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Defi Scams – Most Common Scams in the DeFi Space

Published

3 years ago

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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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Press Release

Earn Over $58,000 Monthly in BTC and XRP from Your Phone? BAY Miner Is Crypto’s New Favorite

Published

2 weeks ago

on

August 6, 2025

By

From Wall Street to mobile wallets, BAY Miner drives passive income for everyday crypto users

The crypto landscape is evolving rapidly, and one platform is gaining massive attention across Europe and the United States — BAY Miner. With Bitcoin prices holding steady above $118,000 and the surge in demand for daily passive income, BAY Miner has positioned itself as a game-changer.

Why? Because it lets users earn over $58,000 per month directly from their smartphones — no hardware, no tech skills, and no stress.

Say Goodbye to Traditional Mining

Traditional mining is complex, costly, and time-consuming. Most people can’t afford mining rigs, and even fewer can manage the technical setup or stomach rising electricity costs. This has created a gap in the market — and BAY Miner is filling it.

With its cloud-based mobile mining solution, BAY Miner offers users a chance to earn BTC, XRP, ETH, and other digital assets simply by using their phones. The best part? It’s fully automated and requires no equipment whatsoever.

What Makes BAY Miner the Crowd Favorite?

1. True Mobile Mining — No Machines Needed

BAY Miner eliminates the need for expensive mining gear. You only need a smartphone and internet access. Just sign up, pick a plan, and start earning. The system handles the rest.

2. Fast Onboarding with Free Bonuses

Register on the official platform and receive a $15 signup bonus. Log in daily and earn an additional $0.60, just for showing up. It’s a straightforward way to start building your crypto portfolio at no initial cost.

3. Flexible Plans for All Budgets

Whether you’re starting with $100 or going all in with $10,000+, BAY Miner supports short-term and long-term contracts. Contract durations range from 2 to 60 days, with daily profits deposited automatically into your wallet.

4. Daily Payouts — Real Profits

Here’s a snapshot of what users are earning right now:

  • $100 / 2 days → $4 daily profit → $108 total
  • $600 / 6 days → $7.20 daily → $643.20 total
  • $3,000 / 20 days → $39 daily → $3,780 total
  • $5,000 / 32 days → $72.50 daily → $7,320 total
  • $10,000 / 47 days → $165 daily → $17,755 total

With optimized strategies and reinvestments, many top users are generating $58,000 or more each month — all from the comfort of their phones.

Effortless Income, Secure Technology

The platform is protected by McAfee® and Cloudflare®. This means you can have piece of mind knowing all users are secure. Your account and your earnings are protected 24/7, and it is operated using renewable green energy!

BAY Miner Supports Major Cryptos

Not only does BAY Miner support Bitcoin (BTC) and Ripple (XRP), but it also mines Ethereum (ETH), Dogecoin (DOGE), and Tether (USDT). This multi-currency support ensures users can diversify and stabilize their earnings even when markets fluctuate.

Who Should Use BAY Miner?

This platform is ideal for:

  • Beginners looking to enter the crypto space with minimal risk
  • Busy professionals who want hands-free passive income
  • Retirees seeking new, low-effort income streams
  • Crypto investors building long-term digital wealth
  • Anyone tired of watching from the sidelines while others profit

How to Start Earning in Minutes

BAY Miner’s setup is incredibly simple:

  1. Visit www.bayminer.com
  2. Register your account and claim your $15 welcome bonus
  3. Download the mobile app (available on all major platforms)
  4. Select a mining contract (starting from just $100)
  5. Start earning passive crypto income daily
  6. Withdraw or reinvest your earnings at any time
  7. Refer friends and earn additional commission bonuses

The entire process takes less than 3 minutes. No long forms, no KYC delays, and no guesswork.

Why BAY Miner Is Taking Over the Crypto Market

Cloud mining is no longer a concept — it’s the present. As more investors search for low-risk, sustainable income options, platforms like BAY Miner stand out with:

  • Zero hardware or maintenance
  • Daily profits with real-time tracking
  • Low entry barriers and global accessibility
  • 24/7 multilingual support in over 180 countries
  • A focus on green mining solutions for a sustainable future

Final Thoughts: Your Phone Is Now a Digital Goldmine

The crypto boom is real, and BAY Miner is helping users around the globe turn their smartphones into income-generating assets. Whether you’re chasing long-term gains or short-term profits, BAY Miner offers the ideal platform.

It’s time to ditch the outdated mining methods. Step into the future with BAY Miner — where anyone, anywhere, can earn over $58,000 monthly with just a phone in hand.

