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DeFi Protocol Yearn Finance Impacted in Nearly $11M Exploit That Occurred Via Aave Version 1

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UPDATE: AaveAave confirmed it was not impacted by an exploit on Thursday morning. The attack was mainly due to a misconfiguration on iearnfinance's yUSD stablecoin, as per security firms. By shauryamalwa

A bug in a token issued by decentralized finance protocol Yearn Finance was impacted in an exploit this morning, security firm PeckShield tweeted, leading to millions of dollars in losses.

Aave V1 was previously thought to be affected by the exploit. However, Aave developers said the protocol was unaffected and merely used to swap tokens to conduct the exploit, which mainly involved Yearn Finance's yUSD stablecoin. PeckShield said exploiters were able to mint over 1.2 quadrillion yUSDT in early Asian hours using a $10,000 initial deposit, which was then used to trick the Yearn Finance protocol to eventually cash out millions in stablecoins.

 

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