Victor Ugochukwu · Dec 14, 2020 . 5min read
Andre Cronje launches Deriswap, scammers make $53,000 via fake tokens
Andre Cronje launches another DeFi protocol dubbed Deriswap. Scammers immediately issue fake 'DWAP' tokens, making $53,000 in 30 minutes.
By Komal Joshi · Nov 24, 2020 . 6min read
The founder of Yearn.Finance, Andre Cronje, launches a new project called Deriswap. Deriswap links various segments of the DeFi sector like options, swaps, and loans on a single platform. Andre Cronje states that the new protocol called “Deriswap” appears as a solution for various DeFi investors watching to access various liquidity segments in decentralized finance from a single platform.
The Yearn.Finance founder, Andre Cronje announced the expansion in a blog post. The development of the new platform appears as a solution to assure capital efficiency for the DeFi investors or traders, as these purposes are linked in Deriswap. The protocol connects these activities into a capital-efficient single contract. Thus, enabling communication between the two assets that make up the pair.
Andre Cronje’s Deriswap undergoing audit
However, Andre Cronje did not dish out several details regarding the protocol. Details like launch date or if the protocol will roll out with a native token is unknown. Deriswap is recently undergoing audits. Further, the revelation today was only directed at receiving acknowledgement from other relevant builders, according to the founder. Nevertheless, he states that issuing further details about the platform would be after the conclusion of audits have been successful.
Moreover, Cronje refused to present details at this stage of the protocol. Andre Cronje achieved fame in the decentralized finance and crypto space after the successful development of Yearn.Finance, one of the top-ranking protocols in DeFi.
Soon after Andre Cronje tweeted about Deriswap, some scammers participated in criticizing its instant fame. Scammers almost instantly issued fake DWAP tokens on decentralized exchange Uniswap to instantly lure traders aspiring to accumulate into Cronje’s next project. However, one such pool made approximately $53,000 in under 30 minutes.
After the news about the launch of Deriswap, the first scam pool saw an intruder issue fraudulent DWAP tokens, provide the Uniswap pool with 72.4 ETH, carry a few trades, lure innocent traders, and exit the complete pool with 162.3 ETH around 20 minutes later. Moreover, this method profited the scammers over 90.1 ETH, approximately $53,000 at current prices.
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