The DeFi YAM token collapsed a few hours after a massive boom was recorded due to an error that permanently blocks the tokens.
YAM will always remain blocked.
When the YAM token hit the headlines a few days ago, it supported the DeFi boom, as it was able to block about $ 400 million in a day. The developers confirmed that in the first few hours they contributed $ 90 million to the Protocol.
Currently, Token YAM has crumbled as a new bug discovered on August 12 showed that it had lost full control of management in its chain.
According to the developers, the presence of errors means that there are no management actions in the Protocol. This means that the funds will remain blocked. The developers had no choice but to tell the platform’s users to quit on August 13.
The total value of the already blocked token is $ 585 million.
Experts blamed the project and its developers, saying that the project was launched without any security Protocol, since the token has no value. The promise of the project to investors was tempting, since no investor wanted to give up a yield of 1000% per annum.
Richard MA, CEO of Quantstamp, noted that the developers used reverse psychology to lure investors into a trap by offering an unaudited Protocol.