1. World Blockchain Summit (WBS) presented by SUN Minimeal returns to Dubai for the 29th edition
  2. IMMAF & BitDelta Enter into an Exciting Partnership to Boost Mixed Martial Arts
  3. L7’s Brand Upgrade: Leading the Charge in Web3 Digital Asset Management
  4. Blockchain Life Forum 2024 in Dubai: how to make the most of the current Bull Run?
  5. Market Makers And Their Role In Stabilizing The Volatile Crypto Market
  6. Wemade’s Night Crows Achieves Record-Breaking $10 Million In Global Sales Within Three Days Of Launch
  7. Breaking Boundaries: Dubai Set to Redefine Blockchain Technology at WBS Dubai
  8. Night Crows, One of 2024’s Most Anticipated Games, Lands in 170 Countries Worldwide
  9. ShibaKeanu Announces Presale Date Aiming to Rival SHIB and DOGE
  10. CRYPTO EXPO DUBAI: The Future of Web3 and Crypto
  11. Web3 Neobank Platform, Zeebu Unveils Major Token Burn Through Phoenix Protocol
  12. una Messenger: The Omnichain Communication Platform For a Truly Unbound Universal Blockchain Ecosystem
  13. DA GAMES SRL’s “Legends of Elysium” Brings Unique Mix of Trading Card, Board and Strategy Game Elements to WEMIX PLAY
  14. WEMIX3.0 welcomes Sygnum as Node Council Partner “WONDER 18”
  15. WEMIX expands global reach with its first Europe listing on Bit2Me, Spain’s largest virtual asset exchange
  16. Wemade unveils new roadmap for DeFi protocol KLEVA
  17. Multiplayer Strategy Game “RoboHero” Featuring Seamless Integration of Tokens and NFTs to Launch on WEMIX PLAY
  18. Distinctive Generative Pixel Art-Based Mobile Collectible RPG “Meta Toy DragonZ SAGA” Coming to WEMIX PLAY in H1 2024
  19. First Ukraine WEMIX PLAY Partner, WECAN to Launch Military Strategy Game “R-Planet” in Q2 2024
  20. Top Web3-native game studio Maniac Panda Games to launch groundbreaking TCG “Underground Waifus” on WEMIX PLAY
  21. FACTBLOCK Joins WEMIX3.0 Mainnet’s Node Council Partners as WONDER 13
  22. Top Korean game developer Wemade to exhibit at Taipei Game Show for the first time
  23. WEMIX launches ‘una Wallet’ to enable safest and most convenient digital asset management across blockchains
  24. Verichains joins WEMIX3.0 Mainnet’s “40 WONDERS” Node Council Partners as WONDER 12
  25. Crypto Rogue Games Brings Action RPG “Crystals of Naramunz” to WEMIX PLAY
  26. Gerillaz OÜ onboards MMORPG World of the Abyss (WOTA) and joins WEMIX PLAY as its first Estonian partner
  27. WEMIX3.0 Welcomes Ubisoft as Node Council Partner WONDER 26
  28. WEMADE announces strategic partnership with DIFC Innovation Hub to establish ‘WEMIX PLAY Center’, a global web3 gaming hub
  29. WEMIX3.0’s stWEMIX Liquid Staking Token Makes Worldwide Debut on BitMart and GOPAX
  30. Wemade Unveils Fan Token 2.0: the next chapter of its pioneering innovative platform for supporting creators
  31. WEMIX PLAY starts 2024 on strong footing by onboarding its first F2P Mobile Dance&Play Rhythm Game: Ritmi
  32. WEMIX PLAY adds NINJA SURVIVOR.io and Rebirth Heroes: RPG to its growing range of top-tier Web3 games
  33. Whampoa Digital and Wemade in strategic partnership for US$100 million Web3 Fund and digital asset initiatives in the Middle East
  34. Wemade expands WEMIX PLAY ecosystem with the launch of blockchain games on LG screens
  35. Top-ranked Gamifly brings world’s first Web3 cricket game CricketFly to WEMIX PLAY
