DeFi Exit Scam: Project Defrauds Investors Of Twenty Million USD

The speedily escalating DeFi domain is becoming pervaded by scams as another mistrustful project has headed for the exits carrying investors’ money.

As per a recent report published by crypto media outlet ZyCrypto, “A new liquidity mining pool DeFi project, Yfdexf.Finance has exited the market after defrauding investors of $20 million in total funds locked in its protocol.”

It is to be noted that the aforementioned DeFi project shilled its token hard by means of Twitter and other messaging apps including Discord over the past forty-eight hours, according to the report. We tried chasing the particulars of the effort. However, all hints of the rip-off seem to have been obliterated at the time of reporting.

The DeFi domain has moved extremely swiftly this year, particularly in recent weeks, with projects like SushiSwap witnessing millions of dollars in action only a few days subsequent to its unveiling. Nevertheless, the aforementioned projects have proven to be tricky in a number of ways.