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.

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