THELOGICALINDIAN - Yearn Finance is the latest DeFi agreement to ache an accomplishment adjourned by beam loans YFI badge biconcave 12 afterwards the attack
Yearn Finance declared that its yDAI basement was exploited for the accident of $11 million. They added that the basement is no best vulnerable.
DeFi Hacker Makes Off With $2.7 Million
Though the antagonist beggared Yearn of $11 million, absonant fees amount them millions to assassinate the hack.
They reportedly alone profited $2.7 million, while clamminess basin fees and advocate fees during the advance both came to $3.5 actor each. Aave v2 fees amounted to $1.4 million.
The hacker took out a alternation of beam loans from dYdX and Aave, again acclimated the funds as accessory for addition accommodation on Compound. In accomplishing this, the antagonist about gamed the barter ante on Yearn to accrue CRV tokens to advertise for stablecoins.
Yearn Finance declared that the association can apprehend a abounding address accouterment added capacity on the exploit.
YFI babyminding badge fell from $34,700 to $30,500 afore convalescent hardly aloft $31,800.
Another DeFi Hack Shakes Confidence
The DeFi association has apparent abounding hacks and exploits over the aftermost few years, with about 100 actor dollars lost to bad actors aftermost year. DeFi hacks in 2020 accounted for 20% of all crypto crime.
There were over 19 above DeFi hacks aftermost year, with $25 actor absent to a drained dForce acute contract in April and $25 actor absent in a beam accommodation exploit on the Harvest Finance belvedere in October.
Many of these attacks leveraged beam loans, giving the apparatus a rather belled reputation.
The affluence of admission to beam loans for fast clamminess is a acrid sword, acceding bodies added banking abandon but additionally added clamminess to backpack out above exploits like the latest yDAI basement hack.
Disclosure: The columnist captivated Bitcoin at the time of writing. Andre Cronje is an equity-holder of Crypto Briefing.
