December 11, 2023

PeckShield: Hackers withdrew $11 million worth of crypto assets from the Yearn.Finance protocol

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PeckShield: Hackers withdrew $11 million worth of crypto assets from the Yearn.Finance protocol

According to cybersecurity agency PeckShield, attackers hacked the Yearn.Finance DeFi protocol and withdrew $11 million in crypto assets.

Previously, information appeared about the hacking of the protocolAave V1. However, the Aave developers said that the protocol was not affected - it was used by hackers for an exploit that mainly affected Yearn.Finance's yUSD stablecoin.

“The root cause is due to misconfiguration of yUSDT, not Aave,” PeckShield said.

Head of Integration at Aave MarkMarc Zeller noted that the hackers used the first version of the protocol, which has been “frozen since December 2022.” Zeller added that the second and third versions of Aave were not affected.

Earlier, the South Korean cryptocurrency exchange Gdac was attacked. Hackers withdrew almost $14 million - 23% of the total assets stored by the exchange - from the Gdac wallet to an unidentified wallet. 

Also in April, hackers hacked the DeFi project Terraport Finance and withdrew about 9.5 million TERRA, 15 billion LUNC and 5.5 million USTC. The total amount of stolen funds was $4 million.