There have been a lot dramatic issues that have popped up with relation to yEarn in the past few days. In this article, we will examine them one by one and see if there is cause for concern.
Once the official mascot of yEarn, the meme-heavy anon twitter account has been deactivated, after being doxxed on 4chan (the thread was subsequently deleted). His actions had been very suspicious, including selling yEarn leaks to subscribers of a paid group and selling his YFI holdings while shilling the project (he claimed to be moving them through a privacy protocol called Tornado Cash). Things began to spiral out of control and he became increasingly paranoid. His last few tweet were promoting a new product, Off Blue, which was meant to be selling digital NFTs (something like an art house auction program). That project seems to have been stopped, but at the time of writing they’ve promised to return ETH to buyers of their NFTs via a portal on their site. All of this happened a few days after stepping down from any official capacity with yEarn Finance due to the EMN scandal.
COINDESK ARTICLE CLAIMS ANDRE CRONJE QUIT DeFi
In a coindesk.com article dated Oct. 9, 2020, Brady Dale wrote that Andre Cronje told him in a telegram chat that he’d quit DeFi and specifically ceased to develop for yEarn.
Their journalistic decision to publish information based on a private conversation that they were asked not to publish does cast some doubt on their decision making, as does the fact that Andre himself tweeted that he’s ‘Still here. Still building. Nothing has changed. Anyone that says otherwise fuck off. I’m just done tweeting and being on social media.’ Did this refutation deter coindesk? While they did acknowledge the same-day tweet response, their own response was “This article accurately reflects the Telegram chats and we stand by it.”
Digging a bit deeper, we uncovered the fact that CoinDesk is owned by the same company that owns Grayscale, a prominent digital currency investment fund. Grayscale holds a massive supply of Bitcoin, so perhaps there’s some incentive to downplay altcoins and the integrity of yEarn however this is my personal opinion. The key thing to remember is that everyone has their own incentives and are trying to better their personal situation.
COINTELEGRAPH ARTICLE CLAIMING LAWSUIT AGAINST ANDRE CRONJE
In another piece of questionable journalism, cointelegraph posted an article which cites a solitary, completely anonymous source stating a group is raising capital for a lawsuit. They’re raising this capital simply by publishing an ETH address and promising that the funds will go toward a future lawsuit, despite the jurisdiction or parties involved being totally opaque.
This post has several hallmarks of a scam: big promises, anonymous, no recourse or contact details. This begs the question, why would cointelegraph publish it? No one else appears to be taking the legal threat seriously; thus far the fund’s ETH address has raised 0.3857 ETH ($144) and some FEW tokens.
I urge the readers of this article to look past the noise and make deductions for themselves. People in the crypto space, as in all industries, are out for the betterment of themselves, their families and friends. Do your own research, especially when it comes to investing. Check multiple sources, listen to people across the crypto spectrum, and come to your own conclusions.
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