Odaily Frontline｜Focus on the new project of the founder of YFI, the scammer issued counterfeit currency and made a profit of more than 50,000 US dollars in half an hour
This article comes fromDecrypt, by Shaurya Malwa
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Summary:
This article comes from
, by Shaurya Malwa
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today,Summary:YFI founder Andre Cronje posted an article introducing the latest project Deriswap, and scammers immediately issued fake "DWAP" tokens.
One of the scammers made $53,000 in less than 30 minutes.
Since then, more than 30 fake DWAP tokens have been issued.today,When YFI founder Andre Cronje tweeted about his new lending product Deriswap
, a group of opportunistic liars took advantage of the situation. One of the pools made $53,000 in less than 30 minutes.
Cronje is seen in the crypto community as a prolific developer with the ability to "turn a stone into gold". Hype and a "fair" launch (and an extremely low supply cap of 30,000) drove the token price of its first project, YFI, from less than $30 in July to a peak of $42,000 in September. As a result, people hoping to make a quick profit (and have the potential to succeed) poured a lot of money into Cronje follow-on projects, such as the Keep3r Network and the now-failed Eminence, although these projects were not well tested.But today, Cronje released only one product, no tokens involved. Maybe it's to keep its loyal users from getting sucked into his latest research stuff and then complaining when there's a problem. However, this new strategy did not preventScammers Issue Fake 'DWAP' Tokens on Decentralized Exchange Uniswap Almost Immediately
, in order to attract traders hoping to flood into the next "Cronje moonshot" as quickly as possible.
A little background first: issuing on Uniswap is easy. Anyone can set up a token, create a trading pair with another token (usually Ethereum or a stablecoin like Tether), and provide liquidity to both parties to start a pool. With the establishment of the market, buyers and sellers can freely participate in transactions.
After the launch on Deriswap today,
They even sent fake DWAP tokens to the “yearn:deployer” contract address to make the distribution look more legitimate, as shown in the image below. The "yearn:deployer" contract address is the contract that Cronje controls and updates Yearn Finance.
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