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Blockchain Security Firm PeckShield: DeFi Protocol Yearn Finance Suffers $11 Million Exploit – Here’s What Happened

The DeFi platform Yearn Finance recently suffered a breach, leading to a loss of approximately $11 million in Dai (DAI), Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Tru USD (TUSD) tokens. This information comes from a probe conducted by the blockchain security company, PeckShield.

Yearn Attempts To Calm Down Users Following Exploit

Responding to the recent incident, Yearn Finance’s team has issued a statement to assuage its users’ concerns.

“We are currently addressing an issue with iearn, an older contract predating Vaults v1 and v2. The concern appears to be isolated to iearn and does not affect the contemporary Yearn contracts or systems,” the protocol shared on Twitter.

Furthermore, the protocol confirmed that its team is delving deeper into the matter for a thorough investigation.

DeFi protocols team up

Just a couple of months prior, Yearn Finance had collaborated with a host of prominent DeFi protocols to advocate for decentralization. This initiative saw them kick off a Twitter campaign in partnership with over 30 projects.

Apart from Yearn Finance, other notable participants in this campaign encompassed Element, CoW Swap, Balancer, Aura Finance, Euler, Gearbox, Dopex, Pods, Opyn, SushiSwap, DegenScore, MakerDAO, Stake DAO, Zerion, Ajna, Aave, Oasis.app, and Pods Finance.

Highlighting the significance and uniqueness of the decentralized finance sector, Draper, the Chief Marketing Officer at Yearn Finance, remarked, “DeFi offers a unique blend, distinguishing itself from traditional systems. Our campaign underscores the essence of what makes DeFi stand out – not just in its technological innovation but also its inherent values. Especially considering the setbacks in centralized finance, we hope this initiative reiterates DeFi’s distinct advantages.”

Established in 2018, PeckShield was founded by Xuxian Jiang, previously the head scientist at Qihoo 360. Notably, among its substantial investors is the Beijing-based venture capital entity, Gaorong Capital, as per details from PeckShield.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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