WhaleFarm Crash Is Latest Too-Good-To-Be True DeFi Collapse

On Monday, something called WhaleFarm was trading above $200 on crypto exchanges. By Wednesday, it was worth close to zero.

It’s the latest easy-come, easy-go DeFi project to raise eyebrows, after its crash likely wiped out millions in value in a matter of hours, prompting Twitter lamentations on its obliteration and warnings from market pros on avoiding too-good-to-be true investments.

“The whole thing is just fake -- people get fake yields, they get fake balances and then eventually the founders just take everything. A competitor platform is offering 10%, so I say I can get you 20%. You send me ...