High riskCrypto & Investment Scams

DeFi Yield Farming Scam

This scam promotes a DeFi 'yield farming' or liquidity-mining pool with high guaranteed returns, but connecting your wallet and approving its contract grants access that drains your tokens.

Quick verdict

Risk level
High risk
Scam type
Malicious smart contract / fake yield
Main red flag
A DeFi pool promising high guaranteed yield that asks you to approve a wallet contract.
What to do first
Do not connect your wallet or approve contracts you cannot independently verify.

What this scam usually looks like

This scam promotes a DeFi 'yield farming' or liquidity-mining pool with high guaranteed returns, but connecting your wallet and approving its contract grants access that drains your tokens.

Example message pattern

Example pattern — not a real report
Example pattern: 'Earn 2% daily by staking in our new liquidity pool! Connect your wallet and approve the contract to start farming rewards now.'

This is a fictional, anonymised example used to illustrate the pattern. It is not a verified real message, and any names are used only to show how the scam typically reads.

Red flags to watch for

  • High or guaranteed 'daily' yields with no real risk disclosure
  • Requests to approve unlimited token access to a contract
  • An unaudited or unverifiable project pushed via DMs or ads
  • Pressure to join before a pool 'fills up'
  • A dashboard showing rewards you cannot withdraw

What to do

  • Treat guaranteed high yields as a major warning sign
  • Research the project, team, and contract audits independently
  • Limit and review token approvals; revoke ones you do not recognise
  • Use a separate wallet with limited funds for anything experimental

If you already clicked or replied

  • Revoke the contract's token approvals using a trusted tool
  • Move remaining assets to a new, secure wallet
  • Stop depositing and do not pay fees to 'unlock' rewards
  • Keep records of contracts and transactions for your report

What not to do

  • Do not approve unlimited token access to unknown contracts
  • Do not chase guaranteed daily yields
  • Do not deposit more to release blocked 'rewards'

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Frequently asked questions

How do these scams drain my wallet?
Approving a malicious contract can grant it permission to move your tokens. Once approved, the scammer can transfer your assets out.
Can DeFi really offer guaranteed daily returns?
No legitimate investment guarantees fixed high returns. Promises of steady 'daily' yield are a hallmark of crypto scams.
I connected my wallet. What now?
Revoke the contract's token approvals with a trusted tool, move remaining funds to a new wallet, and stop interacting with the project.
How can I reduce risk in DeFi?
Research and verify projects and audits, limit token approvals, use a separate low-value wallet for experiments, and avoid guaranteed-return pitches.

Last reviewed: June 2026

Disclaimer: This page provides educational information only to help you recognise common scam patterns. It is not legal, financial, cybersecurity, or law enforcement advice, and it does not confirm whether any specific message, company, or person is genuine or fraudulent. When in doubt, contact the official organisation directly and report concerns to your local authorities.