IBase/YFFS Founders Leave

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YFFS

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.

This is a global/international case not involving a specific country.

About YFFS

"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."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - iBase/YFFS Founders Leave

Date	Event	Description
December 11th, 2020	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $260,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.