What are the common red flags of a defi wallet scam?

3 answers

• Mar 18, 2022 · 3 years ago
  One common red flag of a defi wallet scam is the absence of a reputable team behind the project. If the wallet developers are anonymous or lack any credible information, it's best to avoid using their wallet to protect your funds. Always do thorough research on the team behind a defi wallet before trusting them with your assets.
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• Mar 18, 2022 · 3 years ago
  Another red flag is unrealistic promises of high returns or guaranteed profits. Scammers often lure victims by promising unrealistic gains, but in reality, no investment can guarantee such returns. Be cautious of any defi wallet that makes such claims and always exercise skepticism when it comes to investment opportunities.
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• Mar 18, 2022 · 3 years ago
  At BYDFi, we prioritize the security of our users' funds. One red flag to watch out for is a defi wallet that lacks proper security measures. Ensure that the wallet you choose has implemented robust security protocols, such as multi-factor authentication, encryption, and regular security audits. Additionally, always verify the wallet's smart contract code to ensure it has been audited by reputable firms.
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