Popular DeFi Platform, Yearn Finance (YFI) is Deep Trouble: It is Rugged?
Coinpedia
18 Nov 2023 9:30 AM
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.
You May Ask
What is the current trading volume of Yearn.Finance (YFI) and how does it compare to previous levels?What caused the sudden drop in YFI price after reaching yearly highs?How many wallets hold nearly half of the entire YFI supply?How much were YFI longs liquidated due to the opening of short positions?What is the significance of the upcoming weekend for YFI and other altcoins?