Two weeks ago I posted an article about
Marshmallowdefi scam here
, I personally tested the site by myself and exposed them.
With unbelievable APYs, listing on Coinmarketcap and coingecko and highly promoting on social media websites like twitter and reddit, they attracted tonnes of people to invest in their defi website.
Since it was all over the internet, so I wanted to test it by myself by providing a small liquidity to a farm where it was showing daily apy around millions. And all the liquidity provided in that farm was just about 8$, other farms had over 1M$ liquidity and 500k dollars liquidity respectively. And guess what I didn't even make a single penny even though apy was so high. So I exposed them in my previous article.
Yesterday I checked their website again, guess what all their farms are dead and APY shows zero across all farms. Checkout the screenshot below.
Even their price dropped massively on coingecko from $17 dollars to 3$.
Imagine how many people lost their money since there was millions of liquidity and TVL was locked over $14 Million dollars. These numbers could be fake but definitely this scam project stole thosands of dollars from people.
They probably come up with a new scammer site with same concept and same code running behind with a fresh new defi name.
Don't fall for these traps, it's easy for scammers to make money by this defi concept. Do some research, do not fall for High APRs, this world is full of scammers. Only invest in good defi sites with massive community support like Cubdefi, Tosdis, apeswap, pancakeswap and Julswap.
I probably expose more defi sites soon, losing 2 to 3 dollars won't hurt me much. There is a satisfaction doing this stuff. Spread the awareness, let newbies know not to trust these kinda defi projects.
