Bitcoin Forum

What a turn of events,

DeFi Community Sue Yearn Finance founder Andre Cronje Over EMN Scandal + Fork YFI


https://medium.com/@emninvestigation/defi-community-sue-yearn-finance-founder-andre-cronje-over-emn-scandal-fork-yfi-d1126886d229

There is a supposedly on-going crowd funding around, to raise money in order to sue Andre Cronje, Kirby and Banteg over the EMN scandal. I just read this scandal, but I'm not into this whole finance thingy so I'm surprised that there are people wanted to go after the head of Yearn Finance.

For those who have been into this Yearn Finance, what do you think of it? Does it has weight to begin with?

Are you going to donate or not?

No, I'm not going to donate, sorry.

On the contrary, I'm not really sure if this is a good idea, yes, you file a lawsuit and then what? It only only back fire on them as regulators may put their hands on the DeFi hype now because of this instances and this can set a precedence causing the death of DeFi itself. And I'm also have doubts about the crowd-funding, I don't know I have a feeling that something is not right here.

All these defi crap traps nothing but scams, nothing is useful for real world

I didn't know that there's this issue that's going on with yearn finance. A lot of issues have been found lately and many projects were involved.
What if that crowdfunding is also a tactic just to scam the donators? just curious.

I think it is only natural that when there is a new platform that is very good and can be used by many people it will make some other people try to make it almost the same and try to profit from what they have done.

It does actually. Of course some of the investors on yfi are probably drop their bags with this. There are still some whom trusted andre but with the recent events like lbi failure then his reputation quite go down a bit. I dont know but I feel sad for those emn victim. As I scanned the details it seems Andre was framed or what. But what is the truth behind this?

Donate for their loss? Ive also loss on some of my investment. But what if they earned from it do they give profits to us? Maybe its the other way around.

If you are into yearn finance right now is not too late to get out with your money right now, yearn finance isn't Bitcoin, Ethereum or Neo, this projects are too good to be true, the end will be very sad, it's only a matter of time, it's possible to make money from them but do not hold, they are unreliable

I didn't see any news about this one, and quiet suspicious since they are asking for a donation, what for?
They can just file a case without asking for the donation and instead collect the names of those who want to file a case against the creator of this token, money will come after that.

The price pump is crazy with this project so take that as an opportunity to exit as early as possible because this token will soon be dump hard. No hate, but a hype will not stay longer so hodlers must know this thing.

Here is more news about this,

(a) https://news.bitcoin.com/defi-community-members-aim-to-sue-yearn-finance-creator-andre-cronje-and-fork-yfi/

(b) https://www.crypto-news-flash.com/creator-of-yearn-finance-faces-lawsuit-yfi-price-under-pressure/

(c) https://blockchain.news/news/yearn.finance-andre-cronje-sued-eminence-project-hack-death-threats

(d) https://ihodl.com/topnews/2020-10-12/yearnfinance-investors-raise-funds-sue-projects-creator/

But I would agree that it sounds suspicious, that's why I'm quite surprised to find it out. I did check on the address

https://etherscan.io/address/0xa4c8ab63F198bfd5a6a1366ddb5dbDd6D2d7bEF9

And so far there are incoming transactions already. So perhaps donations has started to come in.

I think it's important to know whether the developers really warned users that the project is in test stage.  The warning would be clearly written on unhidden parts of the platform. And it's important to also know whether the users were warned not to invest big amounts or what they can't afford to lose.
By the way, projects like that should be well tested before they are released to public for serious usage.

We can't find that, unless this case really gets the ball rolling. But I don't know if this could progress though, maybe they can file it on a proper US State wherein crypto is treated on a positive way, otherwise judges who are going to handle this and not familiar with crypto could try this case out of the window, just saying. We only see on view of it, so it will be interesting how the case will turn out.

