Anonymous user claims responsibility of dumping DeFi Project token, Soft Yearn

An anonymous user @A_mplify posted that he is the person who sold off Soft Yearn's governance token - SYFI on Uniswap causing the price to dump by 100%.

By · Sep 7, 2020 . 6min read

Soft Yearn DeFi news

In what appears to be a trolling on Twitter, an anonymous fellow claims responsibility of dumping the token of the now-defunct DeFi project, Soft Yearn.

In a tweet thread, an anonymous user with the handle @A_mplify posted that he is the person who sold off Soft Yearn’s governance token – SYFI on Uniswap at the same time as the Rebase causing the price to dump by 100%.

Source; Coingecko

Soft Yearn describes itself as a fundamentally Yield-Stable Cryptocurrency modelled after Ampleforth. However, it’s just another DeFi project that keeps popping up in a bid to catch in on the latest DeFi craze. It launched out with a presale on September 2nd raising 400 ETH before listing on Uniswap.

Interestingly, @A_mplify in his tweet claims he woke up just to casually catch the SYFI listing on Uniswap like anyone. But in this case, he got more than he bargained for, obviously in a positive way. He claims to have invested just 0.5ETH and made times three his initial investment. Subsequently, he invested 0.5ETH from his gains to buy 2 SYFI for $100 each. Within minutes during rebase, to his surprise, his investment turned into 15,551 SYFI. Apparently, he made about 740ETH which he saw as an opportunity and not like he had any malicious intent.

Soft Yearn team has claimed the SYFI token dumping was an attack by a malicious hacker.

The anonymous Soft Yearn team which issued a statement on the event that led to SYFI token dumping.

Anonymous fellow claims responsibility of dumping DeFi project token, Soft Yearn
Source: Twitter

They claimed the attack was from a “malicious” actor who bought 2 SYFI and then timed the adjustment of their token holdings with a Uniswap sell. The team promised to recreate the SYFI and relaunch with a plan to airdrop to everyone as their initial balance.

Annonymous fellow breathes condemning the actions of the Soft Yearn developers.

@A_mplify went further to condemn Soft Yearn team for forking YFI and still going ahead to raise funds via presale. It should be noted that YFI token which powers the growing yEarn Finance ecosystem was distributed to liquidity miners entirely for free. Hence, if the SYFI team wanted to follow the ethos of decentralization, they should have done what YFI did. He also blamed them for rolling out with an audited code after seeing what happened during YAM rebase failure.

@A_mplify claims he will be donating $10,000 of his booty to a Gitcoin grant of his choosing. Many people replying the thread has told @A_mplify he did nothing wrong but merely cashed in on an opportunity. They claim any other rational person would have done the same.

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