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Sunday, September 17, 2023

Hacker mints 1 quadrillion yUSDT after exploiting outdated Yearn Finance contract

Blockchain safety agency PeckShield just lately detected a hack that allowed the exploiter to mint over 1 quadrillion Yearn Tether (yUSDT) from $10,000 within the newest decentralized finance (DeFi) hack. 

In keeping with the safety agency, the hacker then swapped the yUSDT to different stablecoins, permitting them to seize $11.6 million price of stablecoins. This contains 61,000 Pax Greenback (USDP), 1.5 million TrueUSD (TUSD), 1.79 million Binance USD (BUSD), 1.2 million Tether (USDT), 2.58 million USD Coin (USDC) and three million in DAI (DAI).

PeckShield illustrates the move of funds from the assault. Supply: PeckShield

PeckShield stated that the hacker has already managed to switch 1,000 Ether (ETH), at the moment price virtually $2 million, to the sanctioned cryptocurrency mixer Twister Money. The blockchain safety firm additionally flagged the DeFi protocols Aave and Yearn Finance to tell them of what was transpiring. 

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After preliminary checks, lending platform Yearn Finance made an announcement that the problem was restricted to iearn, which was an outdated contract earlier than Vaults V1 and V2. The DeFi protocol stated that the present Yearn Finance contracts and protocols will not be affected by the exploit.

In the meantime, Aave additionally stated that they’re conscious of the transaction as properly. The liquidity protocol just lately confirmed that the hack didn’t have an effect on its Aave V1, V2 or V3. 

Whereas hacks nonetheless plague the DeFi house in 2023, the sum of money misplaced to hacks has been decrease in comparison with the earlier years. In keeping with the quarterly report of blockchain safety agency CertiK, greater than $320 million had been misplaced to hacks within the first quarter of 2023. The losses had been rather a lot decrease in comparison with 2022’s first quarter the place $1.3 billion had been misplaced and the fourth quarter when $950 million had been misplaced to hacks.

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