Once again, enthusiastic investors, who rushed to get a share of Andre Cronje’s latest DeFi project, again suffered losses
It has been about three weeks since Cronje’s name made the headlines, when a hacker stole $15 million from an unprecedented Yearn Bitcoin Profit Finance project he was working on.
The project, Eminence (EMN), suffered a major loss that was painted as a result of the DeFi community’s voracity for unaudited codes by critics of the sector. An amount of $8 million of the stolen funds was strangely transferred to his account as the hacker left with the rest.
Since then, Andre remained discreet until October 19, when he stealthily shared his third protocol, called Keep3r Network, for GitHub. The creator of Yearn Finance was trying to avoid a repetition of the previous incident, but unfortunately, things didn’t turn out that way.
Several investors rushed to negotiate the native token from the last experiment – something that then made them complain about suffering losses. It is not clear why the excited investors rushed so fast to negotiate the token, without considering that there was no formal launch announcement and the project documentation had clearly outlined that the experiment was still in beta stage.
The Keep3r Network is a decentralized marketplace designed to provide crypto projects with access to relevant technology and skilled labour. The project was identified by DeFi enthusiasts and users following the address of creator GitHub & Ethereum and features a native offering (KPR) that empowers it.
Some traders and their bots invested money in the project and started trading KRP at Uniswap. Consequently, the price of the token rose from $1 to about $2,000 before falling to less than $100 while Cronje continued testing the code.
The token attracted only a few thousand dollars in volume, which was a relief considering that the last Eminence project lost $15 million. Cronje’s Yearn Finance recently released a worrying downward trend. Yearn Finance’s total blocked value plummeted just over 50% last month. The total Yearn Finance lockout at the time of writing is $450.97 million, compared to $942.59 million on September 20.