People take chances every time they get out of the house. Financial risks are also common, but this does not stop people from taking chances and investing in innovative solutions. Cryptocurrency is a relatively new topic, but it has quickly become taboo. People are always afraid of new things and find it hard to adjust to changes. Everything is blown out of proportion every time something goes wrong because it is easier to generalize a faulty situation.
Crypto Scams and Scandals that Affect Credibility
Everyone knows that where money is found, someone will be looking to profit from it illicitly. If there is a small loophole or opportunity that can be manipulated to gain access to other people’s funds, someone will be there to creep through the hole. The main problem comes when many others want to make the world a better place through this activity, but their reputation is tarnished because some want to take a shortcut, even if it hurts crypto users.
Since its breakthrough a little over a decade ago, cryptocurrency has been trifled, mocked, and disgraced with every opportunity. People have been willing to invest in it and saw the future of decentralized financing as the next step of evolution, but others focused on scams and how to make a quick fortune. Their actions had a significant impact on the reputation of cryptocurrency, but they have been discovered over time.
Among the most common scams people can come across in their journey through the crypto world, the popular options would be:
· Investment scams — when people ask for control over your cryptocurrency with the promise of huge gains overnight. Some may also direct you to invest in a token, which will raise its value, but they dump their holdings for a quick profit
· Phishing scams — strangers will try to learn your account details through fraudulent emails, links on social media, or even direct contact
· Upgrade scams — users are tricked into downloading “upgrades” for their platforms, but they are meant to discover your private details
· SIM-swap scams — this is a new tech-savvy solution that involves cloning your SIM card to access your phone’s data and authentication codes to gain access to crypto data
· Fake crypto exchanges — people offer great deals on popular cryptocurrencies, but they end up being cheap replica that has no value whatsoever
The latest scandal that shook the crypto world is the one at FTX. A 30-year-old visionary with all the makings of an expert that would influence the crypto world and open it to the public shifted his course. Instead, he focused on making significant profits off the backs of users who invested in his reputation and shook the crypto world to its core. He used his brilliance to develop solutions that filled his accounts and emptied those of his investors.
DYP — a Stable Environment with a Solid Foundation
Unfortunately, the crypto world will always have a dark side, no matter how fierce its knights in shiny armor will be. There will always be people looking to profit from others without caring about the harm they are doing. Still, our team, at DeFi Yield Protocol, focuses on new and innovative solutions to put the interest of our community members above all else.
Safety and security are at the forefront when dealing with finances, centralized or decentralized, and we, at DYP, make them our primary goals. Furthermore, our platform is meant to create a stable environment for veterans and newbies who want to take their chances in the crypto world. To prove this, we have undergone regular audits from Blockchain Consilium, Certik Security, and PeckShield. In addition, security Oracle constantly monitors all our smart contracts to ensure their validity.
Customer funds will never be touched, traded with, or used as collateral. DeFi Yield Protocol has no exposure to FTX, Alameda Research, or Genesis Global Capital, the entities involved in the latest scandal mentioned before.
To ensure the safety of our ecosystem, both DYP and iDYP tokens that are not in circulation are deposited in audited Token Lock Vesting contracts. In addition, all the smart contracts that back up the products that we offer on our platform are owned by a time lock contract that functions as a safety feature to prevent any possible risks like dumping and crashing cryptocurrencies, and to deliver the stability that every crypto user is looking for. Last but not least, the DYP team is using a leading market making company to provide liquidity for the CEX exchanges in order to avoid any inconvenience.
All these measures have been taken so people can realize we are not here to cash in and disappear. We want to build something that stands the test of time, and you can be a part of it. Business takes place as usual, and users can make deposits, withdrawals, and trades without concerns. For any other details, don’t hesitate to contact our team by email, Telegram, Discord, Twitter etc. to set your mind at ease!
