ASUKA: an exit scam for the token
ASUKA: an exit scam for the token
Defi

ASUKA: an exit scam for the token

By Alfredo de Candia - 3 Aug 2020

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As reported by a South Korean media, the team behind the development of the ASUKA token closed all its accounts and liquidated on Binance all the tokens it had collected.

The exchange is now helping law enforcement to find the perpetrators of this exit scam.

While this token may be unknown to most, it is a fork of the decentralized finance (DeFi) Yearn Finance project, which posted record-breaking numbers last month especially for its APY.

Its low supply, only 1000 pre-mined tokens and a total of 21,000 tokens, of which 10,000 would have been distributed in the first week, have made it a very desirable token.

The token was distributed through a manual airdrop system which then set off the low liquidity/high price trend, as it started out at a value of a few tens of dollars and went up to over $1,500 per unit.

ASUKA’s fork and the $30,000 token

From this project a fork was done, ASUKA, but within a short time, all the socials and the GitHub page were closed, which caused a panic in the community that started selling the token.

Already nicknamed in the community as the Dogecoin of DeFi, for the fact that it was all a joke for the creators, the token allowed them to earn almost 30 thousand dollars that they sold through the exchange.

Thanks to this move, it was possible to identify the address and discover that they used Binance.

Unfortunately, this is once again an example of hype for decentralized finance taking a wrong turn, and as soon as some new tokens emerge in this sector, people immediately start buying whether it’s a legit or illegitimate project.

This is one of the first exit scams in the DeFi sector but it won’t be the last, sadly.

Moreover, the decentralized finance sector is experiencing more and more hacks, most notably the one at the end of June against Balancer.

Nevertheless, DeFi is always setting new records, and today there are more than 4 billion dollars locked in the industry.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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