Crypto investors burned by a new experimental token from yEarn.Finance founder

Users suffered losses after yet another pump-and-dump scheme involving the token of the new DeFi experiment by yEarn Finance founder Andre Cronje, reports Cointelegraph.

On October 19 the developer posted on на GitHub code for the Keep3r Network project, the third in the last two months. It is a marketplace for developers’ tasks.

In Keep3r Network, the process of creating/approving requests is planned to be moved to the smart-contract layer. The native token KPR, which offers yield farming, will serve as the project’s internal currency.

A group of bots and speculative traders tracked Cronje’s activity on GitHub, as well as his Ethereum wallet used to interact with Keep3r Network.

Crypto investors were not deterred by the lack of an official launch notice and by the mention that the project is in beta testing.

A few thousand dollars were added to the KPR liquidity pool on the Uniswap decentralised exchange. In a thin market, the token price surged from $1 to $2,000 and later collapsed to $100. During this period Cronje repeatedly updated the project’s code, continuing testing.

Earlier in October, Cronje took an interest in the concept of tokens that act as liquidity bridges between different exchanges. As with KPR, users found one of these tokens, LBI, on the Uniswap exchange. Despite the developer’s warnings, they orchestrated its pump-and-dump. At the time, the 24-hour trading volume of the token was $5.5 million.

Cronje paused his activity on Twitter for two weeks after threats directed at him. They came from users who had lost money on the Eminence contract exploit.

Earlier in October, EMN Investigation opened fundraising to finance a lawsuit against Cronje.

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