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Connecticut authorities issued a consumer alert on overseas DeFi trading platforms after disclosing a case in which a local resident lost $200,000 to a scam involving an impostor posing as an acquaintance.
Connecticut Attorney General William Tong strongly criticized seven unregulated offshore platforms in the U.S., including GMX, dYdX and Hyperliquid, calling them “not innovation, but exploitation.” Tong said the platforms offer leverage of up to 250x and trading in synthetic assets rather than actual stocks, leaving users at risk of a full liquidation of principal even on small price moves. Tong added that the decentralized nature of the trading venues makes fund recovery virtually impossible.
The attorney general’s office also said secondary scams are spreading, with fraudsters demanding upfront fees under the pretense of helping victims recover lost funds. It urged residents to verify whether a service is properly registered and to report suspected fraud promptly.