Over $10M in stablecoins stolen from Yearn Finance

The v1 from Yearn Finance has been exploited. The DeFi protocol has lost the equivalent of more than 10 million dollars in cryptocurrenciesaccording to several experts.

Yearn Finance said on Thursday that aproblem “had impacted iearnthe first version of its decentralized finance protocol.

This problem appears to be exclusive to iearn and has no impact on current Yearn contracts or protocols. iearn is an immutable contract that predates YFI, it was deprecated in 2020. Vaults v1, with scalable policies, was also deprecated in 2021. There is no indication that it is affected. The current version, Yearn v2 Vaults also remains unchanged,” reads its message.

Hours before the announcement, several companies specializing in blockchain analysis had reported that the DeFi protocol had been the victim of a exploit.

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According to Lookonchain, over $10 million in USDC, USDT, BUSD, DAI and TUSD were stolen.

“It seems that this is due to the yUSDT misconfiguredwhich is exploited to mine a huge yUSDT (1,252,660,242,212,927.5) from a small USDT of $10,000. The huge yUSDT is then cashed out by exchanging for other stablecoins “, has on its side explained Peckshield.

While some reports indicated that Aave, whose V1 was used during the attack, had also been impacted, one of the figures of the protocol, Frenchman Marc Zeller, denied the information on Twitter.

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