Yearn Finance, a decentralized finance for earning yield on crypto, has suffered a hacker attack, losing over $10 million in stablecoins.
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According to the project's Twitter page, the hack was possible due to a misconfiguration in an outdated contract for a tokenized stablecoin. The Yearn Finance team claims the problem "does not impact current Yearn contracts or protocols," adding that the current version of Yearn V2 Vaults "remains unaffected."
Analysts at Lookonchain calculated that the exploiter got $3,032,142 in DAI, $2,579,483 in USDC, $1,785,091 in BUSD, $1,512,528 in TUSD and $1,193,756 in USDT.
Head of Security at Paradigm under alias "samczsun" says the yUSDT smart contract "has been broken since deploy," noting that the contract misconfigured to use the Fulcrum iUSDC token instead of the Fulcrum iUSDT token.
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