Reshab AgarwalTwitter has been flooded with news regarding the DeFi100 cryptocurrency project. Its website said, “We scammed you guys, and you can’t do sh*t about it.” Well, this had people wondering if the project they invested in turns out to be a scam. Heck, even I was worried, but then official reports from the team suggested that their website was hacked. An analyst also tweeted about this, saying that it seems like the summer of 2017. And many even gave advice that it is risky to invest in a new project if the bear market starts.
What happened with the DeFi100 cryptocurrency project?
If you have invested in the project, do not worry; your money hasn’t been stolen. The team of the project said it was the work of hackers that breached the website. At present, the website is down and is probably getting fixed by the developers. Anyone who might have invested in the project must have gone through a rough patch because of the vulnerability at their website. They should be more careful about such stuff and be more active on social media.
How to keep your money when investing in altcoins?
During the bull run, there is nothing to worry about, but if the bear market starts, then many projects could shut down and turn out to be scams. To prevent losing your money to these scams, always invest in projects with known founders. Also, try to choose old projects that have been around for quite some time and are unlikely to shut down. Do your own research and verify anything before blindly putting your money in a coin.
Even after the bull run of 2017 many altcoin projects turned out to be scams and many people lost their money. So, it is expected that once the 2021 bull run is over many such projects will vanish too. So, be safe and invest wisely.
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Also Read: Why is the Bitcoin crash a good thing for crypto?