A couple of hours ago, the sale of the $DMG tokens from @DMMDAO has been completed, due to which DMG has the largest 24hr volume on Uniswap v2. However, the project allows anyone to get personal data of some borrowers of the fintech company which apparently launched it. ⬇️ 
The project promises a fixed rate (currently 6.25% per annum) for DAI, USDC, ETH, which is obtained from loans with cars as collateral. DMM uploads edited car documents to IPFS, allowing anyone to check them: explorer.defimoneymarket.com
Despite the project’s attempts to remove all private info, 18 of documents still have the Verification Code through which you can find additional information. The purchaser of these vehicle records is @FinovaFinancial. One of DMM’s partners is the CEO of this company.
Finova Financial has long wanted to get into the crypto industry. In 2018, the company raised an investment from Polychain and planned to launch a security token: blog.polymath.network/polymath-compl…
But that’s not all. 52 documents were not uploaded correctly and include some sort of a screen from a Google UI. These documents contain an interface in Russian, which is a strange choice in the absence of Russians in the team (maybe something like Amazon MTurk?)
In addition, each document has a link to Google Drive. The details of these files contain a mention of their owner Mary Mulcahy, VP of Finova. The content of the files is much more interesting, as it allows to access personal information about car owners, despite redacting.
5% of the published documents have a link to Google Drive with the original, which indicates the low competency of the team. If there were no connection with Finova, then the project with current facts would seem like a scam and I’d refrain from investing.
DMM may also face regulatory issues and was not able to answer fairly simple questions from users of the MakerDAO forum. However, for most speculators, it’s enough that @TimDraper is mentioned and they run to buy tokens.
Do not be like them, DYOR.
Do not be like them, DYOR.
Polymath*
