Yearn Finance Founder and others under Pressure as Members Plans Legal Action

News • 2020/10/16 • by

The DeFi community is angry at the creator of Yearn Finance, Andre Cronje, over the recent disaster with his Eminence DeFi project (EMN).

According to a Medium post, members of the defi community are planning to sue fork YFI and Andre Cronje, the founder of Yearn Finance. Recent reports uncover distrust in Cronje since his secret project lost millions of dollars before launch. EMN raised close to 15 million USD before it was hacked some days before launch.

Major Updates:

Cronje secret project named Eminence protocol (EMN) was hacked and drained of 15 million USD using a flash loan exploit.
The perpetrator of the hack refunded 8 million USD to Cronge, which was misappropriated
The community is gathering funds to sue Cronje and other concerned individuals over the EMN scandal.
The group accused YFI developer, Banteg of embezzling the smart contract's funds before the protocol was hacked.
The investigating team seeks Ethereum donations until November 9th to process the case.
The group also plans to for YFI and share 50% of the fork's supply to donors while the other 50% will go to victims of the EMN hack.

Cronje has not been active on Twitter since his October 9th controversial tweet about lying low.

Will the community succeed in suing the YFI creator over the EMN scandal? Let's know what you think in the comment section.

Source: Bitcoin.com.

Comments (8)

Guest

godgrace1

6 years ago

i think they will, the wicked shall go unpunished, even when the hackers returned 8 million, you still misused it. i think he is among those scammers

jenny50

6 years ago

Wow that's nice

amacy

6 years ago

Yes I think they will succeed because the act is unbecoming

exodusab

6 years ago

the EMN Investigation account presented a new timeline of the facts starting with Andre Cronje “creating hype” about Eminence and then, with the deployment of the contracts and their publication on the developer’s Twitter account “while the liquidity was flowing” to them.

freshprinx

6 years ago

Those that involved in the act should not go unpunished and for Andre Cronje, he need to find a way to refund back the community or face the consequences

visiblemoney

6 years ago

The the community will succeed in suing the YFI creator over the EMN scandal because investors right is grossly violated even prior to the launch of the project. The scenario makes coordinated attack appear like conspiracy and obtaining under false pretence. It is very important for the investors to file for lawsuit because that will necessitate special enquiry that will unmask the brain behind the project failure and the appropriate punishment that must be mete out to the culprits as well possible recovery and compensation plan that might help to compensate the victims.

royguvs1st

6 years ago

great

lilianchiamaka

6 years ago

The community will definitely succeed with the plan if they will have to meet up with some factors like: * Cost: first and foremost, they must do a cost analysis of the potential lawsuit since the community is gathering funds * Chance of winning * Willing to involve witnesses But I urge the community to treat the founder with caution and not just go into sueing because he built it