DeFi

DeFi project organizers Yfdex.Finance disappeared with user’s money

A few days ago, a new project of decentralized financing Yfdex.Finance appeared. He managed to raise about $ 20 million, after which it suddenly closed, and the organizers fled with the money.

Immediately after the launch, the organizers of the project launched a large-scale advertising campaign in various social networks. The project positioned itself as “a powerful player in the industry that will break down all barriers” and announced the imminent sale of tokens. 

The sale of Yfdex tokens started on September 8 at 16.00 UTC, and in a few hours the project raised $ 20 million. However, on September 9, the organizers withdrew all funds, closed all accounts in social networks and instant messengers, and disappeared from sight.

“New day, new DeFi scam. 99.99% of DeFi tokens are scams and will end up similar to the Yfdex.Finance project. Please be careful and careful, especially if you have invested a lot of money, ” writes cryptocurrency analyst under the pseudonym Cryptowhale on Twitter.

Earlier it was reported that Chinese cryptocurrency traders have taken notice of the DeFi industry and are transferring funds from traditional exchanges to decentralized finance protocols. Local sites even had liquidity difficulties.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts
CryptocurrencyDeFi

DeFi Warp Finance Protocol Recovered 75% of Stolen Crypto Assets

DecentralizedDeFi

DeFi Yield Protocol launched staking and dApp for protocol management

DecentralizedDeFiRegulations

CFTC Discusses DeFi Industry Opportunities and Regulation

DeFiHacker

Hacker Hacked DeFi Value Protocol Recovered $ 95,000 DAI

Sign up for our newsletter and stay informed

0 0 votes
Page Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
USD
0
Would love your thoughts, please comment.x
()
x