I think those people that used the smart contract has themselves to be blame but for me the developer need to take responsibilities, just look at his arrogance, why in the world can't he used a testnet to try out the codes if it is secure or not. I believe those people looking to sure have a case here and will win, but I have a feeling this will not go anywhere

I do agree with you. We have seen so many cases about the investors were reporting the case to the SEC and it didn't even getting charge.

There's another suspicious thing when the community wants to create their own YFI coin. It's the same like the bitcoin and bch story.

It looks like there's an agenda but if the scandal was true and the founder of YFI must be reported by the community.

I am not giving any donations or anything. First I did not make any investments in Yearn Finance or It just that I don't give a damn in this kind of issue but that crowdfunding things will just be another scheme to collect someone's hard earned money. Yearn Finance Team will surely come up with an idea to escape all that and your effort will just go to waste.

That's right, Yearn Finance's appeal is making the crypto community recalculate its position. especially as a newcomer who seems like a lot of people turn and move.
The tighter the crypto competition, the more demanding the community is to be friendlier and provide easy loopholes to strengthen the appeal of enthusiasts .. hahaha this makes me even more waiting for the reactions and strategies they will shake in the crypto world which increasingly presents challenges.

Why the crypto community is trying to sue YFI? This the first time I actually heard about this, I was absolutely unknown to the fact that there's some tension boiling between the community and YFI. BTW this is the same YFI which is trading above BTC's price, right?

It seems like DeFi is taking a quick turn. Just like ICO does, almost all of them are scams. I just didnt expect it to be this fast turning.

This is really a serious one and for the community to take such steps of suing the head of their platform proves it all, and in as much as we can only assume what happened while contemplating if it's true or if it will work out, this will also affect the project badly. Everyone knows the effect of bad news on a project and that is also the reason why most projects try as much as they can to prevent any form of it, also wherein some news can only be used to attack a project which will inturn affect the price at the same time, some news do not have much effect on the price of a project, but this depends on the type of project.
As for me, I have no business with Yearn Finance platform and thus I won't be contributing or donating , those who believe the lawsuit is worth it can go ahead to achieve their aim but they should be careful of their holdings as the price might keep dumping which will lead to continual lack of interest in the project.

Not gonna happen and the money from donating will going into the owner of that's address ~XD, remember they have more money than everyone who wants to sue them. So, becuase of that's in my perspective this is not gonna happen.

To be honest I don't think filing a lawsuit will cause the death of the entire defi industry.
There are project and tech leaders who take necessary precautions and play by the law to precisely avoid situations like these.
Telegram was a really badly run ico for example . They raised billion dollars and now they are stuck with SEC and there are small projects who don't want to risk and play by the book.

I don't think crypto community will going to sue yearn finance founder because of the little miss transaction they did few years ago. Crypto community know it very well that they are not after court case, but after goal achiever. Many people are quitting from yearn finance because of the sued crypto community mentioned during their interaction that got many YF family afraid of donation. Even most of their investors are seriously afraid because they don't have anything to donate to support them to finance the case in court.

I am not even entirely sure if this is legit. You know that the most common scam in the entire scam world is to scam the scammed right?

Whenever someone is scammed, they are more vulnerable than usual, because when they are not scammed at all it would take actual knowledge and skill to scam them since they are ready for anything and they check everything, if you are good you can scam anyone obviously, but after someone is scammed they think they are even more careful but in reality they are very hurt and they can't think straight, so when you tell them that you are going after the scammer but need money they will pay you, there was a huge scammer that got away with hundreds of millions of dollars here, but there was also another scammer who scammed 1 million dollars with this same method here.

Just a quick update, the blaming game has started, the founder said that,  Yearn Finance Founder Blames Social Actors for Role in the EMN Token Hack (https://news.bitcoin.com/yearn-finance-founder-blames-social-actors-for-role-in-the-emn-token-hack/).


So it looks like there's a lot of finger pointing right now, it's like the "he said, she said" paradigm. And with that said, I don't believed either of the side, and this whole lawsuit thingy is useless.