Aren Financial YFI token V3 is falling 40% daily despite the announcement

Aren's native financial ecosystem fell by 40% overnight, leading to some speculation about possible fraud in the community.

Aren Finance is one of the most prominent and popular DeFi players, and recently hinted at the upcoming launch of its new platform, prompting rumors of an exit scam.

YFI price has been on a big roll for the past seven days or so. The asset was trading at around $9,000 a week ago before its rapid climb, rising above $15,000 on Friday. This was the highest price tag in over a year. The latest push may come from the announcement that the project will launch the latest (V3) version of the platform on X soon.

Yearn v3 will launch soon.

Let's explore the evolution of Aren Vaults from their humble v1 beginnings to v3.

Yearn Vaults is always looking to provide users with peace of mind with strong product opportunities through room security practices.

Let's get to know the Air Vault. pic.twitter.com/EidKD6SMkz

— yearn (@yearnfi) November 16, 2023

The new version aims to lower fees, improve security and provide users with more work options. However, this ad seems to have turned into a “sell-the-news” moment, as the WiFi dropped badly shortly after its multi-month peak. In just a few hours, YFI dropped over 40% and now sits at around $9,000 from last weekend's starting point. Although this kind of price drop is somewhat normal for the crypto industry, especially in the volatile Diffie sector, this has not led some X users to speculate that this crash was caused by Air Finance Group on purpose. However, these claims have no merit so far.

Just in: Aren Finance ($YFI), one of the largest platforms in the DeFi ecosystem, has plunged more than -45% due to an insider exit scam.

Almost half of YFI's total supply was held by 10 wallets, and over $250 million in market cap fell within minutes pic.twitter.com/pMqonBcgux

— WhaleWire (@WhaleWire) November 18, 2023