Description: DeFi Scams
joker (5291) lucky (215) joker.one (1) jkdao (1) joker farm (1)
Joker.One was running a mining pool called JOKER POOL, investors staked EOS tokens into the JOKER mining pool and received JOKER tokens as a staking reward every 24 hours.
To redeem your staked EOS you had to return a majority of the JOKER token you were paid out in. Essentially this was a game of arbitrage, offloading the JOKER token for another token and then buying back the JOKER token at a lower price to pocket the difference.
The entire process was run by a smart contract, no human intervention. That's the sales pitch of DeFi (Decentralized Finance) meant to calm investors' fears that someone from the project can run off with their tokens, the whole operation is run by code with no human intervention. The Joker.One sales pitch emphasized the mining pool was risk free due to the smart contract that oversaw the entire operation from staking, rewards and redemptions. The only people that could access the EOS staked in the JOKER POO