It appears to involve a misconfigured token created by an early version of Yearn Finance.
An exploit involving an early version of the DeFi protocol Yearn Finance, called iearn, took place earlier today, causing damages of $11.6 million, according to PeckShield.
The exploiter received a mix of stablecoins, including DAI, USDC, BUSD, TUSD and USDT, according to LookOnChain.
Pseudonymous crypto researcher Samczsun claimed that Yearn Finance's version of USDT, called yUSDT, has been broken since it was deployed around three years ago. He said it was "misconfigured to use the Fulcrum iUSDC token instead of the Fulcrum iUSDT token."
PeckShield corroborated this idea. It said that the root cause appears to be the misconfigured yUSDT. This was exploited to mint 1.2 quadrillion yUSDT from just $10,000. This was then cashed out by swapping to other stablecoins.
"We are aware of an issue that seems isolated to the iearn legacy protocol launched in 2020 and liquidity pool," said Yearn Finance contributor Storm Blessed 0x on Twitter. "Yearn v2 vaults seem not to be impacted. Yearn contributors are investigating."
The attack used the Aave V1 protocol in making a large array of swaps but the Aave team said that it wasn't exploited.
"We can confirm that Aave V1 was not impacted," said Aave CEO Stani Kulechov on Twitter.
"We need to clarify that the root cause is due to misconfigured yUSDT, not related to Aave," added PeckShield.
|Coinbase Türev Borsası BTC Ve ETH Vadeli İşlemlerini Kullanıma Sunmaya Hazırlanıyor|
|Kripto Kiliminden Kaynaklanan Kayıplar Mayıs Ayında DEFI İstismarlarını Geride Bıraktı|
|Madencilik Firmaları BTC Madenciliğinin Karlılığındaki Düşüşe Rağmen Büyümeye Devam Ediyor|
|Kurumsal Satın Alma Yavaşlarken Kripto Piyasaları `Cansız’|
|Bitcoin Daha İyisini Yaptı: Google`da AI Arama İlgisi Ateş Seviyesine Ulaştı|
|Nike, EA Sports Oyunlarına Ve Milyonlarca Hayranına Adım Atacak|
|Yapay Zeka Uçağı Simülasyon Sırasında İnsan Operatörünü Öldürmeye Devam Etti|
|Standard Chartered, PwC, China Greater Bay Area`da Programlanabilir CBDC İçin Dava Açıyor|
|Connext, Çok Zinciri Zincir Soyutlamasıyla Birleştiriyor|
|Uniswap DAO, LP Ücretini Tahsil Planını Reddetti; UNİ Sahipleri Vergi Endişelerinden Bahsediyor|
|USD Coin (USDC)||0.02||$0.999900||$237.2M|
|True USD (TUSD)||0||$1.000000||$115.1M|