The DeFi crypto community’s strong appetite for unverified code has once again ended in pains for investors, with the losses amounting to millions of dollars.

Eminence, an upcoming project being built by Yearn’s Andre Cronje, has been drained of $15 million.

Eminence is an unfinished “economy for a gaming multiverse.” In a series of tweets, Cronje gave a detailed analysis of the cyber robbery.

“Yesterday we finished the concept behind our new economy for a gaming multiverse. Eminence. As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it.”

1/x First, the data;

1. Yesterday we finished the concept behind our new economy for a gaming multiverse. Eminence. As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it.

2. Eminence is at least ~3+ weeks still away

— Andre Cronje (@AndreCronjeTech) September 29, 2020

He spoke on the operational details of the project:

“These contracts, not the ecosystem are final, yesterday alone you will notice I deployed 2 separate batches of the contracts, this is my usual “test in prod” process.

“We started releasing some of the art teasers to showcase all the different clans in the game on Twitter. We posted the first clan “Spartans”. And I went to bed.

“Around ~3 AM I was messaged awake to find out a) almost 15m was deposited into the contracts b) the contracts were exploited for the full 15m and c) 8m was sent to my yearn: deployer account.”

However, Cronje later announced that the Yearn treasury would help in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances prior to the hack.

What you must know: There are multiple protocols providing yield (returns) on the capital that you lend.

These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each protocol.

It has two major uses:

Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aave, et. al.

Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers) who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.

Large entities are fast increasing their transaction sizes in the world’s most important crypto market at a spontaneous rate.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone (probably from Coinbase) moved 12,565 BTC in block  650,441, estimated to be worth about $133million, some hours ago.

Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 12,565 BTC ($134M) in block 650,441 https://t.co/y0ut480wyw

— Bitcoin Block Bot (@BtcBlockBot) September 29, 2020

Why it’s happening; It should also be noted that the amount of BTCS on major crypto exchanges has hit its lowest levels in about two years meaning a new generation of investors, crypto traders are putting its money in it for the long term.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

There’s no reason to sell now when you have large institutional investors like MicroStrategy, Grayscale Investments buying the world’s flagship crypto

Quick fact:

• At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales.
• This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
• As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

Oil prices dragged lower at Monday’s trading session in Asia. Traders are deeply worried over rising COVID-19 cases upsetting hopes for a smooth recovery in energy demand, with both main oil benchmarks on track for their first monthly declines in multiple months after last week’s plunge.

What we know: Brent crude (LCOc1) dropped by 0.69%, to trade at $41.63 a barrel by 05.54 GMT after losing 2.9% last week.

West Texas Intermediate (CLc1) was down, trading at $39.44 a barrel, losing about 0.77%, following a 2.1% decline last week.

READ: NNPC says local operators must improve capacity to achieve low cost of oil production

Oil traders are concerned about the blurred demand outlook in the short term, as an unexpected build in oil production coupled with additional oil supplies by Libya, rattled the nerves of oil traders.

Still, OPEC Secretary-General, Mohammad Barkindo, disclosed yesterday that commercial oil inventories in OECD countries are expected to stand only slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of 2020.

READ: Gold prices suffer worst W/W decline since March

Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics, spoke on political macro weighing down on oil prices at the moment. He said:

“Reports that ministers in the UK are preparing to enforce ‘total’ social lockdown across many Northern Britain and London could cap prices this morning. Sure, this could be an ‘overreaction’ in an attempt to clamp down on further anti-lockdown protests after the massive anti demonstration at Trafalgar square on the weekend, which could eventually prove to be a Covid-19 hot spot.” 

READ: S&P 500 futures suffer longest run of losses since February

The surge in the Covid-19 onslaught, marked by record numbers of cases in Western Europe and the United States, prompted the strengthening of various countries’ COVID-19 restrictions which continue to weigh heavily on demand for gasoline.