Oct 18, 2020
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Yearn Finance Founder Blames Social Actors for Role in the EMN Token Hack

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Yearn Finance Founder Blames Social Actors for Role in the EMN Token Hack

Yearn Finance founder Andre Cronje suggests he did not mishandle the Eminence (EMN) project’s economic exploit, which he insists functions well. He accuses certain social actors of creating a story around EMN that caused rational actors to jump onto the token. Cronje’s comments follow reports that a group of defi community members planning to sue the smart contract builder whom they say is culpable in the $15 million EMN token hack.

Cronje Says He Is Not Infallible

In a post on Medium, Cronje who has vowed not to use his Twitter account, talks of his role and the journey which he says has had both failures and successes. In what may seem like an attempt to absolve himself, Cronje writes:

“I’ve been wrong more times than I’ve been right, I’ve failed more times than I’ve succeeded. I’ve had conceptual ideas that failed in practice. I do not build to make a number go up.” Cronje appears to lament the involvement of speculators and how this distracts from the main objectives of building useful tools.

The Yearn founder then claims that Defi tokens are not the same as stocks. He says although “people treat them like stocks, in Defi, tokens are a coordination mechanism.” He says possession of tokens should signal that one “wants to become a contributor and not a bystander.”

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