This blog tells useful information on how to avoid defi mining scams online and report them. Let's learn here whether defi or decentralized finance is secure or not, is crypto mining illegal?, and how it is profitable?, Decentralise exchanges DEXs, Automated market makers AMMs.
With the growth of crypto wallet apps, coins, and investments, more and more scammers grew up in countries like India, China, the USA, the UK, etc. These scammers use different forms of scamming activities to steal money. It can be from an exchange wallet like Coinbase or from other sources. Here is real evidence of how defi smart contract scammers Jing Chen scammed around 11287 USD from a coinbase wallet from an unemployed person in India. The case has been registered but no evidence of catching reported the reporting activity is still ongoing. We are looking for similar victims who can join our team to fight them from your country expert. The way Jing Chen steals money is from social media Instagram where she plays the pig butchering, ie turning someone into love and stealing all the money by letting them trust to earn more money more percentage.
What is a defi mining Scam?
A Defi SCAM Uses programs to pull the rug out in smart contract liquidity mining. They can modify the smart contract tokens to withdraw or sell without the consent of the owners.
How safe is defi Mining in the future?
If we people are polite and leave all ego then various defi projects can be more secure than traditional systems. Do you know blockchain keeps data permanently and visible and now can be modified? To change it it must allow peer-to-peer network noticing.
As per the recent news, the Federal Bureau of Investigation (FBI) warned new cryptocurrency investors not to join the smart contract liquidity mining scam. Till now altogether lost money accounted for $70 million. Here is the proof
Such type of scammer uses many ways to steal money on exchange wallets like coinbase. They might insist you to use the coinbase wallet and earn extra income daily online. Pig butchering romance scams, rug pull, phishing, etc are some example forms of such activities.
But Still wonder how this coinbase allows the worm Ethereum inside the wallet, and this is something controversial. In our ideas, a company must not allow worms inside its wallet, it must be secure worldwide.
As you know the coinbase company has thousands of such problems lying unsolved till today because finding those scammers is not also an easy task if we dont support each other.
IN such a type of passive income-earning method, one has to expose risk and wait for recovery.
How do mining scams work?
The mining scams work in such a way that unreal big companies' employees ask you to put money in crypto cloud mining, which they never mine and instead empty your wallet. As already told their activities may include flash loans which allow hackers to borrow unlimited amounts of money without any guarantee of repayment in the future, these hackers can also modify defi program protocol and empty liquidity pools or funds in a few weeks.
In general, they tried to take the money in before 2 or 3 weeks.
So beware of such pig butcherers that can lure you to a fake mining scheme. They will ask you to deposit funds and start earning more than 3 % daily.
Are there scams in the Defi wallet?
Yes, there is a threat in the wallet and as per the report in 2021, more than 12 billion US dollar assets were stolen from users' exchange wallets. This was due to the poor program network of the smart contracts and less security.
Is Defi Liquidity Mining Safe?
No, this type of investment activity is not useful and fake. There is no profit and all you face in the end is a total loss of money from your cold or hot exchange wallet. As to say there is no shortcut to easy money making but once you try to earn by sweat, it will give you some shinenesss.
In the future for your security, we brought this helpful information, to let you also know how millions of pig butchers are growing up in this internet world.
So when you enter or sign up on any social media, be secure yourself, and dont indulge in making too many friends, as it might be a headache too.
How to prevent Defi uniswap UNI token Mining scams?
To prevent such scams, you must follow is never join any unknown social media groups, never accept friend requests sent from strangers, dont visit spam fake websites, never trust people who ask for high interest in fewer days, etc. What techniques they might use include romance scams, pig butchering, giveaways, amazon, or job scams. If your crypto is stolen via such scams from your exchange wallet, what immediate steps recommended ios complain to the nearest legal authority firm in your country. Alternatively, you can also contact the chain analysis website for more information about how to recover your stolen crypto from your wallet.
In conclusion in this blog, you have read the full guide on what is defi liquidity mining scams and how to prevent it. If you have any doubt regarding it please do contact us or drop a comment below.