The growth in Ethereum’s decentralized finance space has been one of the biggest wealth-generation events in the crypto space of the past year. Coins pertaining to “DeFi,” as this part of cryptocurrency has been dubbed, have literally gone parabolic. Simultaneously, there have been extremely high yields\/interest rates offered on certain DeFi products.<\/p>\n
The profits made in DeFi, unfortunately, have attracted some unsavory folk. Reports recently came out suggesting that there was a notable DeFi exit scam that went down this past weekend.<\/p>\n
Doo Wan Nam, part of the Asia business development team at MakerDAO, recently revealed that there was an exit scam in the DeFi space that just took place.<\/p>\n
According to a thread<\/a> he released on the matter, in which he cited local South Korean media, the programmer behind “Asuka.finance” exited with a purported $64,000 worth of cryptocurrency.<\/p>\n The programmer, who goes by “Jongchan,” lured in victims by touting Asuka’s high investment yields on Telegram, Discord, and KakaoTalk. The latter of which is a popular messaging platform in South Korea.<\/p>\n After managing to draw in millions of dollars worth of liquidity while boosting the price of Asuka, he purportedly emptied ~$64,000 worth of cryptocurrency from a decentralized Ethereum liquidity pool.<\/p>\n Jongchan purportedly left many millions in the pool because he “burned many of his keys including the ability to mint more [coins] and drain the pool when he lured his victims.”<\/p>\n Alright so @asukafinance , #YFI<\/a> @iearnfinance<\/a> fork made by a Korean guy exit scammed this morning. Here's what the Korean blockchain community knows so far \ud83e\udd14 pic.twitter.com\/UzAx24ylBa<\/a><\/p>\n — Doo | StableLab (@DooWanNam) August 3, 2020<\/a><\/p><\/blockquote>\n\n