YAM collapsed leaving suffering in crypto DeFi

Just yesterday from Bitcoin Rush we reported the resounding increase that the DeFi ‚Yam Finance‘ experiment had seen. Today many claim that the project has died, leaving pain in the crypto market.

Crash at the top

In yesterday’s Crypto Summary we reported how Yam Finance had gone from a $0 valuation to over $500 million in just hours. Aha, that sounded pretty risky and, if you still thought it was a good idea, we also reported that there had not even been an audit of the code.

No doubt, YAM Finance lived about 48 hours too busy and similar to what it has been all of 2020. But, it was predictable.

In short, earlier today the developers of the DeFi Yam token discovered a major flaw in their code. In fact, the developers asked people to leave certain groups quickly.

Basically the developers discovered that the smart contract code was flawed and therefore would have „minted too much reserve“ instead of rebalancing the supply. As a result, Yam’s reserve was inflated 10 times more than anticipated.

This directly affected Yam’s governance, and the developers concluded that there would be no solution to it. Therefore, the token will continue to exist but there will be no governance possible. And, therefore, the value of the token fell in a matter of seconds to $0.

Meet Yam Finance, the DeFi project that’s making headlines

Dave Portnoy acquired $1 million in Bitcoin
Do you remember when CryptoTrend informed Portnoy’s intention to acquire Bitcoin? Well, he did.

The president of Barstool Sports filmed a video with the Winklevoss twins where Portnoy claims to have at least $1 million in Bitcoin in his name.

But he also briefly talked about creating a „DaveCoin“ and asked the Winklevoss twins to connect him to the engineers to make that happen.

Dave Scott Portnoy: „I want to buy all the Bitcoins“

Millions of dollars seized from Bitcoin owned by Al-Qaeda and ISIS networks

Today the Justice Department announced the largest raid in Bitcoin’s history by the ISIS, al-Qaeda and Hamas al-Qassam Brigades terrorist groups.

Millions of dollars in Bitcoin were seized from over 300 accounts. Also, according to the statement, the funds were obtained by the terrorists through social networking campaigns to raise money.

And, according to the head of criminal investigation, the IRS used its latest tools to track down the operations and locate the funds involved.