Its funny how so many more people are getting scammed on these “regulated” platforms versus unregulated ones.

DeFi has always been synonymous with “scams” because it’s unregulated meaning there’s no central authority that can thoroughly check the legitimacy of a project before it gets listed.

This (at least in theory) should make CeFi much safer than DeFi considering there are standards to be met.

But the reality is that a lot of standards are being completely ignored. Standards that are putting billions of dollars in funds at risk as we’ve seen with FTX most recently.

There’s no reason for anyone to be using CeFi over DeFi especially when you take into consideration the power of custody and the fact that DeFi is now way more efficient with L2s taking over.

Fees on L2s like Loopring right now are minimal and other L2s like Polygon have tens of thousands of dApps to choose from.

It makes literally zero sense to use CeFi over DeFi.

“Its more convenient” well yeah up until the platform you have your money on ends up drying out your hard earned money and blocks you from accessing them since you already signed away the rights of custody…

Its time for this community to put an end to this madness and start taking the right choices. The fact that CeFi got to this much power alone is a huge f#ck up.