Hacker Exploits Old Yearn Finance Contract, Steals $11.6M in Stablecoins


A hacker took advantage of an old contract from Yearn Finance on Thursday, creating an exorbitant amount of yUSDT tokens, a U.S. dollar-pegged stablecoin, blockchain security firm PeckShield reported.

The attacker exploited a vulnerability in the code of an outdated Yearn Finance contract, which allowed them to mint a quadrillion yUSDT stablecoins.

Stay in the know on crypto by frequently visiting Crypto News Today

The tokens were swapped for US$11.6 million in other stablecoins, including 61,000 USDP, 1.5 million TUSD, 1.79 million BUSD, 1.2 million USDT, and 2.58 million USDC and 3 million DAI.

The suspicious address took the funds to other DeFi platforms, such as locking 1.5 million TUSD as collateral in Aave to borrow 634 Ether (US$1.26 million).

The address has already sent at least 1,000 Ether to Tornado Cash, a mixing service sanctioned by the U.S. Treasury, PeckShiled added.

Hackers stole at least US$3.8 billion in cryptocurrencies throughout 2022, the highest recorded total, according to blockchain forensics firm Chainalysis. DeFi platforms suffered more than 82% of the crypto losses last year.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at FORKAST

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like