Each month, dozens of new cryptocurrencies are released, and these new tokens and coins are accompanied by a series of initial coin offers (ICOs). And with them come scammers.
DXDY finance claims to be the new generation of decentralized exchanges, providing a layer 2 scalability engine and lower transaction rates. DXDY might be falsely promising to be listed on renowned exchanges like hotbit, Binance, and coinbase.
Further, according to a recent confirmation by Peckshield in their Telegram channel, dxdy is falsely claiming to be audited by the Peckshield auditing firm.
This prospect might be daunting for a cryptocurrency investor wanting to take advantage of a plethora of fresh investment options while staying protected from fraudulent ICOs and dubious coins and tokens. Even experienced investors may struggle to keep up with the jargon as blockchain and cryptocurrency technology develops at a rapid rate.
Binance is one of the few big centralized exchanges to have completed the Layer 2 network integration process. Arbitrum’s network has also been integrated by OKEx. Coinbase has announced intentions to incorporate Polygon’s Layer 2 network, however, the platform has yet to be supported. Coinbase has also stated that it will investigate the Layer 2 networks of Arbitrum, Optimism, and Starkware in the future.
Victims of similar frauds have reported losing their whole crypto portfolios or significant sections of them, as well as their NFT collections.