Andre Cronje released Keep3r Network on October 19. Traders jumped in, and many lost money betting on the token. Three weeks earlier, hackers had stolen $15 million from Eminence (EMN), an unreleased
Andre Cronje released Keep3r Network on October 19. Traders jumped in, and many lost money betting on the token.
Three weeks earlier, hackers had stolen $15 million from Eminence (EMN), an unreleased Yearn Finance project Cronje was building. Critics seized on the hack as evidence of DeFi's appetite for unaudited code. Hackers sent $8 million to Cronje's address and kept the rest.
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Cronje went quiet. On October 19, he posted Keep3r Network to GitHub without any formal announcement, aiming to avoid another crisis. It failed.
Keep3r Network serves as a decentralized marketplace where developers can hire qualified engineers for technical work. KPR, the protocol's native token, powers the system.
Traders and bots found the project by tracking Cronje's GitHub activity and Ethereum address. They bought KPR on Uniswap without any official launch announcement, even though the documentation said the protocol was still in beta. The token shot from $1 to around $2,000, then crashed below $100 as Cronje tested the code. Volume stayed thin. After Eminence's $15 million loss, traders welcomed the thin volume. Only a few thousand dollars changed hands.
Yearn Finance, Cronje's flagship project, deteriorated. In the month since September 20, total value locked in the protocol fell 50 percent. TVL dropped from $942.59 million to $450.97 million. Among all DeFi protocols, Yearn Finance ranked ninth.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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