Yearn.Finance puts expanded treasury to use by repaying victims of $11M hack
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....
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Cronje may have gone silent on Twitter, but it hasn’t stopped people from trying to sue him for the EMN hack. A group of investors is crowdfunding a lawsuit against Yearn.finance (YFI) founder Andre Cronje over the unreleased and unfinished Eminence (EMN) protocol and its hack.In a post, the group EMN Investigation said it is raising money to sue Cronje, Yearn developer ‘banteg,’ and Twitter user and Yearn supporter Blue Kirby. The group said 100% of the donations would be used to finance the lawsuit. Crowdfunding will end on November 9. The group added: “As a way to thank you for your....
Its "decentralized" Treasury has more than $45 million and would pursue similar YFI buybacks in the future. Yearn Finance (YFI) emerged as one of the best performers in the crypto market this week, rallying by over 46% in just four days to reach a two-week high above $29,100.YFI/USD daily price chart featuring its four-day bull run. Source: TradingViewThe gains surfaced primarily as Yearn Finance revealed that it has been buying back YFI en masse since November in response to a community vote to improve the YFI token's economics. The decentralized asset management platform purchased 282.40....
Yearn Finance founder Andre Cronje suggests he did not mishandle the Eminence (EMN) project’s economic exploit, which he insists functions well. He accuses certain social actors of creating a story around EMN that caused rational actors to jump onto the token. Cronje’s comments follow reports that a group of defi community members planning to sue the smart contract builder whom they say is culpable in the $15 million EMN token hack. Cronje Says He Is Not Infallible In a post on Medium, Cronje who has vowed not to use his Twitter account, talks of his role and the journey which....
Yearn continues to rapidly expand through acquisitions, leading some to call it the Amazon of DeFi. While a U.S. Treasury hack serves as a reminder of the amount of financial data in circulation.
The newly rebuilt Bter.com, one of the world's largest altcoin trading platforms, has announced that it has joined forces with JUA.com and is stepping up its security system. It has also set forth a plan for repaying all users who lost funds due to a recent theft. On the security side, JUA.com will provide 100 percent cold wallet escrow storage of users' funds, and will gradually take on hot wallet security for deposits and withdrawals as well. Bter has already worked with JUA.com since the hack to review all security-related code, and has completely rebuilt the trading platform's back....