Two days after launch… Decentralized Finance Project Disappears With $20 Million Investors’ Money
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Answer Two days after launch… Decentralized Finance Project Disappears With $20 Million Investors’ Money
The decentralized finance arena is relatively new compared to the crypto market in general, so we find a lot of new concepts, which are usually presented by new projects, which are sometimes fraudulent projects whose sole purpose is to seize investors’ money.
Decentralized finance project Yfdex.Finance is one of these fraud projects that managed to defraud and steal nearly $20 million from investors’ money.
The Yfdex.Finance project has convinced investors that it is a Defi project and that it provides returns for those who turn over their money to the project to benefit from the Yield Farming mechanism.
With some heavy marketing on social media, the fraudulent project reached its end by getting investors’ money, and then disappeared without a trace.
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Spread Cryptocurrency investor and analyst “Cryptowhale” on Thursday tweeted about the alleged dramatic looting of the Yfdex project, and the traditional method of fraud, and escape, saying:
New day, new decentralized finance scam!
He added:
After promoting themselves on Twitter for two whole days, Yfdex took a total of $20 million in investor money in a new scam.
The official Yfdex channels on Telegram and Twitter have disappeared after the scam.
The protocol’s website as well as its Medium page, which were all used to promote the project, displayed an error message.
This complete silence and the sudden disappearance of the project came after long planning and work, as the project began working non-stop and unrivaled marketing on September 8, where the Yfdex project announced the pre-sale of its digital currency that bears the same name as the project Yfdex.
The Yfdex project has been marketed as a strong player in the decentralized finance industry, and it will break all barriers.
The pre-sale period lasted for hours and for every Ethereum coin the investor would get 12 Yfdex coins.
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A total of more than $20 million has been locked into the Yfdex protocol from thousands of investors.
Soon after, on September 9, the project disappeared completely, leaving investors to face financial ruin.
The Cryptowhale account expressed skepticism about fully decentralized finance, telling its 33,000 followers on Twitter:
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99.99% of decentralized finance cryptocurrencies are scams, and many cryptocurrencies will go the Yfdex route.
Please be very careful if you are investing heavily in the decentralized finance sector.
This difficult news comes on the heels of the events of Sushiswap, which was abandoned by its founder after selling his cryptocurrency.
Yield Farming, the new craze in the cryptocurrency economy, promises to offer rewards to those who provide liquidity to lenders and traders.
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