Yield farm offering one million percent APY turns out to be a fraud
In early April, MaxAPY claimed it was transforming the decentralised finance sector with a yield farming protocol that aimed to offer holders the highest fixed and most sustainable APY. Instead it was a rug pull.
As a strategy, yield farming is not dissimilar to foreign currency carry trading where investors aim to lend currencies offering the highest returns and borrow those with the lowest interest rate. Yield farming is typically done via stablecoins such as USDT, DAI and USDC, or protocols linked to the Ethereum blockchain. MaxAPY’s backers did not state which token they were using for their project.
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