DeFi Scams In The Crypto Space

Crypto is a great technology, with the right people it can change lives and in the hands of the wrong people it can ruin lives. Few days ago, ZKFair launched, the zero knowledge protocol that aims to use gas fee as a means to reward its users. It came with a different protocol, you use USDC to pay gas fees which is kind of weird to me. Because one of the criteria that supposed to give a native token value is its utilisation as gas fee, but ZKFair uses USDC. Not lots of projects are building on the chain, at least we have some few DEX that supports the chain.

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Scammers realised this and decided to capitalise on this. A scam site called Fairswap announced it will be launching an airdrop to all ZKFair holders, and you can swap on its platform. First of all, the site looked really good and real, it had a relatable name, the chain is ZKFair and the swap is fairswap, the colour of the site was almost like the same colour of the UI of ZKFair. But the only part where I suspected and doubted the authenticity of the platform was in airdrop distribution. They claimed that holders of ZKFair would be eligible for an airdrop, when the airdrop eligibility was launched, everyone was eligible for 5,000 fair swap token expected to be launched at $0.01. That didn’t sit right by me, because, everyone can not have the same allocation.

The day of the airdrop launched, people who tried to claim the airdrop got their wallet drained. This is so sad because in the spirit of airdrop, it was so easy for people to fall for that. I would have fallen victim, the only reason I didn’t fall for the scam was because, I was busy. In crypto it’s easy for anyone to fall for scams, you just have to do your research better. I will always choose safe money over quick money. Before you use any DeFi, try and see if they have a reputation, and check how long they have been operating. Do people know their dev team? Are they reliable? Because most of these new DeFi platform can promise huge APR, bec careful, look for safer ROI than higher ROI. Fair swap had huge ROI, but it was a scam.

Posted Using InLeo Alpha