One other DeFi exit rip-off simply made off with $20M in investor funds

The quickly increasing DeFi house is turning into riddled with scams as one other suspicious undertaking has headed for the exits carrying speculators’ cash.

“A brand new liquidity mining pool DeFi undertaking, Yfdexf.Finance has exited the market after defrauding buyers of $20 million in complete funds locked in its protocol,” media outlet ZyCrypto wrote on Sept. 10.

The undertaking shilled its vaporware laborious by way of Twitter and messaging apps resembling Discord over the previous 48 hours, ZyCrypto detailed. Cointelegraph tried monitoring down particulars of the hassle, however all traces of the rip-off seem to have been deleted at press time. 

The DeFi house has moved incredibly fast in 2020, particularly in current weeks, with initiatives resembling SushiSwap seeing thousands and thousands of {dollars} in motion solely days after its launch. Some such initiatives, nevertheless, have proven to be problematic in a variety of ways

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