We’re back on tour – DeFi yEarn protocol was under attack. In total, the protocol suffered a loss of $11 million, while the attacker walked away with $2.8 million.
yEarn in the hacker’s sights
The information came in late Thursday evening, February 4.
Banteg, one of the developers of the yEarn project, warned users on Twitter that an attack on the DAI vault had taken place, resulting in the loss of $11 million.
Yearn DAI v1 vault got exploited, the attacker got away with $2.8m, the vault lost $11m. Deposits into strategies disabled for v1 DAI, TUSD, USDC, USDT vaults while we investigate. pic.twitter.com/1RWYyyu0d5m
To ensure the security of the remaining funds, the DAI, TUSD, USDC and USDT strategies have been suspended.
We had to wait for Igor Igamberdiev’s tweet from The Block media to get more details about the attack.
Attacker profit:- 513k DAI- 1.7M USDT- remaining 506k 3CRV (~$1)
To obtain such a profit, the attacker executed 11 transactions. Below is a very superficial explanation of what was happening in these transactions👇
The hacker’s loot is estimated at $2.8 million.
The course of the attack
In fact, this attack was carried out in a classic manner, notably thanks to several flash loans.
According to Igor Igamberdiev, the course of the hack was as follows:
Once the Compound loan and the flash loans were paid off, the attacker was left with a residual $2.8 million, literally tapped with the yEarn protocol.
This attack is really bad news for the yEarn protocol. Until now, it had managed to get through the DeFi hacks. How will the protocol king of decentralized finance react? To be continued.
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