Tag: Exploits

Yearn Finance DAI Vault ‘Has Suffered an Exploit’; $11M Drained
Crypto News

Yearn Finance DAI Vault ‘Has Suffered an Exploit’; $11M 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. E...