Hey guys, I am still learning DEFI and only considering using ‘trusted’ platforms like anchor and Osmosis for now. I have mostly been into rewards token like PolyX (PXT on coinmarketcap) that gives rewards in Polygon MATIC until now.
I just have a question that may sound noobish but is it a possibility that a shady contract can withdraw your deposited LP tokens? I ask this because I have seen several Pools offering thousands of APR and I am tempted to try them out but I am worried that a shady contract may be able to withdraw your deposited LP tokens after you have deposited them.
Any clarifications will be appreciated.
Edit – People DMing about PolyX, here is the website to the project –