YFFS

DESCRIPTION OF EVENTS

"YFFS [was] a fork of yearn.finance. Conceived in the knowledge that the DeFi sphere’s complex jargon and technology excludes many investors; YFFS’s product-rich platform is built with a focus on simplicity and accessibility – aiming to be inclusive of even the newest crypto enthusiasts. In the world of blockchain, actions speak loudest, and the consistent and impressive actions of YFFS developers demonstrate the team’s unflinching commitment to building with conviction and innovation, while being uniquely receptive to the community’s needs."

The YFFS platform had 6 features: (1) "Swap Move tokens between blockchains effortlessly without relying on a central custodian. Best new Technology in transaction — YFFS uses the latest in multi-party computing (MPC) and threshold signature cryptography (TSS) research." (2) "Hold on to your Tokens to earn rewards for each swap transaction you help to co-sign with the open-source node code. Staking your asset using the Staking portal. Anyone can become a validator on mainnet and share the non-inflationary network rewards, supporting the next wave of adoption!" (3) "APR is a table that shows you the current APR for some yearn — supported tokens across lending platforms. The highest APR for each coin is the provider that Earn is lending these coins to at the moment." (4) "A Vault takes a more active approach than simply lending out coins for the highest APY (Annual Percentage Yield). Via strategies, it can farm coins to higher profits than simple lending. Yield is achieved by providing the asset for lending, LP, or farming strategies. These are opportunities that exist in DeFi. Vaults automate these processes and provide the highest (risk-adjusted) yield available." (5) "Yearn Improvement Proposal is how features are added to the yearn ecosystem. Users start a proposal on the forum, discuss it, and gauge the sentiment of if the proposal will be accepted. If a lot of users agree with it, then it can be posted on-chain for everyone to vote on." (6) "Stake your YFFS and then you can cast your vote that is on-chain on the voting dashboard."

"The YFFS launch was fair, meaning the team didn’t start farming miles ahead of everyone else. Announced in a Medium post on September 1; the project’s planned features were outlined along with token distribution and proof of locked liquidity. The project was launched just 24 hours later, with only limited farming available and less than a day later had already seen in excess of $2,000,000 in transactions."

"While many DeFi projects have chosen not to audit, at times with disastrous consequences for investors, the YFFS team have chosen to engage professional auditors. The audit is currently ongoing and the results are eagerly awaited. It is worth noting that a number of community members have reviewed the contracts themselves and none have reported any major concerns." "DefiYield.info, a respected auditor on Twitter has also reviewed the project and code and had only positive things to say."

"The thousands of dollars worth of ETH involved iBase/YFFS is still at large." "It is worthy to note that the hundreds of thousands of dollars worth of Ethereum involved in iBase/YFFS, have yet to be returned and the scam is yet to be uncovered."

I was unable to find any evidence of any smart contract vulnerability being exploited by the team. It appears to be more the case that they launched and then decided to cash out and abandon the project.

Based on CoinGecko, it looks like $260k worth of YFFS token market cap was lost in total on the "rug pull" day. The project appears to still exist with a token price above $1, although the official website, Twitter, and Telegram group are all unusable at present.

Investors Found “Rug-Pull” Scammers And Returned Some ETH | CoinGenius Hosts Virtual Crypto Event (Jun 13)
YFFS Finance price, YFFS chart, market cap, and info | CoinGecko (Jun 19)
YFFS Finance price today, YFFS live marketcap, chart, and info | CoinMarketCap (Jun 19)
logo-icon (Jun 19)
WHAT IS YFFS FINANCE AND WHY YOU SHOULD CARE : YFFSfinance (Jun 19)
YFFS (Jun 19)
Investors Found “Rug-Pull” Scammers And Returned Some ETH (Jul 10)
Investors Track Down Scammers Who Stole $1.2 Million Worth Of Digital Assets - Real Cryptocurrency Hub (Jul 10)
yffs.finance | Dapp.com (Jul 10)
YFFSfinance (Jul 10)
$1.91 | yffs.finance (YFFS) Token Tracker | Etherscan (Jul 10)
@yffsfinance Twitter (Jul 10)
Telegram: Contact @yffsfinance (Jul 10)

More case studies

MetaMask Phishing
InstallMetaMask.com

DexTools/Uniswap Fake
Buy/Sell History