Yearn Finance exploited $2.8 millon stolen

[cryptomaniac_xxx]

So there's another Defi hack, and it was reported to have been at the tune of #2.8 million as per this tweet,



https://twitter.com/bantg/status/1357453626847952896

So let's see how it goes, seems that the team behind are working very hard to mitigate.

[hd49728]

So there's another Defi hack, and it was reported to have been at the tune of #2.8 million as per this tweet,

DeFi tokens are risky to invest as their prices are very high than their intrinsic value. I don't know the exact intrinsic value of DeFi tokens but look at the hype trend on DeFi, I don't take risk with them.

Lock your tokens to their vaults and accept risks of exploits, hacks, price drops, oh no, I don't take it. DeFi projects are not the same in quality for their products and their security, I know, but generally, I see them very risky investment.

[Yaunfitda]

So there's another Defi hack, and it was reported to have been at the tune of #2.8 million as per this tweet,

DeFi tokens are risky to invest as their prices are very high than their intrinsic value. I don't know the exact intrinsic value of DeFi tokens but look at the hype trend on DeFi, I don't take risk with them.

Lock your tokens to their vaults and accept risks of exploits, hacks, price drops, oh no, I don't take it. DeFi projects are not the same in quality for their products and their security, I know, but generally, I see them very risky investment.

I agree, everything about Defi today is just pure hype and despite we have seen them being hack and millions being taken from them, investors are not going to stop though, and that is sad. Instead of making money, the opposite is happening, and the real winner here is the criminals who are going to see loopholes and exploit it.

So it's very risky for everyone, and I do hope that they know what they are doing once they got into the Defi hype.

[SaShiRaJaVu]

So there's another Defi hack, and it was reported to have been at the tune of #2.8 million as per this tweet,

Usually when there is a market rally we usually hear about these hacks and i was expecting an exchange hack in the tune of multiple millions but we have a DeFi hack, since i am not following these pump markets simply because of financial issues i am yet to understand and learn about them. The valuation of these coins does not make any sense and still with all the money they cannot even test the security of their platform which is pathetic.

[sgenuine]

I agree, everything about Defi today is just pure hype and despite we have seen them being hack and millions being taken from them, investors are not going to stop though, and that is sad. Instead of making money, the opposite is happening, and the real winner here is the criminals who are going to see loopholes and exploit it.

So it's very risky for everyone, and I do hope that they know what they are doing once they got into the Defi hype.

If DEFI is such a risky and dangerous business why are people giving to it such support. Each of us first of all thinks about profit, realizing that can lose everything at any time. But who, then, invests in dangerous DeFi projects? Inexperienced newbies or, on the contrary, very forward-thinking businessmen?

[blockman]

The Defi investors should think of this right now if it's still worth a shot to invest in those. This isn't the first time that we've heard of defi hacks and exploited millions of investors' money.

all the defi platforms offer more or less interesting / promising earnings but they are also at high risk for a hack can happen anywhere as in the example even to larges platforms, i would only make short investments perhaps a little less risky

It is really high risk, high reward. But I doubt it that most of the investors of it understand the matter of risk.

[TimeTeller]

The Defi investors should think of this right now if it's still worth a shot to invest in those. This isn't the first time that we've heard of defi hacks and exploited millions of investors' money.

all the defi platforms offer more or less interesting / promising earnings but they are also at high risk for a hack can happen anywhere as in the example even to larges platforms, i would only make short investments perhaps a little less risky

It is really high risk, high reward. But I doubt it that most of the investors of it understand the matter of risk.

Is it hack or inside job? I am more inclined that there's possibility that most of these defi hacks are inside job.
Or some are on the verge of abandoning their platform so they will pull a stunt of being attacked.
Who knows the truth, right? But come to think of it, do they have working platform? None.
So one thing they can do is to exit and label it as hack. Just my 2 cents here.
Be careful sending your money to these defi platforms. Hard to trust these newly-created ones.

[k@suy]

So there's another Defi hack, and it was reported to have been at the tune of #2.8 million as per this tweet,



https://twitter.com/bantg/status/1357453626847952896

So let's see how it goes, seems that the team behind are working very hard to mitigate.

There's a bad news regarding yearn but the market is not dumping too much at least few hours after the said news was published, but then let's see for more price movement that will happen less than 1hr from now and let us wait for the action of yearn to what happen and how do they will make a move with this big loss on their part that will make their value dump it is not taken care of. Every coin who reportedlt to be hacked dumps its price in the latter hrs.

[BayAngelo]

No wonder YFI has been on the decline and has not make any serious price movement. i think this hack of a thing is not stopping at any thing. project developers should tighten up their platform to avoid people loosing their funds. these are the bad side of crypto and they will affect Defi in the long run if this is not properly dealth with. Good move by USDT Tether to block the stolen funds immediately.

[Billo_]

Yearn Finance needs to be more secured but I'm sure it will be sucessfully secured, Andre is a very experienced computer scientist and will have an idea how to fix it. But it need to be required to prevent again or people will lose trust in Yearn Finance.
It is already very risky to use DeFi, especially Yearn and similar projects where people are vulnerable frequently but risk needs to be limited at lowest limits possible.

I hope Yearn Finance will do well.

[TravelMug]

Echo the sentiments here, this is really bad news for altcoin and the Defi market as again, investors are losing huge amount of money to hackers. I'm not sure what the loophole has been, or why the Yearn Finance team didn't see this coming, but this will give the problem a bad PR.

