Victor Ugochukwu · Oct 21, 2020 . 5min read
DeFi community members to sue the creator of Yearn finance Andre Cronje over ENM hack
The Eminence (EMN) theft victims have launched a crowdfunding campaign to file lawsuit against the inventor of Yearn.finance, Andre Cronje.
By Komal Joshi · Oct 12, 2020 . 6min read
DeFi community members are under an outrage since the price of Yearn.finance native token, YFI, has seen a considerable downturn. The DeFi community members are now angry with Andre Cronje and are filing a lawsuit against him. He is the founder of Yearn.finance. The primary reason why the DeFi community members are disappointed over Yearn.finance’s founder is the mishap with the Eminence (EMN) project. This project accumulated approximately $15 million. It was hacked even before the official launch.
DeFi community blames Yearn finance’s developer.
Not only Andre Cronje, however, DeFi Community members are also suing Banteg, the developer of Yearn.finance. According to the members, Cronje has exited the astonishment launch of Eminence contracts. The EMN investigation team stated that the hackers drained the entire $15 million. The funds were locked up in liquidity even before the launch. Moreover, right after the hack, the hackers also yielded $8 million to Cronje’s account.
For the uninformed, Eminence is a project for the video game sector. At the time of the launch, Cronje repeated that his development process consists of extending the products on the Ethereum mainnet. Many times, the developer warned users to be cautious as the product has issues. However, in regard to the accusations and death threats received, Andre Cronje states that he is still developing but decides to avoid social media.
Still here. Still building. Nothing has changed. Anyone that says otherwise fuck off. I’m just done tweeting and being on social media.Andre Cronje on Twitter
Financing the lawsuit with ETH donations
According to the blog post, those influenced by the Eminence case have commenced a crowdfunding campaign. They have urged supporters to donate ETH to an address they have set up to develop a new DeFi ecosystem, excluding the bad actors. The EMN Investigation group supposedly needs to work on behalf of the theft victims. It highlights in its publication that the donations will fund the lawsuit against Andre Cronje.
This crowdfunding campaign will last for a total of 30 days, starting from November 09, 2020. To finance the lawsuit, the DeFi community members’ investigation group is asking for ETH donations. It states that all the donors who will support the litigation will receive 50% of the YFI fork supply. They will allow the remaining 50% to the victims of this EMN scandal. Furthermore, another YFI fork is also in the making as a team of developers reveals it.
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Victor Ugochukwu · Oct 20, 2020 . 5min read