Ethfinance: A Dubious Platform Promoted via LinkedIn

The investor had been using a supposedly cryptocurrency trading website named “Ethfinance.” The DFI says “The investor learned of Ethfinance through a random friend request on LinkedIn.” Hoping to profit from crypto trading, the investor moved $310,000 total from his “DeFi wallet” to the site.

Advance Fee Fraud Tactics Leave Investor Unable to Withdraw Funds

The investor was advised he needed to pay additional money to finish the “smart contract” and remove the money when he tried to withdraw some of his original principle and declare winnings. The DFI said, “The investor did not send any more money. The investor’s account is locked and he has been unable to take any withdrawals.

Though it has not confirmed the claims, the regulator said the case looks to be a “Advance Fee Fraud.” Promising victims large sums of money, goods, or services in return for a nominal upfront payment, advance fee fraud is a scam. Once paid, the con artist either vanishes or encourages the victim to send more cash for other items.

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The crypto fraud tracker maintained by Washington DFI reveals that Ethfinance has also come up in past complaints. After meeting an internet stranger offering to teach them how to make money trading crypto options, a California resident claimed losing over $165,000. When the “CEO of Crypto Customer Service” on Telegram asked them to send 25% of the earnings as “taxes,” the investor knew it was a fraud.

Washington DFI Issues Multiple Alerts on Crypto Scams

On June 13 the Washington DFI posted three more notifications. Two were for purportedly dishonest crypto exchanges, and the other dealt with a bogus investment management platform. These cautions highlight the need of awareness and caution while handling unwanted offers and foreign web platforms in the fast changing crypto scene.

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The post Investor Loses $310,000 to Allegedly Fraudulent Crypto Trading Platform appeared first on Coin Engineer.

Kamino Finance is a decentralized finance protocol that operates on the Solana ecosystem, enabling debt issuance, borrowing, and trading.

Kamino Finance incorporates a host of financial applications, including debt issuance, borrowing, liquidity provision, beta-phase multiply, and leveraged transactions.

Borrowing: By providing liquidity on the platform (which is used as collateral), users can borrow in accordance with the dollar equivalent at that time. This loan is repaid at an annual interest rate.

Lending: By providing liquidity on the platform, users can earn interest returns at the annual percentage rate offered.

Multiply (Beta): Users set a multiplier on the platform and invest sol or liquid-staked assets. They are then provided a loan through JitoSol and earn APY returns at your multiplier rate. The application also includes various tools, such as a risk simulator.

K-Lend:

Kamino lends or K-lend is a dApp that combines the advanced liquidity provider features of high-infrastructure liquidity lending platforms like Aave, Curve, and Uni. It forms the basis of Kamino 2.0.

K-lend aims to combine various features such as an advanced risk management mechanism (benefiting from Oracle), eMode technology used in Aave v3 (customized leverage mechanism), a single pool liquidity system, and protected collateral in the K-lend dApp.

Airdrop and Token Allocation

As of the writing of this article, Kamino has a TVL of 135 million dollars and is the fifth largest in the Solana network. Kamino, which came to the agenda with an airdrop and stirred up the Solana ecosystem with its partnership with Jito and having no circulating tokens, has brought up airdrop questions.

On November 28th, Kamino announced a scoring system on their Medium page and will soon disclose the details and requirements of this system. Assuming that this scoring will be like other lending platforms (Marginfi and JTO);

1. Staking SOL or another supported asset on the platform
2. The amount of time and stake amount on the platform
3. Borrowing and lending
4. Generating TX at different times
5. Referral points

These conditions can be set, and after these conditions, your rank is determined, and if there will be an airdrop, the amount of token that will be given to you can be given under these conditions.

It is hard to predict this amount at this stage but JTO distributed 10% of the supply. Generally, projects distribute 5% to 10% of supply through airdrops. Presuming a token market cap of approximately 350M dollars, we could consider a 35M dollar airdrop.

Kamino Finance Team

While there isn’t sufficient information about the team, we can see that there are 13 employees on LinkedIn and only four profiles are open. Although the team is not often on camera, they are active on Discord and have made various posts regarding the project.

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The post What is Kamino Finance? (Potential Airdrop Project) appeared first on Coin Engineer.