• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
YFI

Yearn.finance (YFI) Still Down 15% After EMN Bug as Uncertainty Remains

Nick Chong by Nick Chong
3 years ago
in Uncategorized
Reading Time: 2 mins read

Yearn.finance (YFI) took a strong hit around 24 hours ago when a yet-to-launch project related to protocol experienced a bug. For those that don’t know, Andre Cronje, founder of Yearn.finance, deployed a series of new contracts relating to a new, still-to-launch game called Eminence Finance.

Eminence is slated to be an Ethereum-based card game with a focus on guilds.

Users, largely YFI holders, deployed capital into the Eminence contracts despite no official launch or website.

Unfortunately, there was a bug in the deployed contracts that allowed a user to withdraw $15 million worth of DAI from the contracts by putting in much less.

Many immediately sold their YFI after the bug was exploited for that $15 million. The coin remains down around 15-20% since the bug was exploited as there remains uncertainty in the market.

Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase

Yearn.finance (YFI) Still Down After EMN Imbroglio

Yearn.finance currently trades for $25,000, around 15% below the price the coin was at right before the bug was exploited.

The hack made some investors lose faith in YFI in the short term, presumably because it may suggest that there may be bugs in the other contracts the protocol uses.

Alex Kruger, an economist and analyst that has a focus on crypto, recently explained on his outlook on YFI:

“I don’t hold $YFI any longer. Do think it will recover – and make ATHs. Trust in founders matters, and Cronje simply made the $YFI trade more difficult. Will re-enter at some point, and trade it more actively (shorter time frames)…. At the time of the exploit Cronje’s involvement was unclear. Without his tweetstorm response, $YFI would have easily dumped another 30% fast. Regardless, if unable to appreciate the gross negligence involved, you have likely spent too much time in crypto.“

I don't hold $YFI any longer. Do think it will recover – and make ATHs. Trust in founders matters, and Cronje simply made the $YFI trade more difficult. Will re-enter at some point, and trade it more actively (shorter time frames). https://t.co/kUjQi4zLgc

— Alex (@classicmacro) September 29, 2020

Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Not the End of the World

YFI may bounce back, though, as many aren’t convinced that this is the end of the world for the coin.

A co-founder of Real Vision just announced that he thinks now is a good time to deploy capital into YFI as it marks a good entry point from a longer-term perspective.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Photo by Daoud Abismail on Unsplash
Price tags: yfiusd, yfibtc
Charts from TradingView.com
Yearn.finance (YFI) Still Down 15% After EMN Bug as Uncertainty Remains
Tags: DeFiethereumyearn financeyfibtcyfiusd
Tweet123Share196ShareSend
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Ethereum Price Eyes More Gains

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

7 mins ago
Bitcoin

Bitcoin Price Trims Losses But Key Breakout Resistance Is Still Intact

1 hour ago
Ripple

Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

4 hours ago
Ethereum Security Jack Dorsey

Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?

5 hours ago
Aave

Aave Extends Losses But Here Are The Short Selling Targets

5 hours ago
crypto hack

Atomic Wallet Hack: Stolen Crypto Moved Through Mixing Service Linked To North Korean Hackers

6 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    6 days ago
  • Best Crypto Meme Coin Presales in 2023

    6 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    10 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    10 hours ago
  • Didn’t Make Millions With Pepe (PEPE)? DigiToads...

    13 hours ago
  • Experts are hailing InQubeta (QUBE) and Arbitrum (ARB) as...

    14 hours ago
  • Experts update ETH price prediction

    14 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.