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

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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DeFi Protocols Aave, Yearn Finance Likely Impacted in Exploit: PeckShield.Aaveaave and iearnfinance were likely involved in an exploit this morning with potential losses to the tune of millions of dollars. By shauryamalwa AaveAave iearnfinance shauryamalwa Naaaaa pas AaveAave 😑 AaveAave iearnfinance shauryamalwa Move your money to Bitcoin please! Save your hard earned money. AaveAave iearnfinance shauryamalwa Didn't impact Aave
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Exploit involving Yearn Finance estimated to be around $10 million: PeckShieldEarly reports from security firms suggest that an exploit involving the DeFi protocol Yearn Finance has taken place. Dog Boss never a dull day in crypto TheBlockPro__ The hits keep coming.
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