yEarn.Finance founder releases a ‘useless’ token

The founder of the DeFi project yEarn Finance, Andre Cronje, proposed developing the concept of tokens acting as a liquidity bridge between different exchanges. However, his warning that they are created solely for research purposes and cannot be used to earn money did not deter users.

Users found the token linked to that contract at Uniswap and began aggressive buying.

Upon spotting this, Cronje added to his post. He stressed that LBI is not another meme token and will not be used going forward. He urged investors not to put money into it, triggering a price drop.

LBI price. Source: Uniswap.

In the last 24 hours, LBI’s trading volume reached $5.5 million. As of writing, the liquidity pool held assets worth $412,000.

Cronje promised to “create something for users to put money into.” He added that LBI does not pursue this aim.

Earlier in October, a Twitter account bearing the yEarn.Finance founder’s name appeared. The authentic account, active since 29 September, had remained inactive after the warnings from Cronje .

The owner of the similarly named account posts messages on Cronje’s behalf and continues to argue with users, some of whom remain unhappy about the hack of the unfinished Eminence contract.

In one post purportedly by Cronje, he wrote that he is “to blame” for crypto traders monitoring his activity, directing funds to unfinished contracts to be among the first in the ensuing hype. Later these “noble accusers dump” the purchased tokens of the new wave of buyers.

I don’t know if this account is fake or not, but I agree.

But there is a catch that Andre Cronje have ignored:

WHY DON’T YOU DO YOUR F’CKN RISKY TESTS ON A TESTNET? https://t.co/7l9sqXg7ER

— Green Blastoise (PLAstoise) (@plastoise) October 13, 2020

Earlier, EMN Investigation opened a fundraising drive to finance the lawsuit against Cronje. The yEarn Finance founder himself had reported threats against him.

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