  36. IDLE GOG: Endless War Is Coming to WEMIX PLAY
  37. WEMIX Emerges as Top-Weighted Gaming Token in Sygnum’s Groundbreaking Crypto Sector Indices
  38.  Wemade and MYSTiC Games to onboard new highly inter-operable games to WEMIX PLAY
  39.  Wemade to support blockchain gaming ecosystems growth in Dubai and the UAE through collaboration with Dubai Chambers 
  40. Wemade CEO Henry Chang to attend Fortune Global Forum and Abu Dhabi Finance Week 2023
  41. Recordian Set to Propel PulseChain Blockchain to New Heights in 2024
  42. Lee Yewon wins WEMIX CHAMPIONSHIP 2023
  43. Wemade announces global teaser site and pre-registration date for blockbuster MMORPG NIGHT CROWS
  44. WEMIX announces listing on Canadian virtual asset exchange Biconomy
  45. Wemade and 2TG Entertainment to Launch New Strategy RPGs on WEMIX PLAY in 2024
  46. Wemade and Fingerlabs announce strategic collaboration to drive WEMIX3.0 blockchain ecosystem growth
  47. Wemade and Elympics Sign Milestone WEMIX PLAY Onboarding Deal
  48. WEMIX enters into strategic partnership with Chainalysis
  49. Wemade launches first-of-its-kind Real World Event NFTs at G-STAR 2023
  50. Hong Kong FinTech Week 2023 “Fintech Redefined.”
  51. Wemade announces Strategy SLG Street Wars: Hero Domination WEMIX PLAY Onboarding Deal
  52. WEMIX PTE. LTD. Invested in Five Chinese Game Developers Through Blockchain Game-specialized Fund
  53. ABC Conclave – Dubai – The Pinnacle of Web3 Innovation, Gathering Global Experts to Forge the Future of Decentralized Technology at Address Dubai Marina
  54. Wemade Signs Blockchain Game Onboarding Deal with Polish Game Developer Katnappe
  55. WOW Summit Dubai 2023: Unveiling a Star-Studded Lineup of Speakers and Esteemed Sponsors
  56. Wemade launches Drops NFT auction service on WEMIX PLAY 
  57. Wemade welcomes two new US game developers to join top global blockchain gaming platform WEMIX PLAY
  58. Dubai to Witness World’s Largest Web3 Conference: ABC Conclave to Unite Global Web3 Pioneers in Dubai World Trade Centre
  59. Crypto Expo Dubai 2023 Unveils Premier Sponsors and Stellar Speaker Lineup
  60. Top Exchanges and Mining Giants to Meet at Blockchain Life in Dubai
  61. Wemade and SK Planet Enter Strategic Partnership to Drive Blockchain and Platform Business Growth
  62. Wemade onboards Game Developers from Canada, Singapore and Hong Kong for WEMIX PLAY
  63. Lightscale launched Kroma mainnet, Ethereum Layer 2
  64. Henry Chang, CEO of Wemade, delivers a keynote at ‘KBW2023: IMPACT’
  65. Wemade launches first-of-its-kind ‘PoET’ block reward program
  66. WEMIX3.0 welcomes CertiK as a node council partner WONDER 9
  67. WEMIX Listed on US Cryptocurrency Exchange TAPBIT
  68. HashQuark joins WEMIX3.0 NCP as WONDER 16
  69. Blockchain Life 2023 in Dubai – The Crypto Event of the Year
  70. Wemade onboards Global Game Developers across Singapore, UAE, and South Korea for WEMIX PLAY
  71. Hackless Unveils Pixel Pirates Quest: A New Rewarding Adventure in the Crypto World  
  72. “Make Every Trade Count” with BitDelta, the New Platform Set to Revolutionize Trading 
  73. Crux Decussata (X.com) launches with Symbol “X”
  74. Wemade CEO outlines blockchain gaming vision at WebX, Asia’s largest web3 conference
