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How to Spot Scam Projects in the DeFi Industry


  • Find out about scam in cryptocurrency
  • Learn how to recognize scam
  • Learn how to avoid scam
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What is the purpose of the project?

This may appear to be an obvious question, especially if you are new to the DeFi world. However, the vast majority of crypto assets add nothing new to the business.

Yes, we have examples of truly disruptive breakthroughs (which is why we're interested in DeFi!). Nonetheless, many new initiatives are attempting to fade into the background of DeFi interest without even attempting to bring anything new with them.

An audit of smart contracts

Audits of smart contracts and DeFi are common. The goal of an audit is to ensure that the code is secure. Even though auditing is an essential aspect of smart contract development, many developers release their code without it.

As a result, the risk of using such contracts rises dramatically. It should be mentioned that an audit is very expensive. Legal projects can typically afford to pay for an audit, whereas scam projects are less interested.

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