A scammer takes advantage of the Yearn decentralized finance project and steals about $60,000
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Answer A scammer takes advantage of the Yearn decentralized finance project and steals about $60,000
Despite the growth and development achieved by decentralized finance, and the interest of many interested and investors, it is still in its infancy and is punctuated by many technical difficulties, which makes many investors completely ignorant of how it works.
Recently, a fraudulent developer suggested the “Asuka” project as a split from the Yearn Finance project to collect an amount of money, then disappear with the loot he made from this short-term project, as some sources indicated that the value of the loot ranges between 30,000 and 60,000 dollars. .
The Asuka coin reached over $1,600 at the end of last week.
Scam exploiting Yearn Decentralized Finance Project:
According to Joind, Jang Jung Chan is said to be in his twenties to develop Asuka’s decentralized finance project.
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This project then spread against the backdrop of the decentralized finance frenzy taking place at the moment. In a short time, Project Asuka boasted at the end of last week that it had cash in excess of 10 billion won, or about $ 8.3 million.
Asuka coins were initially priced at $20 to $1,600 based on increased demand and decreased circulating supply.
But the Asuka project lasted only three days until it was completely emptied of the cash that was inside it with the theft of a sum of money that was not precisely specified, but it ranged between $30,000 to $60,000.
Jang tweeted that he was ashamed and was leaving with the money.
His full name is Jongchan Jang btw. I have more info but it hasn’t been confirmed yet, so I want to share it when it’s more accurate
– Doo (@DooWanNam) August 3, 2020
Theft of only 60 thousand of $ 8 million:
Jang acquired only a tiny portion of the $8.3 million Asuka project’s cash.
This is due to the inability to reach the full amount.
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Jang burns the key to the liquidity pool, leaving him unable to access any of the investors’ locked funds.
For the record, Project Asuka was created last week after Jang said he would make the first Korean project split from the main project Yearn, after seeing the rise of the Chinese YFII project, which was also split from Yearn.
André Cronje, founder and developer of Yearn, had previously welcomed copies of his project but told that improvements and experimental changes were needed to get new ideas.
But it seems that the copies were made for sinister purposes.
The latest version is trying something new. If you clone (and you’re welcome to), please change a few things so we get new data from the experiment. Repeating the same experience is not fun.
Read:Bitcoin Price Facing Biggest Gap In Futures (CME)… What Does That Mean?
If you’re already planning to clone, I have a few ideas for different results.
– AndreCronjeTech August 2, 2020
Read also:
A decentralized finance cryptocurrency is up 35,000% in a week
Will decentralized finance continue to grow, or is it just a bubble that will soon end?
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