An anonymous user has revealed that he has made up to $ 250,000 in profits from small investments in Yearn.finance A cloned version called Soft Yearn (SYFI).
The SYFI token is launched as a soft-pegged digital currency, which will automatically expand or automate contracts with supply.The concept was popularized by Ampleforth, which used a price reduction mechanism to adjust supply to reflect the change in Need
However, the token’s Uniswap price is not adjusted to account for rebase and traders can sell the token at a previous price. And causing the liquidity in the pool almost completely disappeared And a flaw in the SYFI rebase mechanism caused anonymous users to receive a large number of tokens during the first rebase on Sept. 3.
DeFi user Amplify admitted that he was the man who made 740 ETH on his initial investment of just 0.5 ETH, a return of roughly $ 250,000 for a cost of just $ 200.
What happened is that before rebases, they had 2 SYFIs bought for $ 100 each.
I was staring at Uniswap with boredom when 2 SYFI changed to 15,551 and later the price for these tokens became more than 740ETH.
He also argues that he does not exploit code vulnerabilities or hacks into smart contracts and acknowledges that the profits are just accidental.
I did not intend to hurt anyone. I didn’t want SYFI to fail, they never had any bad intentions, I just saw an opportunity and I took it.
The SYFI token skyrocketed at first along with many DeFi project tokens, but within a day it collapsed to almost nothing due to the exploitation of a protocol bug.