Scammer Sent $200K To YFI Founder Andre Cronje Accidently

A Scammer sent $200K to the Yearn.finance founder Andre Cronje by accident, well, at least according to the reports so let’s find out more in the latest altcoin news today.

A screenshot below shows that Cronje’s wallet saw regular inflows of the Deriswap DER token. So when someone receives a coin from Uniswap, it means that they traded for it. At first, it looks like there are top funds trading for irrelevant tokens on Uniswap but if you look closer, this is not the case. For anyone that looks to promote their own cryptocurrency can use Uniswap’s routing feature to use ETH from one address to purchase tokens for another address.

Anyone wants to make a merkle distributor for 196k USDT obtained from fake Deriswap token for a reward? The scammer has fooled people by swapping to Andre's address, but then failed to change it to theirs and sent all the proceeds to Andre.https://t.co/Cz90aKzHs9

— banteg (@bantg) December 8, 2020

Even worse, Scammers can use this trick and add more legitimacy to their projects by pretending to be a top fund or individual in the DeFi space that owns their coins.  One scammer sent $200K to Cronje’s address by trying to use this method and to promote a rug pull. With the merger of the SushiSwap Team, Andre Cronje started deploying his latest project, Deriswap. Deriswap is a multi-faceted Defi platform that contains options, trading, and loans from one platform. The benefit of doing this is that all three features can coexist together thus increase the efficiency of the protocol.

With a lot of the hype surrounding Deriswap, scammers tried to make profits and created fake tokens that they could use to “rug pull” victims of the scam. One such scammer tried to add legitimacy to his project by sending fake Deriswap coins via Uniswap to Cronje but when he tried to sell the coins he made from the scam, he forgot that the destination address of the funds was Cronje’s address. As a result, Cronje was sent 196,000 USDT for free.

One of the main YFI developers Artem Banteg said that he is willing to pay a reward for someone that looks to make a Merkle Distributor for the scammed funds. so it is now unclear how many users were affected by the scam but if the Merkle distributor is created, they will have their funds returned. Technically, the scammer sent their base capital for the scam and profits to YFI’s founder so it’s still not clear what YFI will do with the extra funds.