30s Summary

Crypto investment platform DeFi Edge halted all customer deposits on October 14, weeks after it began phasing out some investment strategies. Despite this, the platform is still processing withdrawal requests. Prior to the deposit halt, it had been associated with various crypto exchanges such as PancakeSwap, Thena, Camelot, Lynex, and QuickSwap. As of October 14, approx $3.64 million in crypto remained in DeFi Edge contracts. Competing platforms have previously experienced scams, with Concentric losing $1.8 million and Gamma Protocol suffering a $400,000 loss, although the latter has since recovered.

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Crypto investment platform DeFi Edge has put a stop to all deposits from its user platform this past October 14. This is causing some confusion as folks try to find another way round this.

Just a bit before this, on September 30, the DeFi Edge team let everyone know that they’d be tossing out some of their investment strategies. But now, it looks like this new deposit block is affecting everything.

Despite this, you can still pull out your money from DeFi Edge as of now.

DeFi Edge is used by folks wanting to facilitate deals on decentralized crypto exchanges. They take care of the grunt work, like managing virtual funds and collecting fees. They’re also set up to work with various exchanges like PancakeSwap, Thena, Camelot, Lynex, QuickSwap and more. On September 29, people had invested more than $4.8 million in crypto through DeFi Edge.

By setpember 30, DeFi Edge said that some strategies designed for the Camelot exchange on the Arbitrum network were gone. Learn from this, they advised users to get their money out before October 10, as those strategies wouldn’t be handled any longer after that.

On October 4, PancakeSwap on the BNB Network informed users that all of its DeFi Edge strategies were being tossed out too:

“All users, keep in mind: @DeFiEdge won’t manage all its Position Manager accounts on PancakeSwap after October 10 2024. Get your money out before then to avoid any headaches.”

On October 6, DeFi Edge passed on this message through its platform.

Despite the heads up, a lot of people didn’t take out their investments before time ran out. Info from data tracker DefiLlama showed over $3.6 million in crypto was still inside DeFi Edge by October 10. It seems some people might’ve missed the news since the app didn’t say anything about it.

By October 14, all strategies showed a message saying, “You’re not on the list. Check in with the DeFi Edge Discord community.” This affected not only the strategies announced in the earlier posts but also some others.

The message includes a link to their official Discord channel. We reached out to their team through Discord, but didn’t hear back before publishing this. It’s not clear how you get yourself on the list, if you can at all.

As of October 14, there’s about $3.64 million in crypto currency lying around in DeFi Edge contracts.

Apps like these have had trouble with scams in the past. DeFi Edge’s rival, Concentric, lost $1.8 million back in January after hackers made off with the development team’s access key. They’ve since shut down and haven’t come back. In early January, Gamma Protocol also suffered a $400,000 scam, but they were able to fix the issue and have since reopened.

Gamma mentioned to us on October 14 that it’s not planning to include a whitelist.

Source: Cointelegraph