Yarn Finance (YFI), which was the star of the market in the DeFi summer of 2021 and reached $95 thousand, is being talked about for the sharp decline it experienced today.

YFI has risen from $5,600 to nearly $16,000 over the past two weeks, while the cryptocurrency market was generally positive. The price fell to $8,250 with a sharp decline seen in the first hours today. The market cap of the token also declined from $485 million to $280 million. Within minutes, $200 million was wiped from its market value.

While the reasons for this decline in YFI are being questioned, transactions of a wallet. transferred by lukonchain Information According to reports, 446 YFI ($5.8 million) were sent to exchanges from addresses starting with 0x48f9… before the drop. It is estimated that these transactions caused a huge decline.

YFI/USDT chart, Binance

Meanwhile, almost half of the YFI supply is concentrated in 10 wallets. It is taken into account that someone from the project team could be behind the downfall.

He took $9 million from dYdX’s fund

On the other hand, decentralized exchange dYdX also suffered big losses due to the decline in YFI. Back-to-back liquidated positions in the YFI market took $9 million from dYdX’s insurance fund. Thus 40 percent of the stock exchange’s insurance fund was destroyed, leaving only $13.5 million. dYdX CEO Antonio Juliano emphasized in his statement that this is a very clear attack on dYdX.

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