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altcoin, Andre Cronje, Banteg, DeFi, Eminence scandal, EMN, EMN investigation team, ETH donation, Ethereum, Ethereum, Kirby, loan, Twitter, Year Finance, Year Finance mishap, YFI, YFI founder, YFI3 project
Due to the unfortunate accident caused by Cronje’s secret Eminence (EMN) project, members of the decentralized finance (defi) community are upset with Year Finance founder Andre Cronje. The Eminence agreement raised $15 million, after which the project was eventually hacked before it was officially launched.
According to a recent blog post published on Medium, a group of defi community members plan to sue the founder of Yearn Finance, Andre Cronje, And fork YFI. As news.Bitcoin.com recently reported, there is a lack of trust in Cronje’s work because a secret project that hasn’t even been launched was used up by $15 million in funding.
The project was called Eminence (EMN). After the incident, Cronje said he Social media low-key.
The blog post written by this organization is called the “EMN Survey”. He explained: “We are raising funds for financing to represent the victims in the lawsuit against Andre Cronje, Kirby and Banteg over the EMN scandal.” The team added:
Andre Cronje, founder of Yearn Finance, hyped the news. The Eminence Finance contract was deployed by Year Finance deployment personnel. With the inflow of liquidity, Andre tweeted and reposted it.
The investigation team said that Kirby, Year Finance’s communications director, gave instructions on how to use the contract and improve Eminence before the release.
The organization also accused Yearn Finance developer Banteg of “selling tokens purchased from the contract to Uniswap until the contract is hacked.”
The EMN investigation team explained in detail: “The hacker used up the quick loan loophole to deplete all 15 million U.S. dollars of liquid funds.” “Then the hacker returned $8 million to Andre, and it was misappropriated.” Boiling blog post It is also flooded with screenshots, tweets, and market charts designed to support the organization’s views.
The investigation team is seeking ETH donations to fund the lawsuit. The crowdfunding campaign will last 30 days and will end on November 9, 2020. The team also stated that when YFI was assigned, it planned to take a snapshot of the donors who helped the project. Fund the litigation and reward them by “airdropping 50% of the YFI fork supply.”
“The other 50% of the supply will be airdropped to the victims of the EMN scandal. The author concluded: “We will create a new Defi ecosystem, but there will be no bad actors. “
At the same time, another YFI fork is also in the pipeline, because another development team recently revealed the YFI3 project. The low-key tweet written by Cronje on social media was posted on October 9th, and the founder of YFI has not posted any tweets since.
How do you see the possibility of the YFI founder and team being sued for the Eminence scandal? Let us know in the comments section below.
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