A Defi project is gone with $ 20 million in investor equity just two days after launch

A Defi project is gone with $ 20 million in investor equity just two days after launch

By HenryDo | CRYPTO CAPICAL | 11 Sep 2020



Cryptowhale - a crypto investor and analyst - tweeted about a classic but dramatic scam, allegedly by Yfdex.Finance (Yfdex). 

Currently, Yfdex's official channels on Telegram and Twitter have been taken down. The protocol's website as well as the pages used to promote the project display the error message.

On September 8, Yfdex released a pre-sale announcement, starting at 16:00 UTC, according to a screenshot posted by the Yfdex community on a Telegram discussion group.

Yfdex, who calls himself "the industry's (sic) strong player, will break all barriers", saying the pre-sale will only last four hours "until the hard cap is reached ... [and whatever] unsold tokens will be burned immediately. ”For each ether (ETH), investors will receive 12 Yfdex tokens.


In just a few hours, a total of more than $ 20 million was locked into the Yfdex protocol from thousands of investors. And then, on 9/9, the project completely disappeared, leaving investors at risk of losing nothing.

Cryptowhale has expressed skepticism towards the entire decentralized financial economy (DeFi), telling 33,000 followers on Twitter that “99.99% of Defi tokens are scams and will go the way this. (Yfdex) ”, thus warns everyone to be careful.

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