DeFi 100 is a decentralized fintech protocol that runs on Binance Smart Chain (BSC). There have been several instances where the crypto pools based on Binance have proven to have shady origins and scammed the investors out of their digital wallets. It is very easy for anyone to create an altcoin for the users and start trading it through different channels. Any person with a little knowledge of computers can perform this easy task, and it does not require much investment capital.
At one end, this feature is seen as a revolution to encourage a small-scale business person. On the other side, many cynics think that having a small-scale stake in the business puts the interests of the investors in jeopardy. One such example can be found with a TikTok Influencer who created a satirical cryptocurrency without any real use case and named it a scam. He ended with a massive following and is now trying to legitimize his crypto initiative.
Are the Defi100 Investors Left Penniless after the Current Fiasco?
The official website DeFi100.org posted a message on the dashboard claiming that the owners have run away with all the funds and the users cannot do anything about it. The message was soon noticed by a few investors, and they started to wreak havoc on the social media platform. In a matter of few minutes, the entire crypto community was talking about this unfortunate incident.
Many investors started to panic and tried to contact the DeFi100 authorities. However, the company management soon put down these rumors to bed by tweeting. The management told investors that some hackers tried to take possession of the website and posted the message there. For the time being, the website has been taken down from the internet. It is not clear yet if the hackers managed to gain access to the digital wallets or not.
It is Necessary to Set a Minimum Infrastructure Requirement for Crypto Businesses
The age of technology has made life easy in many ways. However, the new problem of hacking has become a big problem for most digital companies. At the same time, it is a great idea to empower people and allow them to operate a business online with a minimal amount of resources. If such businesses go further, they naturally face a lot of issues like cybersecurity and the recruitment of trustworthy employees.
If the government sets minimum requirements to set up a business, it will create a superior opportunity. In this manner, the business owners would be able to safeguard the interests of all the stakeholders. Additionally, it is also the responsibility of the crypto service providers to create better conditions for proper and professional business acumen.