en
Back to the list

CashFi (CFI) Scam: Stay away and be safe

Security

thecoinrise.com 24 June 2022 19:19, UTC
  
Reading time: ~3 m

CashFi (CFI) scam is another major cryptocurrency scam that works entirely on marketing. The project boasts several features in its whitepaper, but the team of reporters at TheCoinRise can figure out that this is a major scam that is being run by a team of creators who have successfully implemented many scams recently. 

TheCoinRise has recently covered many scams and CashFi (CFI) seems to be one of them. These scams include ParodyCoin (PARO) scamGnox (GNOX) scamFirepin (FRPN) scamMushe (XMU) scamExplora Chain scam, and Securipop scam as well.

However, these are just a few of them, and investors are advised to remain on top of these scams. CashFi (CFI) scam describes itself as follows “an integrated platform that will adopt a qualitative methodology for off-chain cooperation while also allowing for on-chain interoperability using an ecosystem of Multi-Chain web 3.0 products designed to stimulate global liquidity and enable seamless value exchange.”

The scam project advertises its services by promising to provide “top-tier liquid staking, NFT, and Synthetic Asset services.” Furthermore, the main attraction of the project has been described as the CFI token, which is built on the ERC-20 standard. 

CashFi (CFI) scam highlights

Here are some of the reasons why we believe that CashFi (CFI) is a scam project: 

YouTubers

Prominent YouTubers like Crypto Bellwether pointed out that CashFi (CFI) scam has been actively scamming investors lately. 

He pointed out several reasons which match our reasons as well. The first and foremost reason that he pointed out was the presence of a significant number of articles on the internet about the project, but most of them seem to be paid. 

This means that there are zero articles on the crypto project that seem to be organic or non-paid. There is a similar style that these projects follow. They keep their names beside major blockchains like Solana etc, to make them sound bigger while they are nothing compared to them. 

Audit

The audit of the platform has been done by Solidity, and it seems that they have a few concerns regarding the platform as well. As per the audit report, CashFi (CFI) scam owners seem to have too much control, and 100% of the total supply will be minted to the owner upon deployment. “Please ensure trust in the team prior to investing as they have substantial control in the ecosystem,” the report concluded. 

All pomp, no show

The project promises a number of projects, but like the other scams pointed out by TheCoinRise, CashFi (CFI) scam also doesn’t have anything to show. There is no working prototype, and it seems that we might see a pump and dump when the token launches after the presale. Investors are requested not to invest money by simply reading the whitepaper if they have no working prototype. 

Conclusion

CashFi (CFI) is definitely a scam, and investors are advised to stay away from it, or they could face a huge amount of loss. There are no founders or development team that has been KYC verified, which is another red alert.


   Source
Back to the list