Scammers are ripping off people using the idea of Decentralized Finance (DeFi), and YieldFarming.com is no exception. It’s not the kind of opportunity that can guarantee returns unlike in these trading and investing platforms.
Its website (Yieldfarming.com) is purporting to offer education materials and premium earning opportunity which can be accessed through a special application process.
YieldFarming.com is claiming that it pays rewards through staking and lending of Crypto assets with DeFi protocols.
They also tell investors that Yield Farmers are like banks and that the platform offers liquidity and users are able to earn from transaction fees, token rewards and capital growth.
Most of the explanation is kind of vague especially when it comes to how YieldFarming.com is explaining their method of generating revenue.
Furthermore, the yearly cost of joining Yieldfarming.com is about $30,000, and they lure investors by claiming that the platform offers “yield farming strategy used by billionaire Crypto investors”.
It further claims that users can ‘print money’ with just 14 clicks. We find these promises too good to be true, which puts YieldFarming.com in an awkward situation when it comes to investigators wanting to scrutinize their activities.
So the question is — does this thing really pay people as claimed on the sales page?
The program is operated by David Malka, and the sales material claim that this platform is made up of billionaires, Crypto exchanges and generally an ecosystem that is hosting wealthy people.
YieldFarming is further asking for a deposit of $15,000 for people to join the system.
We find it rather weird because after passing the application process and being coersed to pay 15000usd, you will be expecting a very high ROI which you will not see anyway.
Another thing is that the idea of Yield Farming is not new. There is no secret here but YieldFarming.com is promoting it like snake oil.
In one of their promotion materials, you will hear them saying that financial institutions are using yield farming to make money.
This is definitely ridiculous and anybody who falls for this hogwash will definitely lose their money.
Yieldfarming.com billionaires still wanting your money
The interesting part is the claim that the ‘insiders’ are ‘billionaire’ who are making money from yield farming.
And our question is if these guys are really wealthy, why do they need your money? For what purpose?
If the platform is generating very high ROIs, why are they so desperate to invite you while pretending to subject you through an interview process before snatching your 15000usd?
At some point, YieldFarming.com says the reason they want you onboard is because they are looking for ‘fresh ideas’.
On the other, this platform appears to peddle a bogus investment platform for all types of people, whether beginners or advanced investors.
What they are not saying is how the program can keeping getting profitable despite many people joining?
Do you know that profits in yield farming drops in proportion to the number of people that join. The bigger the number, the less the profit.
What are the risks that this scam does not tell you about Yield Farming?
As I was looking at a few examples of their portfolio samples and what we potentially stand to gain, I was mesmerized by the advertised returns where investors could gain hundreds of percentage in ROI over the course of 1 year.
Some of the tokens that they talked about and showed us examples of potential earnings include OlympusDAO, OHM and ADDY.
The risks involved were so huge that a sane investor would never look at it twice or even consider investing a penny on such fraudulent offering.
In all the cases, these tokens lost 99.99% of their value. So even if you entered and gained the advertised returns, you would still lose a big portion of your money at the end of the investment period.
This is clearly not what you want. This is also what Yieldfarming.com is not telling you but still taking thousands of dollars from you upfront.
An attempt to convince you using ‘stable coins’ like UST
The website further claims that investing in stable coins like UST is extremely safe.
We say this is total BS because this stable coin (which runs on the Luna ecosystem) recently collapsed and caused huge losses to investors.
UST (as a stable coin) was supposed to be worth 1 USD in all seasons. The price was supposed to be constant at all times.
But one day something ugly happened, and the value of UST dropped to 0.1 USD.
YieldFarming.com will not tell you these things because their aim is to scam you by making you pay them upfront.
There are so many bogus investment platforms that operate like Yieldfarming.com. An example that we recently reviewed is Yield Crowd which has since denied that they are not a ponzi scheme.
The tokens can appear to have a certain value but shortly they will crash and you will lose all your money.
According to Yieldfarming.com, the platform identifies highest paying opportunities with low risk.
But in the real sense, the higher the potential earnings, the high the risk.
These people are just lying to you by selling snake oil and making you believe that you will get handsome returns.
They certainly don’t have the secret to earning those amounts of profits.
They are a scam because they want you to pay $15,000 just to try a risky investment affair that will ruin you financially.
Avoid Yieldfarming.com at all cost.