So I saw several people mentioning Defi Money Market yesterday as another defi token to hop on, after investigating it looks like a scam to me and I’ll post my thoughts here for visibility.
Many of these liens date back a few years, I found examples from 2016 and 2017, with “DMM Foundation” listed as the lienholder. See VIN 700719, or 107212.
The thing is DMM did not exist until 2019 and a google search of “DMM Foundation” from 2016 to 2018 yields no relevant results (shoutout Dakotas-Manitoba-Minnesota dispatch).
It looks like somebody just grabbed a stack of paperwork and photo-shopped DMM Foundation onto them on a lot of these. Anyone particularly familiar with auto finance want to chime in?
Another weird case is one lien where they uploaded a screenshot of Adobe rather than just the PDF they were viewing, and the application is in Russian. Why is it in Russian if the company is based in Dubai, handles liens from the US, and has no Russian speaking employees listed on linked-in? Just seems off. ipfs.io/ipfs/QmQKiD6TcwqcWqPv1sjytCUVA63xPfufRo5UQqNSU9hVRY
There are only two real ways I can think of that this is not an obvious sign of a scam. Either A, I am misunderstanding how lien paperwork works and I’m open to correction. Or B these are some quickly put together mockups of what the asset explorer will look like. B is contradicted however by a Medium article Zachary Rhynes put out stating “…for the initial ~$8,500,000 of real world assets already purchased…” in reference to the assets currently listed in the asset explorer.
The “Coinbase partnership” they claim on their website is silly. This is how easy it is to become a coinbase partner: coinbase.com/partners
It’s like people saying they are partnered with Amazon Web Services, it’s an incredibly low bar. I would not assume because they put that icon on their website they have any material connection to Coinbase or potential to be listed there.
I also find it interesting that two of the partners listed don’t mention DMM in their linked-in profiles and that their marketing consultant partner is a sophomore computer science student with no previous work experience.
It does appear to be true that Draper-Goren-Holm is an investor since DMM appears in their portfolio. Maybe a healthy cut of pre-sale DMG tokens motivated them to overlook any flaws, but that’s purely speculative.
This reminds me of the time ELEC/Electrify.asia secured TEPCO as an investor. That gave me a great sense of confidence in the project and then it turned out to be an absolute turd sandwich with no intention of ever giving the token any real utility. ELEC basically just used the funds to develop their business and put the token in the trash.
Dylan Lewis
Bonus goodies.
What the hell kind of white paper only has ONE reference in the appendix? It is so lazily drafted, the technical report I wrote in 6 hours this week looks way better.
Corey Caplan is listed as a "Parnter" not a Partner.
Nice investigation work, user. But you won't be able to convice the pajeets who gobbled up this thing without thinking. Let them witness reality from their own burn scars when it inevitably pulls an exit scam in a few weeks. Will be glorious
Benjamin Johnson
He literally just copied the contents of a reddit comment and pasted them here
>dmm organized a scam collaborated with Draper only to be brought down because they didnt realize they should change the font in documents they are allegedly passing as forgeries
reddit
Jeremiah Reed
also "DMM Foundation" was suppose to be all cap.
Gavin Campbell
The absolute irony that you would say that when the only argument in favor of DMM here is "Tim Draper"
Should I remind you all that Tim Draper has invested in a number of massive shitcoins (pic related)?
Can any of you explain to me why billionaire investor Tim Draper has decided to invest in a scam that 4channers could apparently detect?
Jaxon Gutierrez
See
Andrew Richardson
Wow that article and picture sure do imply legal wrongdoing on the behalf of bottos, thereby bolstering your argument..
Easton Cruz
HAHAHAHA I KNEW IT WAS A SCAM
Ryan Martin
Oh wow project tanked during the crash like everything else
Easton Hughes
Who's the one swinging "muh draper" around? Forget draper. even YOU are not stupid enough to make such obviously obvious photos hops. Youre literally just not entitled to see the unredacted liens.
Maybe go ask /r/lawyers
Zachary Adams
nobody cares because of the current DeFi craze even some of the known biz pnd members i see in the biz discords are bringing up some legitimate FUD. Something feels off about this whole project.
Julian Cook
> tanked during the crash like everything else Have you seen chainlink? Besides, you must be blind if you can't see that this shitcoin is dead with no signs of recovery.
