{"id":47812,"date":"2023-04-13T11:57:50","date_gmt":"2023-04-13T15:57:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47812"},"modified":"2023-04-13T11:57:52","modified_gmt":"2023-04-13T15:57:52","slug":"over-5-million-exploited-in-recent-defi-hacks-on-aave-and-yearn-finance","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/over-5-million-exploited-in-recent-defi-hacks-on-aave-and-yearn-finance\/","title":{"rendered":"Over $5 million exploited in recent DeFi hacks on Aave and Yearn Finance"},"content":{"rendered":"\n

As DeFi hacks continue to plague the cryptocurrency industry, PeckShield, blockchain security firm reports that Aave and Yearn Finance are the latest protocols to be targeted by exploiters. <\/p>\n\n\n\n

\"Over<\/figure>\n\n\n\n

Aave\u2019s version 1 <\/a>was impacted, while versions 2 and 3 remained unaffected. The oldest version has been frozen since December 2022, and the team behind the lending protocol said it is monitoring the situation. Yearn Finance<\/a> has not provided any details regarding the extent of the exploit.<\/p>\n\n\n\n

PeckShield clarified that the root cause is due to misc\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>o<\/use><\/svg><\/span><\/a>nfigured yUSDT<\/use><\/svg><\/span><\/a>, not related to Aave. \u2018It appears the root cause is due to the misconfigured yUSDT, which is exploited to mint huge yUSDT (1,252,660,242,212,927.5) from a small $10K USDT. The huge yUSDT is then cashed out by swapping to other stablecoins,\u2019 PeckShield said.<\/p>\n\n\n\n

\u201cThe exploiter may have made over $10 million in stablecoins DAI, USDC, BUSD, USDT, and TUSD” according to Lookonchain\u2019s data<\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n

\u201cAave Chan creator Marc Zeller said the issue is unlikely but not impossible. V1\u2019s current size is $18 million while the Aave safety module stands at $382.50 million.\u201d<\/p>\n\n\n\n

\n

Aave V1 has been frozen since Dec 2022, so no user can deposit or increase borrow size making issue unlikely but not impossible.

We're aware of the situation and research is ongoing. More info when we have more clarity.<\/p>— Marc \u201d\u4e03\u5341 Billy\u201d Zeller \ud83d\udc7b \ud83e\udd87\ud83d\udd0a (@lemiscate) April 13, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

This year has seen a surge in stories of hacks and exploits in DeFi protocols<\/a>. In March alone, cybercriminals stole $211.5 million worth of cryptocurrencies via 26 attacks. Earlier this week, $3.3 million in ETH was drained from SushiSwap\u2019s approval contract.”<\/p>\n\n\n\n

Disclaimer: This is a developing story and will be updated.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As DeFi hacks continue to plague the cryptocurrency industry, PeckShield, blockchain security firm reports that Aave and Yearn Finance are the latest protocols to be targeted by exploiters. Aave\u2019s version 1 was impacted, while versions 2 and 3 remained unaffected. The oldest version has been frozen since December 2022, and the team behind the lending […]<\/p>\n","protected":false},"author":44,"featured_media":47815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,73,11476],"tags":[1323,132,197,1496],"class_list":["post-47812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-defi-news","category-hacks-and-scams","tag-blockchain-technology","tag-crypto","tag-defi","tag-hack"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/Hacks.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47812"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/47815"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}