Holdfi.io – Another DeFi Scam Or Genuine Staking Platform?

Price volatility is not the only hazard faced by investors in the crypto space. It is a fact that there are many malicious actors that strive to defraud investors in the crypto space and call for diligence before investing. In this review, we shall look at another site, Holdfi.io, that is attracting investors with the prospect of earning by staking crypto assets.

Features of Holdfi.io

Like all investing platforms, the owner of this site has presented some benefits that could be of interest to prospective investors. These include:

Multi-Currency Staking

This gives the users the option of staking with any of several currencies. Even though this is nothing unique, it is an invitation for investors to use the platform irrespective of the currency that they hold.

Daily Rewards

The platform claims that the users who invest in its staking platform would earn returns up to 5.5% daily. Moreover, there are other incentives that have been packaged to make the Holdfi.io platform irresistible to the prospective investor.

Secure Platform

The owners of the platform claim that it is absolutely secure, ensuring that the crypto assets invested in it are safe.

Commission-Free

Another attractive feature is that the platform claims that deposits and withdrawals are commission free, even though they actually implied that apart from the transaction fees, there are no other fees attached to the investment.

Stake and Earn

The platform claims that all that the investor needs to do is make deposits and begin staking any of the coins that they have deposited and the rewards would start coming in.

About Holdfi.io

In its introduction of its services, Holdfi.io claims that its objective is to enable investors and users to grow their digital assets irrespective of the type of assets and the location of the stakers. It also stated that they are a team of blockchain professionals involved in portfolio management, staking rewards and exchange of crypto assets.

Making it Easy

The platform makes it easy for the reluctant investor to take the plunge and deposit their asset through a $20 incentive, automatic staking and easy daily withdrawals. At the time of filing this report, the site claims that it has 2,942 users who are already staking coins on it. $2,906 has been made in deposits while $186 has been made in withdrawals.

How Genuine is Holdfi.io

Having seen what this platform offers investors, is it safe to assume that it is a legitimate investment site?

It is possible that there are many investors that are not aware of the signs to watch out for while ascertaining the legitimacy or otherwise of an investment platform. For Holdfi.io, there are indicators that should make anyone cautious. Some of these include:

A $20 Bonus

One of the indications that this is not a reliable staking site is the $20 sign up bonus. You should ask yourself where the free fund is coming from. The implication of this is that the entity is claiming they would give away $20,000 to 1000 investors just for signing up. It is an old trick that aims to lure users with the bait of free money.

A New Site With No Reputation

A Whois search shows that the domain was registered on July 15. This is less than a month old and the owner of this site is unknown. Also, the identity of the team is not known. With no antecedent, reputation or a known team, this platform hopes to convince investors to make deposits with no proof that it has built a blockchain platform that actually stakes coins profitably.

A High ROI

As a rule, when a business claims that the investor could earn high rewards, there is always a catch. That’s why if the proposition looks too good, the risk would naturally be too high. With an offer of more than 5% daily in an uncertain coin market, Holdfi.io is surely not a trustworthy platform to put your funds in.

Unconfirmed Claims of Transactions

All the claims that there are deposits and withdrawals cannot be proved because the owner has not linked them to any blockchain explorer. Even if they did, it is not evidence that the transactions actually originated from the business. This is why the investor should beware.

A Referral Program

The platform has a multi-layered referral scheme. This is possibly where the free $20 comes from. What could be happening is that new investors supply the funds that pay the older ones. The consequence is that the old investors are encouraged to promote the scheme believing that it is a genuine investment. The new ones are enticed with the prospect of high rewards and all spread words about the program.

A Possible Ponzi Scheme

Like all ponzi, Holdfi.com is a potential exit scam. At the point the influx on new deposits ceases, the business crashes. The operator packs up while the investors count their losses.

The Conclusion 

Hodfi.io is likely another ponzi scheme. There is no evidence that this platform stakes any coins but may pay initial depositors with funds generated from new investors. This is potentially an exit scam.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.