YieldNodes is currently undergoing significant updates and restructuring. They have faced issues with NFT vulnerabilities, which they are actively addressing. The team is reissuing NFTs to ensure accuracy in ownership and security, with a plan to complete this process by the end of March 2024. Additionally, YieldNodes is preparing to launch YieldNodes Pro in Q2 of 2024, which has been delayed to focus on resolving these issues and to ensure a high-quality platform upon release.
They are also conducting an extensive audit of their masternoding and staking processes, working towards increased transparency and security. Discussions are ongoing with two of the “Big Four” accounting firms to conduct this audit, which aims to strengthen trust within their community.
Moreover, they are engaged in a legal battle against Chainalysis, addressing allegations that have impacted their reputation and the broader crypto community. This lawsuit is seen as crucial for their industry standing.
Blocking withdrawals?
There have been reports of withdrawal issues with YieldNodes. The Hong Kong Securities and Futures Commission (SFC) recently warned the public about problems related to the "Yieldnodes.com masternode pool," including difficulties with withdrawing investments. They added YieldNodes to their Suspicious Investment Products Alert List, cautioning investors about the high risks involved and the lack of protection under current regulations.
How it works?
YieldNodes operates as a managed investment program that pools investor funds to run masternodes. Masternodes are specialized servers that help support blockchain networks by processing transactions and securing the network. In return, they receive rewards, which YieldNodes then distributes to investors as profits.
Investors can deposit funds, which are converted into different cryptocurrencies to run the masternodes. YieldNodes claims to generate returns through this process, offering monthly payouts.
Given these warnings and potential risks, it is advisable to proceed with extreme caution or consider avoiding investment in YieldNodes altogether to protect your funds.
They are also conducting an extensive audit of their masternoding and staking processes, working towards increased transparency and security. Discussions are ongoing with two of the “Big Four” accounting firms to conduct this audit, which aims to strengthen trust within their community.
Moreover, they are engaged in a legal battle against Chainalysis, addressing allegations that have impacted their reputation and the broader crypto community. This lawsuit is seen as crucial for their industry standing.
Blocking withdrawals?
There have been reports of withdrawal issues with YieldNodes. The Hong Kong Securities and Futures Commission (SFC) recently warned the public about problems related to the "Yieldnodes.com masternode pool," including difficulties with withdrawing investments. They added YieldNodes to their Suspicious Investment Products Alert List, cautioning investors about the high risks involved and the lack of protection under current regulations.
How it works?
YieldNodes operates as a managed investment program that pools investor funds to run masternodes. Masternodes are specialized servers that help support blockchain networks by processing transactions and securing the network. In return, they receive rewards, which YieldNodes then distributes to investors as profits.
Investors can deposit funds, which are converted into different cryptocurrencies to run the masternodes. YieldNodes claims to generate returns through this process, offering monthly payouts.
Given these warnings and potential risks, it is advisable to proceed with extreme caution or consider avoiding investment in YieldNodes altogether to protect your funds.
