Users Lose $15M After Investing in New Project By yearn.finance Creator
Main page News, Cryptocurrency, Hacker Attack, DeFi
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29 September
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The creator of the popular DeFi protocol yearn.finance, André Cronier, announced on Monday night through his Twitter account his new project eminence.finance. Shortly afterwards, he received the news the project had been hacked.

Eminence has been conceived as a game and there are still at least three weeks to go before its full launch. However, some users have discovered the project's contract and have invested large amounts of money in it. Cronier said:

"As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it."

He claims the organizers started to release some of the art teasers in order to show their clans in the future game, however, the version of the contract was not final and was not intended for so many users:

"We posted the first clan "Spartans". And I went to bed.6. Around ~3AM I was messaged awake to find out a) almost 15m was deposited into the contracts b) the contracts were exploited for the full 15m and c) 8m was sent to my yearn: deployer account."

According to Cronier, the exploit turned out to be very simple and consisted of issuing and burning EMN tokens. He also said after the incident he started to receive threats. He plans to distribute the $8M the hacker sent to his account, based on a snapshot of the blockchain that was taken before the hack.

However, Cronier will keep working on the development of the project on the mainnet of Ethereum.

Eminence's (EMN) trading volume on Uniswap amounted to almost $12M in one day. Following clarifications from the developer, the price of EMN fell from $0.01 to $0. According to Cronier, the GLI and EMN tokens will only be used during testing phase of the project and will not be used once the project is fully completed.

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