A new report from the California Department of Financial Protection and Innovation (DFPI) exposes YFI App (yfiapp.com) as a fraudulent trading platform. According to the complaint, a California resident was lured in through Facebook by an alleged employee of the company, who falsely promised daily returns of 1% to 1.8% on their crypto balance. The victim and other investors were instructed to transfer funds to a specific crypto wallet as part of a “group investment.” However, once the wallet reached a high balance, the scammers connected it to a dapp that drained all the funds. In a final attempt to extract more money, the scammers contacted the victim, claiming that a $200,000 deposit would unlock their stolen funds. The victim ultimately lost over $61,000, and YFI App’s website is no longer operational. This case follows a classic Romance Baiting scam—where fraudsters build trust, encourage more deposits, and ultimately vanish with the money. If you’ve encountered the YFI App or similar scams, report them immediately.