Yearn Finance Bleeds $11.6M As Legacy Misconfiguration Triggers Major Stablecoin Heist

An early version of the DeFi protocol Yearn Finance, known as iearn, experienced an exploit today, resulting in a loss of $11.6 million, reported PeckShield. The attacker obtained a variety of stablecoins, including (CRYPTO: DAI), (CRYPTO: USDC), (CRYPTO: BUSD), (CRYPTO: TUSD), and (CRYPTO: USDT), according to LookOnChain.

Timeline of Yearn-finance

The popular decentralized finance (DeFi) platform, Yearn Finance, was recently hacked using the open-source liquidity protocol, Aave. Per the on-chain data, the hacker has already moved more than $11.5 million in stablecoins.

The launch of the Yearn Finance [YFI] Permissionless Vault Factory coincided with the rise in the value of the YFI token. Since the start of the year, Yearn Finance experienced a fantastic price run.

DeFi aggregator protocol Yearn Finance has launched a new product that allows users to create sophisticated permissionless vault factories on its platform. Yearn's auto-compounding yVault  Yearn.

YFI, the native token that powers the decentralized finance (DeFi) protocol Yearn Finance, saw a surge in its count of unique trading addresses in the past few days, on-chain data revealed.

Yearn Finance (YFI) has performed relatively well over the last 30 days, painting its charts in green despite the lingering uncertainty in the crypto market. According to information from Coingecko, at press time, the ERC20 governance token built on the Ethereum blockchain is changing hands at $7,087, going up by 5.7% during the past week and tallying an impressive 15.7% jump on its bi-weekly gauge.

The goal of Yearn is to maximize returns on your crypto by arbitraging various lending platforms to find the best yield. The post Yearn.Finance: Simple Yield Farming for the Masses appeared first on Bitcoin Market Journal.

The crypto market has been in flux for the last couple of weeks, with upticks and downticks making a presence every now and then. However, the last six days have been very fruitful for the market as not only did the total market capitalization rise to $1.074 trillion, but altcoins like to yearn.

Yearn.finance (YFI) has broken out from a short-term pattern, but is still facing long-term diagonal and horizontal resistance. YFI has been falling since reaching an all-time high price of $95,000 in May 2021.

One of the top 15 projects in the DeFi space, Yearn.Finance is considered to be amongst the few reputable projects in the crypto space. But this reputation is taking a hit day on the day as the value of the project as well as its token YFI is declining.