A user announced that he made a profit of $ 250,000 (740 ETH) from his $ 200 (0.5 ETH) investment due to a coding error based on a forked DeFi project.
Soft Yearn (SYFI), which fork out from yearn.finance, one of the most popular DeFi platforms, began trading in the markets in early September. Like the recently popular “food meme” tokens, SYFI saw high interest on the day of its release, increasing its price to over $ 170. It is currently trading at a price close to zero, with an almost 100% depreciation.
The DeFi project SYFI was launched as a soft peg token that can automatically expand and contract its supply. Simply SYFI aimed to use its accumulated supply to meet changes in demand. However, due to a coding error in the forked token, SYFI’s Uniswap price could not be correctly integrated into this repayment mechanism and the trader was able to sell the tokens at the previous price. As a result, the user has drained all the liquidity in his pool. Thus, SYFI’s repayment mechanism enabled the user to gain a tiny fortune during the first repayment on September 3.
This coding error, discovered by an anonymous trader, gave the user the opportunity to make $ 200 to $ 250,000. The unknown trader appeared on Twitter and, in a nutshell, “here he is me!” said. Nevertheless, with the username @A_mplify, which will not break its anonymity, he said that he was the person who increased his money thousands of times with 2 SYFIs, which he bought for $ 100 each. The anonymous trader, who argued that he made this profit entirely by chance, explained that he had no intention of hacking the system or deliberately exploiting the code error.
According to Cointelegraph’s report, a user named @A_mplify was working from home for a minimum wage to support his family. Before this earning from DeFi, he was trading in the cryptocurrency industry on a small scale. According to the anonymous user’s own statements, it was regularly making small investments in newly listed projects on Uniswap.