Yearn Finance DAI Vault ‘Has Suffered an Exploit’; $13.8M Drained

DeFi protocol Yearn.Finance repaid victims of its $11M hack by opening a Maker vault with YFI tokens from its newly expanded treasury. Major decentralized finance protocol Yearn.Finance (YFI) has restored its yDAI vault in the aftermath of a $11 million exploit by hackers.Yearn announced Tuesday that they opened a Maker vault with YFI tokens from the treasury and minted 9.7 million DAI tokens from the vault to keep the yDAI vault intact. Using borrowed money allows the project to reimburse users without taking a hit to the treasury, either due to possible YFI appreciation or by gradually....

Bitcoin in DeFi gets a promising boost as two major yield vault projects join forces Today, Bitcoin-on-Ethereum yield vault project BadgerDAO and fellow yield vault platform Yearn.Finance announced a partnership designed to bring Yearn’s sustainable vault expertise to Badger. “Today we’re excited to develop a partnership that will bring our teams together to further accelerate best in class BTC vaults for the industry,” BadgerDAO said in a blog post. “This is a step to further secure users funds as we continue to introduce more Yearn developed, maintained and secured vaults to our....

Popular DeFi protocol Yearn Finance has launched a new product, a yield generator called yvBOOST. Part of its suite of vaults, this product will complement the “Backscratcher” vault and will allow users to earn and boost rewards in the Curve-based token 3CRV. “Backscratcher” offers rewards in Curve’s, an Ethereum exchange liquidity pool, native token CRV. […]

An informal revenue report reveals that Yearn Finance paid 65% of its net revenue to stakers. The first informal Yearn.finance quarterly report has been released by the community and reveals the DeFi protocol's revenue is dominated by the yUSD vault.The report, spanning August 20 to October 20, was created by DeFi community members and has not been officially audited by any accounting firms. It states that net income for the three month period was $3.79 million with the majority of that coming from yVault product offerings.The yUSD vault was responsible for the lion’s share of revenue with....

A hacker has made off with $2.8 million after draining $11 million from Yearn Finance’s V1 DAI vault. DeFi protocol Yearn Finance has reported that its V1 yDAI vault was exploited by a hacker to the tune of $11 million on Feb. 5. However, the hacker failed to reap the lion’s share of the heist, with Curve liquidity providers making more from the attack than its mastermind.While the vault lost $11 million in total, Yearn developer “Banteg” tweeted that the hacker had only been able to profit to the tune of $2.8 million. The team has suspended all deposits to its V1 DAI, USDC, USDT, and TUSD....