The now notorious project, Yam.Finance, was launched without a proper code audit just like many other projects in the space. Richard Ma, the CEO of blockchain security company Quantstamp, told Cointelegrpah that many DeFi projects are launched unaudited in order to capitalize on reverse psychology:
According to Ma, many popular projects like Yearn Finance, Cream and Yearn Finance II were launched in the same fashion. However, he notes that it does not necessarily mean that DeFi users need to be paranoid about these beloved projects; Ma noted that “the most danger lies in the early days.”
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