Home Crime 1 quadrillion yUSDT minted in Yearn Finance exploit

1 quadrillion yUSDT minted in Yearn Finance exploit

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  • The hack was detected by blockchain security company PeckShield.
  • Hackers exchanged yUSDT for other stablecoins.
  • Hackers also transferred 1,000 Ether to Tornado Cash.

Blockchain security company PeckShield recently detected an exploit on lending platform Yearn Finance, using $10,000 to lead to the fraudulent minting of over 1,000 trillion of Yearn Tether (yUSDT). This hack is the latest in a list of decentralized hacks that seem to be gaining momentum over the years.

according to Tweet from PechShieldhackers exchanged yUSDT for other cryptocurrencies, including $11.6 million worth of stablecoins. Includes Tether (USDT), 2.58 million USD Coin (USDC), 3 million DAI, and 61,000 Pax Dollar (USDP).

Send 1,000 ETH to Tornado Cash

PeckShield also says the hackers managed to transfer 1,000 ETH, worth about $2 million, to licensed crypto mixer Tornado Cash.

In addition to Yearn Finance, PeckShield also flagged Aave for the hack.

Hackers exploited old smart contracts

Yearn Finance released a statement after the initial checks, saying the hack was limited to an outdated smart contract pre-V1 and V2 called iearn. According to Yearn Finance, current Yearn Finance contracts and protocols were not affected by the exploit.

Aave, also flagged by PeckShield, Confirmed They were aware of the exploit and that none of the versions (V1, V2, and V3) were affected by the hack.

The price of the yearn.finance (YFI) token dropped to around $8,945 shortly after news of the hack broke, but has recovered to $9,094 at the time of writing. The token is still about 2% below yesterday’s trading levels, but is still up more than 7% over the past 7 days.

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