• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Yearn Finance DAI Vault ‘Has Suffered an Exploit’; Nearly $14M Drained

February 4, 2021
in Blockchain
Reading Time: 2min read
Yearn Finance DAI Vault ‘Has Suffered an Exploit’; Nearly $14M Drained


Yearn Finance has suffered an exploit in one of its DAI lending pools, according to the decentralized finance (DeFi) protocol’s official Twitter account. 

At 5:14 p.m. ET, banteg, from the Yearn team, posted in Discord: “Attacker got away with 2.8m, dai vault lost 11.1m.”

An Aave flash loan was used to trigger the vault draining, according to an Ethereum address presumed to be associated with the exploit.

Yearn Finance is one of the leading venues in DeFi, known for always enabling depositors to recoup all their yield in the token they initially deposited. The platform recently updated to a new suite of vaults, but like any smart contract platform, the prior smart contracts persisted. According to DeFi Pulse, Yearn currently has $500 million worth of assets entrusted to it. Even on version 1, many of its pools earn annual yields of well over 20%.

Users in the Yearn Discord and Telegram channels began reporting drains Thursday afternoon. At 4:38 p.m. ET in the Yearn Discord server, Jeffrey Bongos wrote, “Anyone know why v1Dai vault is showing that I’ve lost thousands of Dai in the last few minutes?”

At a little after 5 p.m. ET, the front end of the v1 vaults on the Yearn website showed a loss of 1059%. 

Yearn’s YFI governance token had a price drop of $4,000 on the news. Just after the attack became public, the UniWhales Twitter account reported a large sale of YFI for ETH:

The vault attacked was Yearn’s v1 DAI vault, which updated to a new investment strategy last month, according to a blog post published by the Yearn team on Jan. 23.

The vault’s strategy at the time of the attack was to deposit all funds into the “3pool” on the automated market maker (AMM) Curve. Curve’s 3pool contains DAI, USDT and USDC, allowing users to swap any of the stablecoins for another at very low slippage.

This is a developing story and will be updated.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: 14MDAIDrainedExploitFinanceSufferedVaultYearn
Next Post
DeFi Crypto News | New Miner Earns $30 a day | COMP Coinbase | Crypto.com Debit Card

DeFi Crypto News | New Miner Earns $30 a day | COMP Coinbase | Crypto.com Debit Card

REVEALED: Best DeFi Cryptocurrencies and NFTs to Watch in November 2020 | EllioTrades Interview

REVEALED: Best DeFi Cryptocurrencies and NFTs to Watch in November 2020 | EllioTrades Interview

Don't Miss

75% surveyed say “No” to Bitcoin in “Money Saving Expert” poll
Bitcoin

75% surveyed say “No” to Bitcoin in “Money Saving Expert” poll

by Lascena Cryptocurrency News Education
February 26, 2021
0

Martin Lewis, the self-styled “Money Saving Expert” and champion of consumer affairs for the British public, held a poll...

Read more
A $40,000 Bitcoin Likely as Price Breaks Critical Support Zone

A $40,000 Bitcoin Likely as Price Breaks Critical Support Zone

February 26, 2021
Richly Valued Bitcoin Extends Decline After Positive Jobs Data

Richly Valued Bitcoin Extends Decline After Positive Jobs Data

February 26, 2021
BITCOIN TO $50,000 – THE FEDERAL RESERVE GUARANTEES IT!!! Price Prediction – Crypto News 2020

BITCOIN TO $50,000 – THE FEDERAL RESERVE GUARANTEES IT!!! Price Prediction – Crypto News 2020

February 26, 2021
Ripple XRP ”It’s All Over We Can’t Save It!” | Robert Kiyosaki

Ripple XRP ”It’s All Over We Can’t Save It!” | Robert Kiyosaki

February 26, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$46,959.00-7.52%
  • ethereumEthereum(ETH)$1,489.71-9.42%
  • cardanoCardano(ADA)$1.125.36%
  • Binance CoinBinance Coin(BNB)$229.62-11.16%
  • tetherTether(USDT)$1.01-0.97%
  • PolkadotPolkadot(DOT)$30.91-10.67%
  • rippleXRP(XRP)$0.433289-8.90%
  • litecoinLitecoin(LTC)$174.66-11.68%
  • chainlinkChainlink(LINK)$25.47-9.28%
  • bitcoin-cashBitcoin Cash(BCH)$487.89-10.91%