Yearn Finance Founder Andre Cronje Says He’s Done Being on Social Media

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In Brief
  • Yearn Finance founder Andre Cronje has denied reports that he disappeared.

  • Cronje stated that he is still building but will not engage with with social media for now.

  • There were days of speculation that Cronje had left the project or gone into hiding after being threatened by disgruntled Eminence investors.

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Yearn Finance founder Andre Cronje has announced on Twitter that he is alive and well but choosing to step back from social media. The update comes on the heels of threats lodged against him tied to his latest project, Eminence.

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The post follows recent uncertainty surrounding his whereabouts. In a tweet posted on Oct. 9, he revealed that he is “still here” and “still building, adding that he is “done tweeting and being on social media.” He still has his Twitter account, which suggests that he might be back.

Twitter: Andre Cronje

On Sept. 29, Cronje revealed that he had been receiving a “fair amount of threats” from investors in the unfinished Eminence (EMN) project, which was compromised by a hacker. Following the theft of EMN tokens worth $15 million, the hacker sent $8 million worth of the stolen EMN to Cronje’s developer account for a reason that is unclear. 

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Cronje’s Recent Controversy

Built with the videogame industry in mind, EMN was being designed to create a radically different approach to in-game transacting and economics. Cronje, who prior to the hack was known for his outspoken views on Twitter, warned investors that the project was incomplete — but not everyone chose to listen.

He was reportedly away on Sept. 29 when investors began pumping EMN despite his repeated warnings that the project and the smart contracts were not complete. Hackers subsequently compromised the smart contracts and helped themselves to $15 million worth of EMN.

Inexplicably, they then chose to send back $8 million to his developer account — a development that apparently incensed a number of investors who saw their funds stolen or the value of their holdings fall sharply. On Sept. 20, Cronje confirmed that these funds will be returned to their holders based on an ownership snapshot.

At press time, Cronje had not indicated why uncompleted code was tested on the mainnet, rather than a  readily available Ethereum testnet.

Yearn Finance Takes a Beating

As the chart below shows, the Sept. 29 EMN hack coincides strongly with another sharp fall in YFI during a strange September that was both bullish and bearish. The token shed 67 percent of its value from its Sept. 12 all-time high of $43,000 to just over $12,500. 

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As of press time, it is trading around $17,170.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on 'The Other News,' Nigeria's answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary 'Larry Charles' Dangerous World of Comedy.' In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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