Official Website: www.bayminer.com
App Download: https://bayminer.com/xml/index.html#/app

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Cold Wallet’s $270M Deal Just Unlocked 2M Users, Is CWT the Next Top Crypto Coin at $0.00924?

Published

3 weeks ago

on

July 31, 2025

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Ownership without reward feels incomplete. In crypto, where self-custody is often equated with empowerment, too many wallets still treat user activity as a fee stream instead of a feedback loop. Cold Wallet ($CWT) and Plus Wallet represent two sides of a new model, one built around actual incentives. 

While Plus Wallet proved that simplicity can scale to millions in months, Cold Wallet has quietly built the mechanics to turn that usage into real, repeatable value. By acquiring Plus Wallet, Cold Wallet didn’t just gain users; it activated a 2M+ entry point for a reward system powered by CWT, placing it ahead in the race to become a top crypto coin. 

Avalanche AVAX Technical Setup Hints at Rebound Potential After Q2 Pullback

Avalanche AVAX technical setup currently reflects a textbook retracement pattern, with price action stabilizing around the 38.2% Fibonacci level after its recent correction from $26.53 to $22.53. This zone has historically served as a reliable support range, and the latest data shows the coin holding its ground while buyers cautiously re-enter.

In addition, what adds weight to the rebound thesis is on-chain activity. Avalanche recorded a 169.9% increase in daily transactions and a 110.4% jump in active addresses in Q2 2025. This suggests growing utility and renewed user interest, both of which provide a strong backdrop for price recovery. 

Pi Coin Price Gears for Tactical Rebound Amid Infrastructure Updates

Recent analysis shows Pi Coin price finding a potential floor near ~$0.40, with slowing token unlocks easing immediate selling pressure. Analyst Dr Altcoin suggests this dip may mark a bottoming phase, hinting at a cautious recovery ahead. 

At the same time, market sentiment also benefits from usability advances. Binance-related support integrations and on‑ramps via Swapfone have simplified access, potentially enhancing liquidity and attracting new buyers. Speculation around a Binance listing adds speculative interest that may feed into price action. 

Moreover, technical indicators reinforce this cautious optimism. MACD is approaching a bullish crossover while Pi remains above near-term support at ~$0.61. A breakout above resistance near ~$0.71 could spark upward momentum. 

Cold Wallet + Plus Wallet: A $270M Power Move Toward Mass Adoption

Cold Wallet’s $270 million acquisition of Plus Wallet marks a defining moment in the race for self-custody dominance. With over 2 million users onboarded in just seven months, Plus Wallet brings more than numbers; it brings momentum. Notably, its rapid user growth and emphasis on clean UX directly address what legacy wallets like MetaMask and Trust Wallet have failed to solve: accessibility for the average user.

Furthermore, this isn’t just another consolidation. It’s a calculated move that puts Cold Wallet on the fast track to scale, pairing its cashback rewards model with a plug-and-play user base already accustomed to transacting regularly. For users, the merger means a smoother path to value: earn CWT rewards on every move, inside an interface that doesn’t require a manual.

Previously, the $2 million domain purchase signaled intent. Now, this acquisition confirms the ambition. Cold Wallet isn’t just building from scratch; it’s absorbing strategic growth engines that compress adoption timelines.

As a result, for a platform that’s flipped crypto participation from cost to cashback, this deal aligns perfectly: more users, lower friction, higher engagement. With Plus Wallet’s infrastructure and Cold Wallet’s reward mechanics now on the same rails, they’re not chasing market share; they’re designing the default.

Ultimately, Trust Wallet and MetaMask may have legacy, but Cold Wallet now has something more powerful: scale with momentum and a model that rewards every click. 

Cold Wallet’s Shortcut to Scale Isn’t Just Bold, It’s Tactical

Growth doesn’t always come from the ground up. Sometimes, it comes from spotting momentum and plugging it into a system built to reward it. Cold Wallet’s acquisition of Plus Wallet isn’t just a headline; it’s a structural shift. 

With over 2 million active users now one step away from real-time crypto rewards, the mechanics are in place for rapid adoption of the CWT token. While others focus on adding features, Cold Wallet is expanding its reach. And in a space where utility needs traction to matter, this move positions it not just as another player, but as a top crypto coin in the making.