  75. WEMIX Announces Listing on Indian Cryptocurrency Exchange CoinDCX
  76. Klaytn Joins WEMIX3.0 NCP as WONDER 23
  77. WEMIX.Fi Introduces WONDER Staking Service with 40 WONDERS
  78. Wojak Inu Goes Live on Dex-Trade, Aiming for New Heights
  79. Cogito announces New Digital Asset Class – Propelling Crypto into a New Era with AI
  80. Wojak Inu Challenges Pepe with Locked LP and Renounced Contract
  81. Exploring the Advantages of BlackFort’s POSA Algorithm
  82. ArtHouse Spirits DAO Announces Membership NFT Sale with Exclusive Holder Perks
  83. Istanbul will be hosting Eurasia’s Largest Blockchain Event once again on May 8–11, 2023
  84. Nordek, Powered by NRK – Joins World Blockchain Summit – Dubai 2023 as Powered By Sponsors
  85. TWT Stake – A New Platform with Advanced Staking Solutions for the TWT Token
  86. SpaceCatch Is an Augmented Reality (AR) Game With a Space Sci-fi Theme
  87. UTB Bot Unveils a New Way to Leverage Automation and Cryptocurrencies
  88. Dragon’s Game Launches In 2023 Q1, Set To Disrupt The Crypto Gaming Space
  89. Cryptounity – Created With Beginners, for Beginners
  90. SolidProof Announces New Affiliate Reward System for KOLs
  91. GDCC Coin Unveils Deflationary Model for Crypto Enthusiasts
  92. Top 100 People in Blockchain and Cryptocurrencies
  93. Dypius Announces Live Testing for its World of Dypians Metaverse Game
  94. Voltreum Announces a P2P Blockchain-Based Strategy to Trade Energy
  95. SolidProof Announces New Partnerships to Further Enhance Services
  96. Voltichange Ready to Enhance the Volt Inu Universe
  97. SolidProof to Offer Discounted Prices on Their Smart Contract Audit, KYC, and Marketing Services
  98. Affiliate Me Token Announces a New Concept for Crypto Marketing
  99. KVX.com Launches Crypto Trading Services in the EU
  100. A Look At The Highly Anticipated Project Dark Frontiers And Its Creators: GS Studio By Gamestarter
  101. MetaSetGo Presale to start from 29th October, 2022
  102. Defi Scams – Most Common Scams in the DeFi Space
  103. CoinBitco: An All-in-One Solution For All Your Crypto Needs
  104. Tesla Model 3, 7,000,000 TFS, and 7,500 FS – Fairspin Birthday Tournament Is On!
  105. indu4.0 Presents Its New Solutions to Persistent Problems in the Global Economy
  106. Here are the Benefits of Auditing Your Smart Contract with SolidProof
  107. Most Anticipated P2E Game Race Kingdom partners with Leading DeFi company Ferrum Network
  108. Volt Inu (VOLT) Listing on Gate.io While Their Marketing Strategy Continues to Grow
  109. Terra Classic (LUNC) explodes: +67%! Is the Terra Revival coming?
  110. Tax fraud! Bitcoin bull Michael Saylor in the focus of the authorities
  111. John McAfee: Is death just a fake? What’s up with the rumors?
  112. Fan Token pumps – these sports cryptocurrencies are already available plus 2 exciting alternatives – Coincierge.de
  113. Bitcoin weak and directionless – next stop $17,000?
  114. Much better than expected! Bitcoin is Really That harmful to the Environment
  115. BudBlockz wants to build a community like DOGE – Coincierge.de
  116. This crypto investment could bring 3500% return in the next 12 months – why Tamadoge is the meme coin of the future – Coincierge.de
  117. +10% in 24h! Is the rally for The Merge starting?
