On September 29, the EMN protocol was hacked. The hacker stole $15 million, but then transferred $8 million back to Cronje. Cronje has said that he did not intend to release EMN for another three weeks at the time of the hack.
EMN Investigation claimed if the project was a test with no value yet, Cronje, Blue Kirby, and banteg should not have promoted the project as much. The group said:
“If EMN was a test, it had zero value as a token. Yet Andre watched as $15 million poured in without a word. But kept hyping the project by retweeting. Why didn’t he at least warn the Yearn Finance team that they were buying and selling a worthless test token? If developers from any other team started hyping and selling a test token, they would be accused of fraud and the entire team would lose legitimacy. At best, this was a viral launch gone bad, at worst, it was a rugpull.”