Disgruntled DeFi Investors Launch Crowdfunded YFI Creator Lawsuit
Last Updated on 12 October 2020 by CryptoTips.eu
In a long medium post, an unknown group of investors have announced that they are starting a crowdfunded lawsuit against YFI creator Andre Cronje, the man who ever since the Eminence hack on 28 September went silent on social media for two weeks.
As you may remember, Cronje, long seen as an example of how a DeFi project should be run (he wasn’t accused of hyping YFI during the whole Sushi debacle on Uniswap back in August), claimed that a hacker drained 15 million dollars in funds from his account setup for Eminence, a new coin which never launched.
Hyping the project
The group of disgruntled investors who’ve lost their funds due to the alleged hack, have now launched a counteraction against the development team of YFI (Banteg and Blue Kirby) and more specifically against its creator, Andre Cronje.
In their explanation, they stated:
Andre tweeted, after the hack, that neither Eminence’s contracts nor ecosystem are final, and that he wasn’t planning on releasing the project for at least another three weeks. If EMN was a test, it had zero value as a token. Yet Andre watched as $15 million poured in without a word. But kept hyping the project by retweeting. Why didn’t he at least warn the Yearn Finance team that they were buying and selling a worthless test token?
If developers from any other team started hyping and selling a test token, they would be accused of fraud and the entire team would lose legitimacy.
Cronje gave a first sign of life last week on 9 October, claiming he was still building and developing, but simply done tweeting and being on social media.
Still here. Still building. Nothing has changed. Anyone that says otherwise fuck off. I'm just done tweeting and being on social media.
— Andre Cronje (@AndreCronjeTech) October 9, 2020
At the time of writing, YFI is down 4% to a value of $16,352.
Blue Kirby, another member of the YFI team, has since deleted his twitter account.