  118. Saudi Shiba Inu Coin (SAUDISHIB): Crash after price explosion!
  119. Trading volumes on 157 fake exchanges – new analysis
  120. Bitcoin whales are currently selling their Coins massively
  121. The Legends of Bezogia Beta Launches on Aug 30th 2022
  122. BC.GAME partners with eSports organization Cloud9
  123. High profits in online casinos are quite possible
  124. Discover COSMOS with 1xBit – Coincierge.de
  125. Why Ethereum Is an Attractive Investment Now
  126. Bitcoin is on an Uptrend after panic sales – will BTC pump now?
  127. Should you buy Lucky Block V1 or V2 now? – Coincierge.de
  128. Almost $1 million ripped off! NFT Marketplace SudoRare suddenly goes offline
  129. Battle Infinity (IBAT) before new stock market listing
  130. Now the crypto markets are threatened with new pain
  131. Galaxy Digital Announces 10% Public Float Buyback Program
  132. Cardano bear finally crossed over: here you buy Cardano
  133. NFT Signals: Trading Platform Gains New Partner – Reaches 18.5 million USD Total Group Profit – Coincierge.de
  134. Former Crypto Boss of Facebook Launches Bitcoin Startup
  135. The role of Crypto at the World Economic Forum in Davos 2022
  136. KuCoin is the native token of the KuCoin Community Chain (KCC)
  137. Top-DEX Uniswap blocks 253 crypto addresses! What’s behind it?
  138. Chelsea Football Club Partners with Crypto platform WhaleFin
  139. Crypto Market 7 Times Bigger than Before Covid
  140. China ranks 2nd in Global Bitcoin Mining Hashrate
  141. Receive crypto coins anonymously with UniJoin’s Bitcoin Mixer
  142. LimeWire signs partnership with Universal Music
  143. Three countries that could adopt Bitcoin as legal Tender
  144. Here you can buy Tron
  145. Bitcoin and Ethereum crash in double-digit percentage range
  146. Sneakmart and StockX Collaborate on Sneaker NFTs
  147. Portugal imposes 28% tax on Bitcoin and crypto
  148. Cryptos in the green despite declining forecast
  149. Cardano (ADA) could crash another 14– – here’s why
  150. Ripple Funds Carbon Market Technology with $100 million
  151. Argentina’s largest Private bank Now Offers BTC and ETH
  152. Binance has stopped Solana withdrawals for a short time
  153. Bitcoin is in danger of a new crash – even below $17,700
  154. Crypto Casinos and Online Gambling with CoinsPaid
  155. Germany Publishes First Tax Guide for Crypto
  156. Cryptos in the Green, Dogecoin Rises by 26 %
  157. Bitcoin and Ethereum Futures Dominate Spot Markets Again
  158. WisdomTree Launches Solana, Cardano and Polkadot ETPs in Europe
  159. Is Ethereum Merge Still on track for August?
  160. Cryptos Mixed, Strong Day for Dogs-Meme-Coins
  161. GameFi and DAOs have brought Solana (SOL) strong growth in Q2
  162. Solana Project Announces $9.1 Million in Funding
  163. Ripple Adds Former White House Adviser to Board
  164. Solana shuts down for the eighth time this year
  165. Where can I buy Wing Finance Coins?
  166. Ripple’s XRP Signals Massive Rally – Is a New Bull Run Coming?
  167. Seedify Announces Cross-Chain Integrations with the Ethereum Network
  168. Get Top Notch Smart Contract Audit and KYC Services for your Crypto Project with Solidproof
  169. SYLTARE Set to Launch NFT Trading Card Game on August 18th
  170. Swap TC Gets Into Data Analytics with SafeMarketCap
  171. The FishVerse Announces the First Ultimate Fishing Metaverse
  172. Volt Inu Set to Launch the Volted Dragons Sailors Club NFTs on the Market
  173. Legends of Bezogia Reveals Sustainable Play2Earn Mechanics By Publishing Breakthrough Whitepaper
  174. Shibnobi Builds On Its Gains, Announces Whitelist SweepWidget Contest For $Shinja Holders
  175. Inaugural ZENCON a resounding success
  176. Gulf Xellence announces the most exciting and largest CRYPTO FEST 2022 to be held on 19th – 20th October in Dubai,UAE
  177. ‘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

Crypto Chain Wire
Crypto Chain Wire specifically designed for crypto, NFT, DeFi and all other blockchain companies to provide them instant and effortless crypto news syndication services. CryptoChainWire is the best PR syndication platform for any blockchain startup looking to gain maximum media attention.