Is DeFI collapsing or is it just difficulties in a growing industry?
The rapidly growing DeFi space is full of scams when another seedy project leads to speculators’ money outflows.
“A new DeFi project from the Liquidity Mining Group, Yfdexf.Finance left the market after scamming investors with a total of $ 20 million“wrote the ZyCrypto news agency on September 10th.
The project has been criticizing its vaporware via Twitter and messaging apps like Discord for the past 48 hours, according to ZyCrypto. Cointelegraph has attempted to track the details of the expense, but all traces of the fraud appear to have been removed by the time this report was published.
The DeFi space moved incredibly fast in 2020. Especially in the past few weeks when projects like SushiSwap saw millions of dollars in motion just days after launch.. However, some of these projects have proven problematic in a number of ways.