DeFi Community in Tears After Rushing Into Unaudited $EMN Contract

DeFi Community in Tears After Rushing Into Unaudited $EMN Contract

By Abhimanyu Krishnan | News | 29 Sep 2020

DeFi enthusiasts on the lookout for the next hidden gem have been left burnt after investors of Eminence Finance (EMN token) have lost funds as a result of the protocol’s unaudited contracts.

  • The EMN protocol was subject to a flash loan exploit which resulted in the loss of $15 million
  • Eminence Finance is a “gaming multiverse” product that is being developed by co-founder Andre Cronje
  • The contract was deployed from the main yearn deployer address; Cronje has said that he will not use public addresses in the future
  • The community worked with Cronje to see $8 million returned; Cronje himself asked the yearn treasury to help with a refund
  • Cronje said that the contracts were something for only himself to engage with and urged others not to use them
  • Andre also said that the product was still being developed and that he would inform the public of an official release; the release is at least 3 weeks away

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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