- Yearn Finance lost $11 million via an exploit of one of its DAI vaults.
- Out of the total, the hacker got away with $2.8 million.
- The firm claims that their quick response saved the firm from a greater loss of $35 million.
- YFI price value dipped dramatically following the attack but is slowly rebounding.
Yearn Finance saw the exploit of one of its DAI vaults earlier today. The DeFi yield farming project immediately alerted their users via their official Twitter account. The tweet said that their v1 DAI vault was under attack.
Furthermore, it implies that the team is dealing with the attack. The tweet also assures the users of receiving a full follow-up report on the situation.
Soon after the initial tweet, Yearn Finance’s developer banteg tweeted an update. The tweet mentioned that the vault lost a total of $11 million. Out of this total, the hacker got away with $2.8 million for themselves.
Yearn DAI v1 vault got exploited, the attacker got away with $2.8m, the vault lost $11m. Deposits into strategies disabled for v1 DAI, TUSD, USDC, USDT vaults while we investigate. pic.twitter.com/1RWYyu0d5m
— banteg (@bantg) February 4, 2021
Moreover, the tweet said that deposits into strategies have been disabled during the investigation. These deposits include v1 DAI, USDT, USDC, and TUSD vaults.
Banteg continued to provide updates on their account advising users to not withdraw anything from the DAI v1 vault. He says if anyone tries to do so they will see more losses.
Additionally, banteg stated in another tweet that the damage could have gone up to $35 million. The fast reaction on their part allowed the damages to stay at $11 million. During the hours following the hack, the price of YFI fell dramatically in less than an hour. According to CoinGecko, it went from $34,699.06 to $30,509.74. It has recovered a little since then, presently standing at $31,633.42.