PeckShield, a cybersecurity agency, has reported that hackers have breached the DeFi Yearn.Finance protocol and made off with $11 million worth of cryptocurrency assets.
Reports earlier indicated that the Aave V1 protocol had been hacked, but Aave developers clarified that the protocol was not compromised; instead, the exploit mainly involved the yUSD stablecoin from Yearn.Finance, resulting from a misconfiguration of yUSDT.
The hackers utilized the first version of the Aave protocol, which has been frozen since December 2022, according to Aave Integration Lead Marc Zeller, who also noted that the second and third versions of Aave were unaffected.
In other recent incidents, the South Korean exchange Gdac suffered a hack in April, with almost $14 million, or 23% of the exchange’s total assets, stolen and transferred to an unidentified wallet.
Additionally, hackers targeted the Terraport Finance DeFi project, making off with approximately 9.5 million TERRA, 15 billion LUNC and 5.5 million USTC, with a total value of $4 million.