A total amount of $14 million gone in Yearn Finance exploit.
Yearn Finance has reported an exploit on one of its DAI vaults. DeFi lending project Yearn Finance had been hit by an exploit that has affected a DAI lending pool, their Twitter account wrote.
The tweet that was posted around 5 PM Eastern US time, stated:
Yearn developer Banteg, one of the administrators of the DeFi project’s website, followed with more details:
Because of the news, the trading price for the YFI governance token fell rapidly, dropping from $34,700 to $30,500 in a matter of minutes, although it slightly rebounded ever since.
Yearn aggregates DeFi lending protocols such as Aave and Compound to make sure users get the best return on their loan.
Yearn has also been attacked last year as a pseudonymous cyberattacker handled a flash loan, together with a set of devious transactions between Curve, Uniswap, and Harvest, that enabled them to dump millions of dollars worth of stablecoin from Harvest’s pools.
The said cyberattack emphasized how flash loans can be utilized to exploit weak economic points in DeFi protocols and pool to the tune of millions of dollars.
Purportedly, Yearn.finance’s Vaults for DAI and GUSD have been vulnerable to the same vector of attack, however, proper measures can avoid this from happening again.
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