Liquidity mining pool project Yfdexf.Finance has pulled an exit scam, defrauding investors of $20 million, according to a report by ZyCrypto published on September 10.
- According to the report, Yfdexf.Finance had conducted a major advertising campaign on Twitter and Discord days before exiting the market
- The project had been promising high levels of returns in a short time, which is a common scam used to lure unaware investors
- Posts on Twitter, Medium and Telegram have since been deleted
- The DeFi market has been growing at an exponential rate, and many investors are looking to capitalize on short term gains
- The mania has resulted in the release of several unaudited protocols; the YAM finance was found to have a critical bug that rendered over $500,000 inaccessible
- Many industry insiders, like Vitalik Buterin, Changpeng Zhao and Erik Voorhees have criticized the DeFi market behaviour