Cross Chain Yield Aggregator bEarn Suffers $11 M from Attack

by in DeFi News

bEarn Fi hacked

bEarn Fi, an auto yield farming protocol based on Binance Smart Chain lost about $11 M as a result of the flash loan attack, which happened on May 16.

Related: Rari Capital announced they'll compensate victims of hacking

Attacking bVaults’ BUSD Alpaca strategy, the attacker used flash loans and managed to steal over $10.8 M in the stablecoin BUSD.

In DeFi, vaults are the largely accepted term to introduce the smart-contract strategies built by yield optimizers.

bEarn Fi announced that the investigation is in process and that suffered customers will be compensated.

The native token of the protocol BFI fell over 15% during the last 24 hours. Currently, it trades at around $311. About a week ago, on May 10 another DeFi protocol, Rari Capital was attacked and lost $10 M in Ethereum. In Rari's case also the cybercriminal used a flash loan.