Yearn Finance hacked
After a multi-million-dollar hack, there’s confusion about who was robbed first.
After a multi-million-dollar hack, there’s confusion about who was robbed first. Now it’s clear: Yearn Finance has been hit.
A bug in Yearn Finance's smart contract led on April 13 to an attack in which a hacker stole several million US dollars.
"The issue only affects iearn and has no impact on the current Yearn protocols. iearn is an immutable smart contract that was shut down in 2020," writes Yearn Finance. According to Etherscan, losses amount to more than eleven million dollars, spread across various stablecoins such as DAI, USDT and BUSD.
The initial confusion was caused by analytics firm View post on X, which wrongly pointed to the DeFi protocol Aave as the victim of the attack. Aave, however, stressed that its own protocol was not affected and was only used to swap tokens to execute the attack. The hacker View post on X added to the confusion and already moved 1,000 ETH via the Tornado Cash mixer.
Yearn Finance is designed to optimize yield. To that end, the platform shifts funds within the DeFi ecosystem to generate high returns.
Earlier this week there was already a string of hacks in the crypto sector, with attackers stealing more than 15 million US dollars.
