Yearn Finance founder Andre Cronje steps down from social media
Andre Cronje, founder of Yearn Finance, denied the news claiming he was missing.
Cronje says he’s still busy working but won’t be on social media for now.
For several, people have claimed that Cronje either abandoned the project or went into hiding after receiving threats from upset Eminence investors.
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Yearn Finance founder Andre Cronje announced on Twitter that he is alive and well, but has chosen to distance himself from social media. This news follows threats that have been addressed to him in connection with his latest project, Eminence.
This post follows recent uncertainty regarding Andre Cronje’s whereabouts. In a tweet posted on Oct. 9, he revealed he is “still here” and “still busy with work”, adding that he is “done tweeting and being on social media”. He kept his Twitter account, which suggests he might be back.
Always there, always busy working. Nothing has changed. Those who say otherwise can fuck off **. I am done posting tweets and being on social media.
On September 29, Cronje revealed that he had received “a significant number of threats” from investors in the unfinished Eminence Project (EMN), which was corrupted by a hacker. Following the theft of $ 15 million EMN tokens, the hacker sent $ 8 million in stolen EMNs to the account of the promoter of Cronje for a reason that remains unclear.
As I receive a lot of threats, I asked the Treasury to help me pay back the 8 million sent by the hacker. The multisig system is more secure and as such I feel more comfortable that they have the funds. The funds will be returned to the holders of the snapshot before the hack.
The recent Cronje controversy
Designed for the video game industry, the EMN was to create a radically different approach to transactions and the economics of the game. Cronje, who before the hack was known for his outspokenness on Twitter, warned investors that the project was unfinished – but some people didn’t listen.
He was reportedly absent on September 29 when investors started buying MNEs en masse despite his repeated warnings that the project and smart contracts were not complete. Hackers then compromised smart contracts and pocketed MNEs, worth $ 15 million.
Inexplicably, they then chose to return $ 8 million to his promoter account. This development apparently scandalized a number of investors, who saw their funds stolen or the value of their holdings plummet. On September 20, Cronje confirmed that these funds will be returned to their holders on the basis of a holding snapshot.
1 / x First, the data;
1. Yesterday we completed the concept of our new economy for a multiverse of play. Eminence. In accordance with my usual methodology, I deployed our staging contracts on ETH so that we can continue to develop.
2. Eminence is still over three weeks away
At the time of editing this article, Cronje had not commented on why the unfinished code was being tested on the mainnet, rather than an easier-to-access Ethereum test network.
Yearn Finance takes a hit
As shown in the chart below, the September 29 EMN hack strongly coincides with another sharp drop in the YFI in a strange September, both bullish and bearish. The token lost 67% of its value, from $ 43,000, its all-time high on September 12, to just over $ 12,500.