Hacker Stole $2.8 M from Yearn.Finance

by in DeFi News

Yearn Finance hack 05.02.2021

Today Decentralized platform Yearn Finance published the news of cyber hackers attacking the network and stealing $2.8 million. The protocol's official page and one of the engineers named Banteg shared the news on Twitter.

Related: SEC Charged The Team Behind the Token B2G

The hacker targeted the v1 yDAI vault, through which users yield farm. The team noticed that the vault was being exploited, so they suspended all deposits to its V1 DAI, Tether, USDC, and TUSD. The vault lost 11 M overall. However, the hacker managed to seize $2.8 M.

The CEO of Aave, Stani Kulechov, wrote about the hack on Twitter. He said the attack was an intricate exploit with over 160 database activities and 8,6 mm gas utilized (nearly 75% of the block).

Within two hours after the news went public, the price of Yearn Finance’s governance token dropped by 15%. At the moment, it trades at around $30.980 Yearn.finance is a DeFi aggregator that allows users to make profits by yield farming.