Beware of all the incoming Wealth Mountain forks too.
Another rugpull by disgusting, greedy, corrupt scammers masquerading as a defi development team. I’m sure their mothers are proud of them.
BUSD Automine’s big attraction was that is was directly based on the popular Wealth Mountain. I think even the most optimistic investor has been pleasantly surprised at how well Wealth Mountain has done. I certainly am, and I am continually impressed by the dev team as well.
So in came a fork of Wealth Mountain promising slightly better returns starting at 1.5% per day. Many people were excited. I invested in BUSD Automine on 2 September with the aim of accumulating until at least the 2.5% landmark (day 20) before deciding whether to compound or take some profits.
As it was we only got to Day 17 and they rugpulled.
And they were very conniving in the way they did it. First the TVL on the dapp suddenly dropped from $200’000 down to $3.80, so I went to the Bscan and it was confirmed that that was the fact.
But then I thought (optimistically) there was a possibility that were just changing something in the code or migrating to a new platform etc, so I went to their Telegram account and found they had muted it.
And when I tried to interact with the contract via my wallet it wanted permission to access my funds:
All of this reminded me of the BNB: The Lost World rugpull, so similar!
I went back to the dapp and found the TVL was back up to $200’000.
Went back to check Bscan and TVL there was still $3.80.
So now I’m thinking they’re just manually typing in a TVL on the dapp to get more people to deposit or interact with the contract so they can drain wallets.
I went to check their Twitter, comments were turned off and no recent posts.
I went back to the dapp, now they had put an extra funds into my account to try and entice me to connect my wallet and withdraw my funds. Again, the same as BNB: The Lost World.
I know many people lost funds on this investment or, even worse, had their wallets drained and I commiserate with them.
Another negative element of this is that we will soon see a bunch of “Wealth Mountain forks” popping up and many of them could be driven by further unscrupulous scammers, so be careful.
Where Would I Rather Invest:
I often say this, but I like to find development teams that I can trust (as much as you can trust people in the defi space).
That doesn’t necessarily mean that their project will be successful, but hopefully that they will do everything in their power to keep it running for as long as possible and make it profitable for all investors.
- Wealth Mountain: can’t look much further than that. Team continues to impress me, and I have already made a 300% return on my investments there, and I will keep adding more stakes.
- Furio: I have been loving Furio. I have been focused on compounding and have grown my tokens to 4.5x my original stack. However I have also been taking profits and various stages and am now at 81% ROI.
- Jurassic BUSD by the George Team: I really like the setup of t his miner. I have been in in for about four weeks and have made 94% ROI.
- DinoBUSD v2: the second iteration has been going for about two weeks and has been very popular. So far the token value has hardly waivered and there is already over $170’000 in TVL.
- The new Avarice BUSD miner. At the moment there is a small TVL of around $8’800 so a lot of space to grow. I haven’t ROI’d yet, but I still like this team.
Two newer ones where I have, so far, been impressed by the teams:
Remember to only use risk capital — money that you can “afford” to lose. In other words, if the project rugpulls and you lose your investment, it might hurt a bit, but won’t bankrupt you or put you under severe financial pressure.
Additional Things to Note:
- My two best investments recently have been have been Furio and Wealth Mountain
- You can join my Telegram group here , connect with me on Twitter here and on YouTube here.
- You can see all my articles here.
- I’m not a financial advisor. This is not a financial advice, whatever you read in my articles are strictly for educational purposes.
- These defi projects are all high risk and high reward, only use risk capital and be careful.
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- Most of these staking dApps use locked staking which means you can’t take out your original investment.
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Disclaimer: This is not financial advice, the information in this article is for educational purposes only. Never invest what you can’t afford to lose. I disclaim any liability or loss incurred by any person who acts on the information, ideas, or strategies discussed in my articles. Do Your Own Research.