![]() What is DeFi?ĭeFi applications aim to recreate traditional financial systems, such as banks and exchanges, with cryptocurrency. Here's what you should know, according to experts. "People have been participating in DeFi without understanding the risks."Įven though DeFi has been buzzy lately and you may have FOMO about investing, it's important to research and understand the risks first. "I think it's really important for people participating in the DeFi space to understand the risks and rewards," Meltem Demirors, CoinShares chief strategy officer, told CNBC Make It. DeFi fraudsters stole an additional $83.4 million.Īnd although it's rare for coins to completely tank, like with titan, it's still possible, and investors should be aware. His takeaway: "Do your own research," he told CNBC Make It.įraud within the space has recently surged between January and April, $156 million was stolen in DeFi-related hacks, according to CipherTrace. Regardless, Cuban's experience is a good reminder of how volatile and risky investing in crypto, and DeFi especially, can be. The project said in a blog post that the crash was due to a "bank run," or panic selling, and the token's algorithmic code. You also see incorrect capitalization, missing punctuation, and a URL that was incorrectly pasted mid-sentence."I got hit like everyone else," Cuban, owner of the Dallas Mavericks and an investor on ABC's "Shark Tank," tweeted on Wednesday.Īt first, some in the crypto world speculated that this was the result of a rug pull, which is a type of scam where developers abandon a project and leave with investors' funds. This might be as simple as a misplaced word, improper capitalization, or a sentence that just seems “off.” Check out the double-space error in the message below. As a result, many scammers make spelling or grammar mistakes that should be relatively easy for a native speaker to spot. RELATED: Watch Out: This Verizon Smishing Scam Is Crazy Realistic Number Four: Pay Attention to the GrammarĪ large percentage of smishing attempts originate in countries where English is not the official (or first) language. Sometimes, the whole website functions as it normally would, including the “About Us” links and other unrelated content. It’s surprisingly easy to create a carbon copy of a website simply by downloading the page and uploading it elsewhere. ![]() However, some scammers go to great lengths to make their URLs look convincing, too. The URL in the highlighted address bar doesn’t match that of the official Australia Post website, which means it’s a scam. Take a look at the example below from the Australia Post scam. Don’t fall for it!Ī glance at the address bar should confirm any suspicions. Suppose you accidentally tap a link without giving it much thought, and you see a very official-looking website. Some scammers are adept at producing websites that appear identical to the companies they’re trying to imitate. RELATED: What is Typosquatting and How Do Scammers Use it? Number Three: Don’t Fall for a Convincing Website If the address bar in your browser bounces you from one website to another in quick succession, that’s a good sign you’re being hit with a scam. If you do happen to tap a link, you might be redirected (often multiple times) to a different website.
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