• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Cryptocurrency investment

    Cryptocurrency investment in Australia is high, survey

    Bitcoin security

    Bitcoin Security: MIT’s long term project backed by crypto authorities

    Litecoin price

    Litecoin price prediction: LTC to fall to $150 support level

    Elon Musk

    Elon Musk under investigation for Dogecoin tweet

    Cardano price

    Cardano price prediction: ADA to challenge $1.20 resistance again

    Coinbase

    Coinbase pre-IPO shares appreciate following S-1 filing with the SEC

    Ethereum price

    Ethereum price recovers to $1,650, what next for ETH?

    US exchange, Coinbase files with SEC to go public through direct listing

    US exchange, Coinbase files with SEC to go public through direct listing

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately 1

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Cryptocurrency investment

    Cryptocurrency investment in Australia is high, survey

    Bitcoin security

    Bitcoin Security: MIT’s long term project backed by crypto authorities

    Litecoin price

    Litecoin price prediction: LTC to fall to $150 support level

    Elon Musk

    Elon Musk under investigation for Dogecoin tweet

    Cardano price

    Cardano price prediction: ADA to challenge $1.20 resistance again

    Coinbase

    Coinbase pre-IPO shares appreciate following S-1 filing with the SEC

    Ethereum price

    Ethereum price recovers to $1,650, what next for ETH?

    US exchange, Coinbase files with SEC to go public through direct listing

    US exchange, Coinbase files with SEC to go public through direct listing

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately 2

    How ethbox Could be the Ultimate Way to Send Cryptocurrency Privately

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Scam News

Upcoming DeFi protocol, Eminence drained of $15 million

Ibiam Wayas by Ibiam Wayas
September 29, 2020
in Scam News
2 min read
Chainalysis: Crypto ransomware attacks rose by 311% in 2020
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

It’s now clear that many decentralized finance (DeFi) participants are starry-eyed, expecting to make huge returns in new protocol, while neglecting the possible risks involved. Probably due to FOMO (Fear of missing out), DeFi investors sent about $15 million to an uncompleted DeFi protocol, Eminence. These funds were reportedly drained within a few hours by hacker(s).

DeFi protocol, Eminence loses $15M in a hack

Initiated by Yearn Finance’s Andre Cronje, Eminence is an uncompleted DeFi protocol being established to serve as an “economy for a gaming multiverse.” On Monday, Cronje hinted on the DeFi protocol in a tweet. Cronje informed on the current development stage for Eminence protocol, just before he retired to bed. Many investors in the decentralized finance industry took the whole message as a FOMO. 

2/x 3. These contracts, nor the ecosystem are final, yesterday alone you will notice I deployed 2 separate batches of the contracts, this is my usual "test in prod" process

4. We started releasing some of the art teasers to showcase all the different clans in the game on twitter

— Andre Cronje (@AndreCronjeTech) September 29, 2020

Profit-hungry investors flooded the DeFi project depositing about $15 million into Eminence, despite it not yet being ready for launch. A hacker allegedly took advantage of the uncompleted project, draining all the funds deposited into Eminence, according to Cronje. Later on, the hacker returned $8 million of the funds to Cronje after he learned of the incident.

RelatedPosts

Firearms, Bitcoin, gold seized from a crime group in Auckland

Pakistan police arrest suspects in first Bitcoin robbery case

Crypto scam revenue dropped by $5 billion in 2020

Foreign investors robbed of $92K Bitcoin in Pakistan

Extreme risk-takers

2/x 3. These contracts, nor the ecosystem are final, yesterday alone you will notice I deployed 2 separate batches of the contracts, this is my usual “test in prod” process

4. We started releasing some of the art teasers to showcase all the different clans in the game on twitter

— Andre Cronje (@AndreCronjeTech) September 29, 2020

The development today shows the extent of risk DeFi investors are ready to make in order to gain massive returns. Despite Cronje explaining that the project hasn’t been finalized, investors could still jump on it. This concedes with the recent survey from CoinGecko that most people in DeFi, especially in yield farming, cannot read smart contracts and the risks involved in them.

Meanwhile, Cronje noted that the Yearn treasury would help to refund investors their stolen capital.

Tags: Crypto Riskscryptomarket
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related Posts

Firearms, Bitcoin, gold seized from a crime group in Auckland
Scam News

Firearms, Bitcoin, gold seized from a crime group in Auckland

February 24, 2021
Pakistan police arrest suspects in first Bitcoin robbery case
Scam News

Pakistan police arrest suspects in first Bitcoin robbery case

February 19, 2021
Crypto scam
Scam News

Crypto scam revenue dropped by $5 billion in 2020

February 17, 2021

Follow Us

  • 40.9k Fans
  • 8.3k Followers

Latest News

Cryptocurrency investment

Cryptocurrency investment in Australia is high, survey

February 26, 2021
Bitcoin security

Bitcoin Security: MIT’s long term project backed by crypto authorities

February 26, 2021
Litecoin price

Litecoin price prediction: LTC to fall to $150 support level

February 26, 2021
Elon Musk

Elon Musk under investigation for Dogecoin tweet

February 25, 2021
Cardano price

Cardano price prediction: ADA to challenge $1.20 resistance again

February 25, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 3

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.