It’s hype season in the crypto space once again, and unsuspecting investors are at risk of suffering losses. Riding on the coattails of decentralized finance tokens that have provided staggering yields, rogue actors are flooding automated market makers like Uniswap with fake tokens.
These schemes range from the elaborate to the downright lazy, but many seem to be hitting their mark, likely preying on the greed or ignorance of newbie crypto enthusiasts. Survivors of the many pump and dumps that dominated the 2017 initial coin offering era can probably identify the repeating pattern currently at play. Indeed, critics of the emerging DeFi yield farming bubble say the phenomenon is no different from the ICO mania of the last crypto bull cycle and some sizable losses are to be expected very soon.
The DeFi bandit M.O.
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