Popular DeFi Platform, Yearn Finance (YFI) is Deep Trouble: It is Rugged?
Yearn Finance shed massive gains in the past few hours, indicating an exit scam by the insiders, causing more than 40% plunge...
- Yearn.Finance (YFI) appears to have been rug pulled, with the global trading volume dropping by over 20% and suggesting manipulation.
- YFI price soared over 200% to yearly highs close to $16,000, but quickly plummeted below $10,000.
- Reports indicate that nearly half of the entire YFI supply is held by just 10 wallets, raising suspicions of a deliberate rug pull.
- Skew, an on-chain analytical platform, shows that these wallets sold the spot that attracted significant short exposure, resulting in liquidation of over $2 million in YFI longs.
The sentiment in the article is negative, as it highlights the potential rug pull of Yearn.Finance (YFI) and the bearish actions in the crypto space.