We can see EvoDefi could only verify a fraction of

Question

We can see EvoDefi could only verify a fraction of

their TVL. Yesterday they couldn't back their assets and all of them depegged leading to the drastic drop in TVL. It's likely the TVL was never there in the first place. EvoDefi claims they use cold wallets to store funds but thats not a best practice and hasn't been proven true yet.

We’d like to reiterate the message we sent out months ago that we believe EvoDeFi is high risk. The bridge is not audited, not decentralized and not open sourced. In light of the widening gap between assets minted on the destination chains and assets locked in the source chains, please continue to beware of risks with EvoDeFi and any DApps, e.g. ValleySwap, that connect to that bridge. Neither ValleySwap nor EvoDeFi is affiliated w. Oasis in any way.

Oasis is a decentralized, privacy-preserving, scalable and secure blockchain network. There are multiple cross-chain bridges that support bridging stablecoins to Oasis Emerald–we recommend choosing a bridge that is fully open source, audited and decentralized, e.g., Wormhole, cBridge or Multichain. Thanks very much!

You can view our previous warnings here:

https://twitter.com/oasisprotocol/status/1520407690475884544?s=21&t=Q5tJR5pWdNEZKgKZCDT0_w https://twitter.com/oasisprotocol/status/1520803035861204992?s=21&t=Q5tJR5pWdNEZKgKZCDT0_w https://twitter.com/oasisprotocol/status/1521996135996534786?s=21&t=Q5tJR5pWdNEZKgKZCDT0_w

#cryptocurrency #english #oasis

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07.06.2022