First, try to resolve the issue with the person or company you believe scammed you. This may be difficult, but it’s always worth a shot.
  2. Contact your local consumer protection agency if you can’t resolve the issue.
  3. You can also file a complaint with the Federal Trade Commission (FTC) or the Better Business Bureau (BBB).
  4. Finally, you can contact a lawyer to discuss your legal options.

How to Report a DeFi Scam 

If you think you’ve been the victim of a DeFi scam, consider taking a few actions to report the criminals.

First, report it to the project team or protocol developers if possible. They may help you recover your lost funds or take action to prevent others from being scammed in the future.

You can also report the scam to a crypto exchange or wallet provider. Obviously, this is applicable if you used any of these channels to access the DeFi project. Many of them have fraud departments that can help you get your money back or prevent future scams.

Finally, you can report the scam to law enforcement. This is often a long shot, but it’s worth doing if you’ve lost a significant amount of money.

The Consequences of DeFi Scamming 

Besides losing your money, scamming in the DeFi sector has several adverse effects on the industry. For instance, it undermines the trust in decentralized finance protocols and gives scammers free marketing.

When a user falls into a scam, it’s not only the investor who loses money. The whole DeFi industry is negatively affected by it. 

Scammed users will likely be more cautious in the future, leading to a decrease in trust in decentralized finance protocols. Using popular DeFi protocols and services, they can reach a larger audience and scam more people. In addition, it gives scammers free marketing. 

Examples of Successful DeFi Scam Prosecutions 

In recent years, there have been several successful DeFi scam prosecutions. Here are some notable examples:

In 2019, the US Securities and Exchange Commission (SEC) charged a company called EtherDelta with operating an unregistered securities exchange. The Ethereum blockchain-based decentralized exchange EtherDelta enables users to swap ETH and ERC20 tokens.

The SEC alleged that EtherDelta’s founder had illegally profited from the exchange by operating it as an unregistered broker-dealer. Coburn agreed to pay $300,000 in penalties and disgorge nearly $13 million in ill-gotten gains.

In 2020, the CFTC accused My Big Coin Pay, Inc. of running a fraudulent virtual currency operation.

My Big Coin Pay promised investors they could use virtual currency to buy and sell goods and services. However, the CFTC alleged that the company used investor funds to pay for personal expenses, including travel and luxury goods.

The CFTC ordered My Big Coin Pay to pay $6 million and disgorge nearly $360,000 in ill-gotten gains.

These are just a few examples of the many successful DeFi scam prosecutions that have taken place in recent years. These cases show that law enforcement is taking action against DeFi scams. If you have been a victim of a DeFi scam, you should contact a lawyer to discuss your legal options.

The Importance of Verifying Senders and Receivers Before Transferring Funds 

One last thing you should consider before transferring funds is verifying both the sender’s and receiver’s addresses. Too many people have fallen victim to scams because they didn’t confirm the address before sending funds. 

If you’re not sure how to verify an address, here are a few tips: 

  • Check if the address is valid on Ethereum’s leading network. You can do this by pasting the address into a block explorer like EtherScan. 
  • Make sure the address has a balance. If it doesn’t, that could be a sign that it’s not a valid address. 
  • If you’re sending funds to an exchange, check if the exchange has a page on EtherScan. If it does, compare the addresses to make sure they match. 

These are just a few of the many ways you can verify an address. By taking these extra steps, you can help protect yourself from scams.

Bottom Line – Protecting Yourself from DeFi Scams Takes Education and Awareness

The best way to protect yourself from DeFi scams is to educate yourself and stay aware of the latest scams. Understanding how these scams work can help protect yourself and your hard-earned money.

Contact a lawyer to discuss your options if you think you may have been a victim of a DeFi scam. There were case

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