Exploiting a loophole in the “Yearn Finance” project and stealing $2.8 million… Details here
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Answer Exploiting a loophole in the “Yearn Finance” project and stealing $2.8 million… Details here
One of the main concerns surrounding the development of DeFi projects is security, which is the cornerstone of increased adoption and user trust in this emerging sector.
In the past months, we have seen many ugly exploitations of decentralized finance projects, especially new ones, but what we will review in this news is the exploitation of a project that is considered somewhat old in the arena and one of the projects that contributed to the decentralized finance revolution.
The “Yearn Finance” decentralized finance project has been exploited, affecting the DAI lending group.
According To the official account of the project on Twitter, which tweeted at about ten o’clock in the evening, UTC, saying:
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We have noticed that the “v1 yDAI” wallet has suffered from an exploit, this exploit has been mitigated.
What happened is fully monitored.
The developer named “banteg” followed up on Twitter what happened, and reported some additional details, which state the following:
The “Yearn DAI v1” wallet was exploited, and the attacker took advantage of the vulnerability and escaped with $ 2.8 million, and the wallet lost about $11 million.
Deposits are disabled in the protocols for the following “v1 DAI” based stablecoins:
TUSD, USDC and USDT while we are doing the investigation.
The Yearn DAI v1 vault was exploited, the attacker ran away with $2.8 million, and the vault lost $11 million. Deposits in strategies for v1 DAI, TUSD, USDC and USDT vaults have been disrupted during the investigation. pic.twitter.com/1RWYyu0d5m
– banteg (bantg) February 4, 2021
Stany Kulichov, founder and CEO of the Aave project, noted that the exploitation involved 160 overlapping deals.
YFI cryptocurrency price affected:
The trading price of YFI, the digital currency for the governance of the “Yearn Finance” project, has dropped significantly and was affected by the news of the hack.
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The coin fell from $34,700 to $30,500 in minutes, although it has rebounded slightly since then to $31,700.
The “Yearn” project aggregates decentralized finance lending protocols such as “Aave” and “Compound” to make sure users get the best return on their loan.
The project is one of the leading names in the DeFi space.
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