Explore Cold Wallet Now:

Presale: https://purchase.coldwallet.com/
Website: https://coldwallet.com/
X: https://x.com/coldwalletapp
Telegram: https://t.me/ColdWalletAppOfficial

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An Insight Into Delta Exchange: A Leading Crypto Derivatives Trading Platform

Published

1 month ago

on

July 15, 2025

By

India’s crypto market has moved beyond buying and holding digital coins. In the modern landscape, traders are exploring more advanced strategies like crypto derivatives (futures and options) to maximise profits and manage risks effectively in the volatile market. 

As crypto adoption grows and innovation unfolds, the Indian crypto market is expected to cross $10 billion in revenue, with 123+ million users by 2026. With this growing demand comes the need for more structured, flexible, and accessible crypto trading platforms. This is where Delta Exchange comes into the picture.

Delta focuses exclusively on crypto derivatives trading and offers a space where you can explore the market and trade futures and options contracts on some of the major cryptocurrencies. In this post, we’ll discuss how Delta Exchange fits into India’s evolving crypto sector, what it brings to the table, and why it’s becoming the preferred choice for those looking beyond the basics.

Delta Exchange at a Glance

Delta Exchange has positioned itself as one of the best crypto derivatives trading platforms for Indian and global users – thanks to its active focus on security, compliance, and a growing suite of product offerings. 

Delta, under the Financial Intelligence Unit (FIU), provides Indian users with some clarity in the crypto derivatives space. With the capability of handling daily trading volumes of over $4 billion, the Delta Exchange app simplifies access and trading, especially for the country’s young, tech-savvy population, which is showing a deep interest in derivatives. 

With advanced crypto analysis tools and safe regulations, Delta gives you an edge in a fast-moving market and seems to be scaling right alongside it. 

What Makes Delta Exchange Unique for Crypto Derivatives?

Delta Exchange has built a strong user base by offering features that directly serve the needs of crypto derivatives traders. 


Source | Trade crypto derivatives (futures) on major cryptocurrencies 

Here’s what makes it stand out in the crypto derivatives trading space:

  1. Multi-asset futures and options

You can access multiple contracts, including BTC, ETH, SOL, XRP, and several other altcoins. Whether you’re interested in perpetual futures or options with daily, weekly, or monthly expiries, the platform covers it all. An extra layer of convenience is added by the INR-based trading, which makes entries and exits smoother, without any currency conversions.

  1. Strategy builder and advanced tools

Delta supports multi-leg setups with a simple strategy builder, helping you create complex trades without overcomplicating the process. Features like basket orders save time on execution, and margin trading gives more flexibility with capital – all within the Delta Exchange app.

  1. Real-time risk controls

To manage risks better, Delta offers built-in payoff charts, integrated stop-loss settings, and a demo account for testing before investing a real amount. Automated trading bots are also available for those who prefer a rules-based execution approach. 

  1. Strong customer support

Through a ticket-based support system, most issues see quick resolution. If you’re new to crypto derivatives or want to handle a large volume of trades, the platform’s 24/7 customer support is available. 

All this makes Delta Exchange a reliable derivatives exchange platform for trading crypto futures and bitcoin options chain. 

Delta Exchange is Designed for All Types of Traders

Delta strikes a balance between simplicity and innovation for both newcomers and experienced traders. If you’re a beginner, you can practice crypto derivatives trading using the demo mode or by placing small-lot trades, with a minimum amount as low as ₹5,000 for BTC and ₹2,500 for ETH. 

For experienced traders, there’s no shortage of advanced features. You’ll find 100x leverage, margin tools, and a variety of deep ITM and OTM futures and options contracts. The platform allows you to start small, test strategies, and gradually move to high-volume trades, once you’re confident enough. 

Trading on the Go with the Delta Exchange App

The Delta Exchange app provides a clean and responsive interface for those who prefer to trade on the go. Available for both Android and iOS, it brings key features of the desktop platform to mobile – including live price tracking, position management, and smart alerts.

To get started, simply visit the official website, sign up, complete your basic Know Your Customer (KYC) process, and you’re ready to deposit INR directly. You can explore a wide range of futures and options contracts, track markets in real time, and withdraw INR when needed. 

It’s a comprehensive crypto derivatives experience, ideally suited for you if you want to stay connected to the larger crypto market.

Final Thoughts

If you’re looking to go beyond buying and holding, Delta Exchange opens up opportunities to actively manage exposure through tools like futures and options, margin trading, INR-based contracts, and much more. 

As more traders look to build intent-led investment portfolios, crypto derivatives trading on platforms like Delta is shaping what the next phase of participation might look like. 

Disclaimer: Crypto trading carries inherent risks due to its high volatility. This article is for informational purposes only. Kindly do your own research and consult experts before making any investments in crypto.

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