Hacker Steals $11M from DeFi Protocol Yearn Finance
An exploit in the yUSDT stablecoin contract of DeFi protocol Yearn Finance yesterday resulted in the theft of $11.6 million worth of crypto assets.
The cause of the error was an incorrect setting of the yUSDT, which is a Tether analogue.
PeckShield analysts have reported that the hacker was able to mint an astounding 1.2 quadrillion yUSDT using a deposit of only 10,000 USDT.
Subsequently, the created coins were exchanged for other stablecoins such as DAI, USDT, USDC, BUSD, and TUSD.
The hacker utilized the first version of the Aave protocol to conduct the swap. However, the project team confirmed that the network was not impacted by the attack. They further noted that they are currently investigating if there are any implications for Aave V1, which has been frozen.
