Breaking

Wednesday, September 30, 2020

YEARN.FINANCE (YFI) IS DOWN, AFTER THE EMINENCE HACK (EMN) REVEALED!

 



   After one of the projects of Andre Cronje, the creator of Yearn Finance (YFI), named Eminence (EMN) was hacked by hackers some time ago. This reason makes YFI tokens experience a sharp decline in the last 24 hours.


This EMN project is a new project from Andre Cronje outside of the YFI project. EMN has a system and protocol with a series of new smart contracts. Unfortunately, before being released to the public, hackers found a bug in the smart contract and exploited it by printing as many tokens as possible. Due to this action, the losses were estimated at over $ 15 million in DAI tokens.


It is planned that users who have YFI will be able to participate in the EMN protocol by deploying capital into the EMN smart contract.


Yearn.Finance (YFI) Prices Are Still Lower


At the time of writing, YFI is trading at around $ 24,000, down more than 15% in the 24 hours after the news regarding the smart contract bug was announced.


This is because many investors have lost confidence in YFI. There is a concern that bugs may be found in the YFI protocol smart contract. Moreover, it is not known that this loss of trust will result in a decrease in YFI in the short or long term.


Alex Kruger, an economist and crypto analyst, explains several views regarding this matter:



Not the End of Yearn Finance (YFI)


It is not certain what impact this EMN bug discovery will have on Yearn Finance in the future. However, big investors still fully believe in the sustainability of the YFI project. This is evidenced by the fact that there are still many investors who want to invest in project development.

   One of them is the founder of Real Vision who intends to pour some funds into YFI. It can also mark the long-term viability of the project.


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