{"id":28494,"date":"2020-09-10T20:58:35","date_gmt":"2020-09-10T17:58:35","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28494"},"modified":"2025-08-27T11:54:03","modified_gmt":"2025-08-27T08:54:03","slug":"organisers-of-defi-project-vanish-with-20m-of-users-funds","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/organisers-of-defi-project-vanish-with-20m-of-users-funds\/","title":{"rendered":"Organisers of DeFi project vanish with $20m of users&#8217; funds"},"content":{"rendered":"<p>The DeFi liquidity-mining pool project Yfdexf.Finance carried out an exit scam after investors blocked $20m of assets in its protocol, according to <a href=\"https:\/\/zycrypto.com\/crypto-whale-warns-of-growing-defi-scams-as-another-protocol-exits-market-with-funds-worth-20m\/\" target=\"_blank\" rel=\"noopener noreferrer\">ZyCrypto<\/a><!--more--><\/p>\n<p>\\n<\/p>\n<p>Yfdexf carried out an energetic two-day campaign across various platforms, including Twitter and Telegram, promising prize draws for retweets and hashtags.<\/p>\n<p>\\n<\/p>\n<p>After the exit scam, the project&#8217;s website went offline. Social media accounts used to attract investors have been deleted. Yfdexf did not fulfil promises to pay for promotional campaigns.<\/p>\n<p>\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\"><p>\\n<\/p>\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Another day, another DeFi scam!<\/p>\n<p>\\n<\/p>\n<p>After promoting themselves on Twitter for 2 whole days, Yfdexf has taken a total of $20M of Investors funds in their recent exit scam.<\/p>\n<p>\\n<\/p>\n<p>99.99% of DeFi Tokens are scams, and will go this route. Please be very careful if you are heavily Invested. <a href=\\\"https:\/\/t.co\/WEkg7Sqo9i\\\">pic.twitter.com\/WEkg7Sqo9i<\/a><\/p>\n<p>\\n<\/p>\n<p>\u2014 CryptoWhale (@CryptoWhale) <a href=\\\"https:\/\/twitter.com\/CryptoWhale\/status\/1303665831570743296?ref_src=twsrc%5Etfw\\\">September 9, 2020<\/a><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>\\n<\/p>\n<blockquote><p>\\n<\/p>\n<p>\u201c99.99% of DeFi tokens are scams, and they will go down this path. Please be very careful if you have invested large sums,\u201d commented the trader and entrepreneur known as CryptoWhale.<\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p>Earlier, analytics firm SlowMist <a href=\"https:\/\/u1f987.com\/en\/news\/defi-project-emd-suspected-of-2-5-million-exit-scam\">reported<\/a> a suspected $2.5m exit scam in the EOS-based DeFi project EMD.<\/p>\n<p>\\n<\/p>\n<p>In a similar fraud, users suspected the anonymous administrator of the SushiSwap protocol \u2018Chef Nomi\u2019 after <a href=\"https:\/\/u1f987.com\/en\/news\/sushiswap-administrator-triggers-50-drop-in-token-price\">sale<\/a> of half the assets from the developers&#8217; fund worth $27m.<\/p>\n<p>\\n<\/p>\n<p>Nomi <a href=\"https:\/\/u1f987.com\/en\/news\/sushiswap-administrator-hands-platform-control-to-ftx-founder\">transferred<\/a> control of the DeFi platform to FTX exchange CEO Sam Bankman-Fried. Bankman-Fried&#8217;s team launched the previously planned migration of liquidity pools from the leading DEX Uniswap. As a result, the amount of assets locked in SushiSwap exceeded $1.3bn, while Uniswap&#8217;s figure <a href=\"https:\/\/u1f987.com\/en\/news\/uniswap-loses-70-of-liquidity-due-to-asset-migration-to-the-sushiswap-fork\">plunged<\/a> below $350m.<\/p>\n<p>\\n<\/p>\n<p>Follow Forklog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\"> Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi liquidity-mining pool project Yfdexf.Finance carried out an exit scam after investors blocked $20m of assets in its protocol, according to ZyCrypto.<\/p>\n","protected":false},"author":1,"featured_media":28495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1093],"class_list":["post-28494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-defi"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28494"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28494\/revisions"}],"predecessor-version":[{"id":28496,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28494\/revisions\/28496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/28495"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}