DeFi scam: Yfdex vanishes with $20 million

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Written by

PVMihalache

#Club1BCH

4 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Defi, Cybersecurity, Finance, Privacy

DeFi scam: Yfdex vanishes with $20 million

DeFi food court is as poisonous as a bowl of mussels left in the sun in August. After YAM and PASTA was SUSHI's turn to disappoint the community and exit scam. This was rather surprising as they had a nice build up community and the Sushi project was very popular at the time. The fast expanding DeFi universe has become something like the DarkNet, full of scams and suspicious projects.

Yfdex mining pool headed for an exit scam and vanished, defrauding the investors of approximately $20 million. This happened after only two days of high marketing on social media. The Twitter and Telegram account were deleted, the protocol official page was shouted down and the Medium channel had no admins available. Every single trace of Yfdex was gone.

The Yfdex "people" done much hard work before the exit scam, promoting heavy the token pre-sale and convincing many believers to join them, "a powerful player that will break down financial barriers". Many where convinced to buy quickly because according to Yfedx, any unsold tokens would be burned after few hours of pre-sale. Every investor was promised Yfdex tokens as an extra reward, in a 12 Yfex per Ethereum.

Everything was part of an well elaborated plan. On the 8th of September, in the few hours of the pre-sale, more than $20 millions were locked in the mining pool. Next day the project was gone, leaving investors to regret the choice they've made. This was another kick in the balls for the DeFi universe

Be careful on your investments and research before doing silly mistakes. Only invest disposable money and remember that if something sounds to good to be true, than it is not true!

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