An anonymous user disclosed how received the benefit of $ 250,000 for a smaller investment in A cloned version of Yearn.finance is called Soft longing (SYFI).
The SYFI token was launched as an adaptive cryptocurrency with soft pegging (less strict fixed exchange rate), which automatically expands or reduces its offer. The concept was popularized by Ampleforth, which uses an overshoot mechanism to adjust supply to reflect changes in demand.
However, The uniswap price of the cloned token was not adjusted to account for the overflow and the trader was able to sell the tokens at the previous pricepractically eliminating all liquidity of the common fund. A bug in SYFI’s rebase (or rebase) mechanism allowed the anonymous user to receive a large number of tokens during their first rebase on September 3rd.
A DeFi trader who uses “Amplify” as a Twitter handle has admitted that he was the one who got 740 ETH from an initial investment of just 0.5 ETH.. This results in a return of approximately $ 250,000 on a $ 200 design.
1 / take it as you want:
I am the person who sold $ SYFI on uniswap at the same time as the rebase.
Or I’m the person who took advantage of the rebase bug $ SYFI.
Or I’m the malicious actor who pulled the carpet on innocent Chads.
– Amplify (@A_mplify) September 7, 2020
1 / take it as you want:
I am the person who sold $ SYFI at the same time as the rebase on uniswap.
Or I’m the person who took advantage of the $ SYFI rebase bug.
Or I’m the malicious actor who innocently pulled the carpet.
The DeFi user has a minimum wage job and works from home to support his family. They also have a small trading account to work with. After experimenting with different trading techniques, the user said he was regularly “mimicking” new Uniswap lists after confirming the project’s credibility..
According to the FOMO around SYFI, this happened just before the overshoot with 2 SYFIs bought for $ 100 each.
I stared at the Uniswap UI with bated breath as the 2 SYFIs turned 1,551 and then the price of these tokens is over 740ETH.
The anonymous user said he did not intend to intentionally exploit this code or hack into smart contracts and admitted to doing so The gust of wind was an accident;;
He had no intention of hurting anyone. I didn’t want the SYFI team to fail. There was never any malicious intent here. I saw an opportunity, or a trade if you will, and I took it.
The SYFI token initially rose in priceas many DeFi tokens with food names have done lately, but one day it collapsed practically nothing, then the error in the protocol was exploited.
There was another bug in the code that also affected the billing pricing mechanism. Soft Yearn Finance published a Explanation at the time of exploitation.
The Soft Yearn project has lost most of its reputation and liquidity, and the volume has completely dissolved according to Uniswap analysis. Claim you are working on SYFI v2, the one Fix for unchecked codebut it can be too little too late.
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