Incident Overview
Umami Finance, a DeFi protocol on Arbitrum, offers yield products to institutional clients. On January 31, they announced they were suspending yields, saying they were concerned about regulatory tactics. Soon after, the project CEO started dumping tokens on the market, cashing out 44,000 UMAMI tokens. These were ostensibly priced at $800,000, and although the sell-off sent UMAMI prices crashing by more than 60%, the CEO still netted around $380,000 in USDC.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.