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Getting ripped off on Defi

ripped off in Defi


So I have lost money twice since I started collecting and trading digital currency.

"We are about to edit this article because unfortunately it looks like I have been ripped off a 3rd time."

The first problem is that I can't my cryptokitties back that I bought back in 2017.  They are attached to an old Metamask wallet that I can recover but doesn't seem to have anything in it or attached to it.  If someone knows more than me wants to comment with a suggestion, I am all ears. I don't think I was technically ripped off.  It is probably my fault for losing the correct passphrase or making the wallet vulnerable in some way.  I lost 2 Ether which was worth about $800 at the time.

My other big loss was in the Defi space.  There was a company called Adrenaline Finance that was selling a token called ADR.  I was very new to Defi at that point and wasn't able to do the research that I can now.  I was able to figure out how to send them ether and magically I received ADR tokens.  I should have known something was up when they didn't have a value when I looked in my wallet.  Well I didn't learn and bought some more and staked them.  When I took a deeper dive it appears that I owned 10% of the total project.  It was very small.  I would check the account every couple of days and watch my ADR tokens grow.  Eventually I went to the site one day and they had erased ADR and now were touting BADR.  My Defi Farm that was supposedly paying me 1000% annually  was paying me in fake coins.  The rip off was so bad that I even lost most of my fake ADR tokens.  It wasn't large dollars so it was a very valuable lesson.

I would stick with the Dapps on this list if you want a pretty good chance of not getting ripped off.  They are all apps that are able to integrate with the Wallet Connect Protocol.  They are the most well established of the brand new Defi world.

Here is a list that includes many of the previous companies.  This is the list of companies that will interact with Coinbase wallet using the Walletlink protocol.

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