YFII has denied the allegation of rug-pull after the 74% dump

The YFII project development team received the rug-pull accusation after the coin’s price suddenly plummeted 74% in value on May 25. The price then recovered to $768 by the evening of the same day.

YFII plunges and accuses rug-pull

As recorded on May 25, the YFII price suddenly plummeted, falling from $1,212 to as low as $320, equivalent to nearly 74% of its value. The price then recovered to $768 by the evening of the same day.

For this decline, the community accused the project development team of rug-pull. As an article has analyzed this hypothesis by Coincu News, the allegation is made because of DFI.Money has long failed to make any visible progress, the project’s communication channels remain “silent quiet” despite the token being dumped, and there is already a solid amount of evidence that a large corporation must be holding a large amount of the token to create momentum for the sell-off.

YFII released a message denying the allegation

On May 26, the company’s official Twitter account posted a message on May 25 that allegedly denied the previous allegation.

Specifically, the project’s core developer message mentioned that YFII was minted and that a hack didn’t cause this dump. Also, in the statement, it is asserted that they have no rights and no way to issue tokens. The project development team did not receive any money but even lost its 10 ETH to deploy the contract. All transactions and records are in the blockchain.

Previously, on May 20, cryptocurrency exchange Binance announced that it would remove YFII from its alternative margin loanable assets list from May 25. As a result, project’s total key-value (TVL) is also plummeting.

The reason behind the drop is unknown.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News