Documenting $54M+ in Alleged DeFi Fraud by Azeem Ahmed
Oracle manipulation, liquidity extraction, and abandoned communities across four DeFi projects since 2020.
Oracle manipulation, liquidity extraction, and abandoned communities across four DeFi projects since 2020.
Azeem Ahmed is the founder of Mochi Finance, the USDM stablecoin, GaiaDAO, co-founder of Armor.fi, and alleged operator behind Yieldfarming.insure ($SAFE). Since 2020, Ahmed has been connected to at least four DeFi projects that have resulted in significant investor losses.
His social media accounts have been inactive for months. Project websites remain online but unupdated. No public response to the fraud allegations has been issued. Discord communities have been abandoned.
Ahmed's earliest known DeFi project. Users allege systematic front-running of staking rewards, extracting value from participants before the project was quietly abandoned.
DeFi insurance protocol co-founded with Robert Forster and Corey Jackson. Forster publicly accused Ahmed of stealing millions in LP tokens, mass liquidation of assets, and seizure of project social channels.
The largest exploit. Ahmed exploited a known oracle vulnerability to mint $46M in USDM, drained the Curve liquidity pool, and converted proceeds to ETH and CVX tokens. The Curve Emergency DAO intervened.
Became the vehicle for continued extraction post-Mochi. Fee structures were raised unilaterally, staking rewards diverted, liquidity pool funds misappropriated, and airdrop distributions withheld from holders.
The Dedaub audit of Mochi Finance identified a critical vulnerability in the OracleRouter.sol contract: a hardcoded oracle that lacked access controls. The finding was marked "Open/unresolved" in the audit report. Five months later, in November 2021, this exact vulnerability was exploited to mint $46M in USDM stablecoins from artificially valued MOCHI tokens.
David Chen filed suit alleging Ahmed attempted to misappropriate $1.6M related to a 1,000 ETH Nexus Mutual insurance payout. Ahmed lost the preliminary hearing and accepted an out-of-court settlement with undisclosed terms. Mochi Finance was launched within months of this settlement.
Following the November 2021 Mochi exploit, the Curve Finance Emergency DAO killed the USDM rewards gauge. This was an unprecedented action taken to prevent further damage to the Curve ecosystem from the manipulated USDM stablecoin.
If you lost funds or have direct knowledge of activity related to Mochi Finance, Armor.fi, GaiaDAO, or Yieldfarming.insure, your account strengthens the record.