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7/ Yearn Finance was exploited in a flash loan attack, resulting in a ~$11.5mil loss
It was due to a misconfiguration in the #yUSDT contract
The fulcrum parameter was set incorrectly, due to an error in the pool parameters that went unnoticed for over 1000 days
🚨 @iearnfinance suffered a #flashloan attack, resulting in a loss of ~US$10M, stablecoins including:
⚠️ 3,032,142 $DAI
⚠️ 2,579,483 $USDC
⚠️ 1,785,091 $BUSD
⚠️ 1,512,528 $TUSD
⚠️ 1,193,756 $USDT etc
The stolen funds are currently still held in the hacker's contract addresses
🧵1
A hacker leveraged an old Yearn Finance contract to mint more than 1 quadrillion Yearn Tether (yUSDT) tokens starting at $10,000. They then exchanged #yUSDT for other stablecoins, the total value being $11.6 million. The stablecoins involved are:

In simpler terms, the #yUSDT token, which was meant to be a yield-generating version of #USDT, was actually using a completely different token, #iUSDC as its underlying asset.
The misconfiguration has been there for 1000 days ??? 🤯
#iyearn #YearnFinance #CryptoTwitter #Web3
We're looking into an issue with iearn, an outdated contract from before Vaults v1 and v2.
This problem seems exclusive to iearn and does not impact current Yearn contracts or protocols.
iearn is an immutable contract predating YFI, it was deprecated in 2020.
Vaults v1, with upgradeable strategies, was also deprecated in 2021. There's no indication it's affected.
The current version, Yearn v2 Vaults (written in Vyper), remains unaffected as well.
Stay tuned for updates as our team investigates further.
🎯 Hacker daha sonra #yUSDT'yi diğer stablecoin'lerle değiştirerek 11.6 milyon $ değerinde stablecoin'i ele geçirmelerine izin verdi.
The latest decentralised finance (#DeFi) attack was discovered by blockchain security company @peckshield, which allowed the exploiter to manufacture over 1 quadrillion Yearn Tether (#yUSDT) from $10,000.
#USDTether #yearn #Tether

🧐 The reason for the @iearnfinance attack was a misconfiguration in the #yUSDT contract, where fulcrum was set to #iUSDC instead of #iUSDT, due to an error in the pool parameters that was mistakenly relied upon for more than 1000 days 👀
Let's dive into it 🧵👇

🚨 @iearnfinance suffered a #flashloan attack, resulting in a loss of ~US$10M, stablecoins including:
⚠️ 3,032,142 $DAI
⚠️ 2,579,483 $USDC
⚠️ 1,785,091 $BUSD
⚠️ 1,512,528 $TUSD
⚠️ 1,193,756 $USDT etc
The stolen funds are currently still held in the hacker's contract addresses
DeFi protocol #YearnFinance suffers a ~$10 million exploit involving misconfigured #yUSDT.🤯
The exploiter received stablecoins, including DAI, USDC, BUSD, TUSD, and USDT.🔎
Reportedly, there is no impact on #Aave Protocol.🔒
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