But checking the price, now, it doesn't seems to be affected by the hack though, perhaps it has been resolved or patch, but we don't know yet if they were able to get back that $2.8 million that the criminals have stolen.

[poodle63]

Yearn Finance needs to be more secured but I'm sure it will be sucessfully secured, Andre is a very experienced computer scientist and will have an idea how to fix it. But it need to be required to prevent again or people will lose trust in Yearn Finance.
It is already very risky to use DeFi, especially Yearn and similar projects where people are vulnerable frequently but risk needs to be limited at lowest limits possible.

I hope Yearn Finance will do well.

Defi platforms still at early stage, they prone to have exploits everywhere and as good as andre is as a computer scientist there's always exploit that's still undiscovered that'll become disaster in the future once some people who trying to tinker with the platform discovers it.
I'd expect to see any more exploit coming up but by gradually fixing it, I'm sure those defi platforms will eventually turns out to be mature and secure.

[LogitechMouse]

Things like this in crypto space isn't new already.
These are just signs that they need to upgrade their security if they don't want to get exploited, hacked etc.

The price of YFI went down from ~$34,000 to ~$30,000 after what happened. Not a huge drop though IMO knowing that it has a very small supply. Holders chose to hold it instead of selling it out of panic.

[VanDeinsberg12]

This is why I really doubtful about investing on such platform because there's no prove that their system is well made and well secured.
in my opinion there should be lesser defi platform but more well tested on security side instead of people creating more and more platform but there's too much hole in it. it's hard to trust such platform if every month comes out news about hacking and millions of dollar vanish into thin air.

[republicrypto]

The Defi investors should think of this right now if it's still worth a shot to invest in those. This isn't the first time that we've heard of defi hacks and exploited millions of investors' money.

all the defi platforms offer more or less interesting / promising earnings but they are also at high risk for a hack can happen anywhere as in the example even to larges platforms, i would only make short investments perhaps a little less risky

It is really high risk, high reward. But I doubt it that most of the investors of it understand the matter of risk.

no pain, no gain,
and i think defi is only for all kind of people's that ready with the risk,
but remember, if we can pick the right defi project we can make a huge profit
thats why a lot of people still invest their money in defi type project mate
regards

[el kaka22]

Defi tokens do not have an instinct value, crypto doesn't have any, bitcoin doesn't have any. If you are looking for a logical reason for something to worth something, you are not going to be really comfortable with it in crypto world, there is no such thing here. At the end of the day we are in a situation where world requires absolutely no reason to value anything, look at doge and how it got sky high just because people pumped it and made some profit with it, they wanted it and they did it, so there was no reason for it to even be there.

Defi is not risky at all aside from getting hacked left and right and you may find that bad but crypto was like that for the longest time, even today there are crypto hacks, we just need to give defi sometime to figure out how to prevent it but this is not based on blockchain hacking, it Is a third party hacking as we all can imagine.

[Review Master]

As we all know that defi projects are so much risky and sometimes, we ignore those warning which is included in the front of that application. But happy to see that stolen usdt is frozen which is confirmed by Paolo Ardoino's tweet and hopefully, team will be able to mitigate. As always, invest which we can effort to lose if anyone want to take risk to get reward from that.

[hd49728]

I agree, everything about Defi today is just pure hype and despite we have seen them being hack and millions being taken from them, investors are not going to stop though, and that is sad. Instead of making money, the opposite is happening, and the real winner here is the criminals who are going to see loopholes and exploit it.

So it's very risky for everyone, and I do hope that they know what they are doing once they got into the Defi hype.

DeFi tokens are back to rise and rally more. I don't say we can not participate in and get profit but I am more curious that how long the DeFi branch of crypto industry will be dead. I hope it won't last too long after second quarter of 2022.

If DEFI is such a risky and dangerous business why are people giving to it such support. Each of us first of all thinks about profit, realizing that can lose everything at any time. But who, then, invests in dangerous DeFi projects? Inexperienced newbies or, on the contrary, very forward-thinking businessmen?

Please reconsider what happen with fraudulent activities, scammers and victims in real life. Do you think scam activities are easy to be recognized? In my opinion, it is easy but many victims are there. They are victims of scammers because they are greedy.

Accept any deal that promises to give you big profits, scammers take advantage of such greedy intention and scam vicitms

[blockman]

It is really high risk, high reward. But I doubt it that most of the investors of it understand the matter of risk.

no pain, no gain,
and i think defi is only for all kind of people's that ready with the risk,
but remember, if we can pick the right defi project we can make a huge profit
thats why a lot of people still invest their money in defi type project mate
regards

Well, every investor is ready to take risks. Defi or not as long as it's a crypto investment, they are willing to take any risk that they can bear but in defi, it's more different because it's new. But they need to understand that its hype is high and hard to compare it than the other crypto investments.
Hacks and scams are rampant so if they are not aware of those type of risk, they need to appraise before investing.

[Coin_trader]

As we all know that defi projects are so much risky and sometimes, we ignore those warning which is included in the front of that application. But happy to see that stolen usdt is frozen which is confirmed by Paolo Ardoino's tweet and hopefully, team will be able to mitigate. As always, invest which we can effort to lose if anyone want to take risk to get reward from that.

Being centralized of USDT somehow very useful on this kind of scenario. But this event only show that Tether can easily messed up on anyone USDT asset since they have the full control on USDT code.

Back to the point. All cryptocurrency is a risky investment because the volatility of all tokens is so high compared on stockmarket. Maybe the project itself is safe but the value of your holdings is not dump proof.