thecoinrise.com
Articles revealing the potential of Logarithmic Finance, a decentralized finance (DeFi) project have been swimming the internet and our team of experts at TheCoinRise figured out that this project was indeed a scam. However, the first glance at the website might lead you to falsely believe that the Logarithmic Finance scam is actually a low market cap gem but that is not the case.
There are a number of ways TheCoinRise can confirm that this project is a scam and it is imperative that you go through the entire article to save yourself from losing a huge chuck of your hard-earned wealth.
Logarithmic Finance Scam: A deeper dive
A deeper dive into the website of the Logarithmic Finance scam will get you all the information you need to prove that this project is a scam. While visiting the Logarithmic Finance website, you can see that most of the important key aspects related to a fantastic DeFi project are there. However, there are many signs that TheCoinRise has pointed out below.
No founders
The first and foremost red flag that we found pointed toward the ill intentions of the developers of the project. There are founders of the Logarithmic Finance project and there is no team of developers mentioned on the website. It is very important to know who the founders of a project are before you invest in them.
No social media
There are three social media platforms mentioned on the website of the Logarithmic Finance scam: Instagram, Twitter, and Telegram.
First of all, let’s check the Instagram account of the scam project. Once you click the link for the account mentioned on the website or above, there is no such account to be found, confirming that the Instagram account never existed.
The Twitter account of the project has over 64 Twitter posts most of which are devoid of any comments. Any project reaches highs only in a case wherein the community backing the project is supportive. The communities supporting Solana, Polygon, or Avalanche are extremely active and supportive. This is not the case with the Logarithmic Finance scam whose Twitter account lacks comments.
Lastly, it is important to note that the Telegram members of the project have expressed concerns regarding the project as well. Below is a screenshot of the conversation between a member and the Telegram group admin. According to a user, the Logarithmic Finance team has not replied to one of the queries involving his purchase of $LOG tokens.
Audit
The website confirms that the Logarithmic Finance scam has been audited by CertiK, a blockchain securities firm. However, while visiting the audit report’s link, we are simply redirected to CertiK’s official website. While searching CertiK, it becomes clear that the project hasn’t been audited by the firm.
Conclusion
The Logarithmic Finance scam is one of the many that have been haunting crypto investors recently. You can also look at our reports on the Acranup scam and the Caprice Finance scam.