Hackers Drain Funds from Defunct DeFi Lending Protocol Yield Protocol
Hackers have successfully exploited the smart contracts of the now-defunct decentralized finance (DeFi) lending protocol Yield Protocol, draining crypto assets amounting to approximately $181,000.
Yield Protocol ceased operations in December 2023, citing challenges with diminishing business demand and mounting global regulatory pressures.
Hi @yield, you may want to a look (w/ $181K) pic.twitter.com/wbzVgrvyyy
— PeckShield Inc. (@peckshield) April 30, 2024
Despite Yield Protocol’s repeated advisories for investors to close their positions, withdraw funds, and settle pending loans following its wind-down, an unidentified hacker exploited weaknesses within the protocol’s strategic contracts deployed on the Arbitrum blockchain. Blockchain investigation firm PeckShield initially disclosed the breach, which CertiK later corroborated.
#CertiKInsight
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