“Exit scam” event in DeFi: dropped from $ 1600 to $ 19


It is reported that the creator of Asuka Token, consisting of Yearn.Finance (YFI) bifurcation, has escaped by doing “exit scam”.

One of the warnings frequently voiced by experts in these days when DeFi tokens are making a premium was not trusting every DeFi project and being especially careful against frauds. An important fraud case on the subject came from South Korea.

According to the news that The Block is based on the local press, it was learned that Jongchan Jang, the creator of Asuka Token, consisting of the Yearn.Finance (YFI) bifurcation, escaped as a result of the fraud organization of a known name of the Korean crypto community.

It is stated that Jang’s Asuka.Finance’s website has closed the organization’s social media accounts. On the other hand, it is stated that the price of Asuka Token, which was 1600 dollars for a period, decreased to 19 dollars.

The total supply of Asuka, seen as the “Dogecoin of DeFi tokens”, was 21 thousand and the first 10 thousand tokens were issued in the first week of the project.

Asuka’s 4chan management Asuka, which is the platform for people to use anonymously, receiving messages from many investors, “Asuka is different from YFII and YFFI, which is the other forks of YFI, 5 percent of the first supply section is in future pool contracts. Will allocate to distribute as a reward. Until then, a management contract will be created for the Asuka token and the main shareholders will be selected from the most miners. ”

4chan was commenting on “a platform where the rises in altcoins were seriously triggered, especially the DeFi tokens.

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Users had to buy MakerDAO’s DAI fixed coin to stake the Asuka token. After this transaction, stake transactions could be made after putting DAIs in the Balancer liquidity pool and obtaining the BPT token. (Whether the BPT mentioned here is a Blockport token or not is clear)

“I am ashamed and so I will run away”

Doo Wan Nam, the business development manager at MakerDAO’s Asia-Pacific region, said in his tweet, “This is one of the addresses he uses. I think he sends some DAIs to Binance. The sentence he shared after lowering the price of all his assets wrote in Korean, saying “I am ashamed and therefore I will run away”.

One Binance official said, “We have reached this person’s account. Binance is ready to work with the South Korean law enforcement agencies if there is a request. As always, we will continue to work and provide security for both our own platform and a better crypto universe. ”

It is not exactly known how much money users deposit to Asuka token, but Doo said that this figure can be considered small and is about 30 thousand dollars.

Doo also stated that users can get their Asuka tokens back with an Etherscan address by clicking on “Write” below the “Exit” queue and end the stake.

YFI’s “yield farming” frenzy started in the period when the token earned between 500 percent and 1000 percent annually. YFI is the management token of Yearn.Finance protocol and YFII and YFFI are popular forks of this token.


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