Is Cake DeFi a scam? What about the BaFin investigation, the DeFiChain atomic swap exploit, the disabled BTC withdrawals? Here are all the facts. As always, in a no-bs, high-quality fashion.
Update: BTC withdrawals are still possible (through BTC network). Only dBTC withdrawals (through DeFiChain network) are disabled.
Here’s the video:
Here’s the audio:
Download podcast episode
Show notes:
Atomic Swap Exploit: Everything You Need To Know (and what this bug means for Cake DeFi + DeFiChain): https://youtu.be/pj2ntogCHjw
How to use the DeFiChain mobile wallet: https://youtu.be/CDxQmtbfID8
Here’s a list of all my videos about DeFiChain & Cake DeFi:
https://www.youtube.com/playlist?list=PL3q6QaeUG5KX5oG0JyAlFBBJ2QAVK7nRT
Links:
- BaFin investigation: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2022/meldung_220107_cakedefi.html
- Cake DeFi official statement: https://cakedefi.medium.com/cake-defis-statement-zur-meldung-der-bafin-12390fbcc0c0
- Cake Defi CEO statement: https://www.youtube.com/watch?v=9kFcdgZzqio
- FCA bans the sale of crypto-derivatives to retail consumers: https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
- Julian Hosp on BaFin investigation (today’s video): https://www.youtube.com/watch?v=nUWL4B2Bj-8&t=1330s
- Julian Hosp about TenX, MLM etc. https://www.youtube.com/watch?v=nSjpWr2BgeI
- Julian Hosp whether TenX was a scam: https://www.youtube.com/watch?v=oVDoZV9xndM
- Trustpilot reviews: https://www.trustpilot.com/review/cakedefi.com
- Play Store reviews: https://play.google.com/store/apps/details?id=com.cakedefi.app&hl=en_US&gl=US
- App Store reviews: https://apps.apple.com/de/app/cake-defi/id1564415526
- Exsila swapping platform: https://www.exsila.ch/
- Average ETH fees: https://ycharts.com/indicators/ethereum_average_transaction_fee
- Average BTC fees: https://ycharts.com/indicators/bitcoin_average_transaction_fee
- DeFiChain block explorer: https://defiscan.live/
- Ethereum block explorer: https://etherscan.io/
Other Links:
- Download my spreadsheet: https://docs.google.com/spreadsheets/d/1x87zaaIz2kUOQSb3e60Q_-qzqDo0FA2HptGeEu_d2mI/edit?usp=sharing
0:00 Is Cake Defi a scam?
0:48 BaFin investigation & crypto regulation in general
4:17 My take on BaFin investigation
5:51 Atomic swap exploit & disabled BTC withdrawals
6:46 Testing DFI withdrawals (they work!)
7:48 How to sell your DFI when exchanges have disabled DFI? (With the DeFiChain DEX!)
9:02 Selling DFI for USDC on the DEX and withdrawing to Bittrex (it works!)
11:08 How long does it take for deposits to be confirmed on Cake DeFi?
12:41 Withdrawing USDC from Cake Defi & high withdrawal fees (Cake is working on improving that!)
17:11 Is Cake Defi trustworthy? What are the risks? How much to invest?
18:50 TenX crypto startup
22:24 Is Cake DeFi worth it for me?
23:14 Summary
Sign up with my link and get a free $30 bonus of DFI after you deposit $50 into Cake Defi (without my link you only get $20): https://app.cakedefi.com?ref=424819
Sign up for Bittrex with my link: https://bittrex.com/discover/join?referralCode=4GP-KDW-0TL
Sign up for KuCoin with my link: https://www.kucoin.com/ucenter/signup?rcode=rBEB6BY
