Yearn Finance exploited $2.8 millon stolen

[JNR]

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.

yes, thats the law of investments, if we must invest what we can afford to lose
and we also must think about the risk not only rewards, because a lot of people never think about this kind of risk

[didzi]

another bad story coming to defi, maybe this is a warning for all of us
and we should ready for any conditions, including the worst situations like this,,
I hope this incident will not affected the defi market

[Kemarit]

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.

Yes, it's more volatile than the stock market and there are a lot of potential scams and theft as well.

Just like we've seen again with Yearn finance, hackers stole crypto investors money. And there are no safe net here, once the money is gone, its untraceable. So we either mitigate the risk by not investing big money in a defi hype, or just bought coins and tokens and be a bag holder. And going back to the topic, this is very bad news and frustrating to Yearn finance investors.

[asriloni]

another bad story coming to defi, maybe this is a warning for all of us
and we should ready for any conditions, including the worst situations like this,,
I hope this incident will not affected the defi market

There's no perfect code and security audit, there will always be vulnerability but it's not discovered yet by the hackers. In this case, the hackers were always using the security loop hole that available on CRV3 wallet to get the stable coin on the flash loan. You must put the amount that you can afford to lose it when you are dealing with defi platforms.
The chance for the worst situation to happen will always there. Anyone should care with their money and the worst thing to go all in on the defi platforms as it's still experimental.
The hackers can easily attack it through vulnerability on the flash loan feature.

[Review Master]

So we either mitigate the risk by not investing big money in a defi hype, or just bought coins and tokens and be a bag holder. And going back to the topic, this is very bad news and frustrating to Yearn finance investors.

That's the main thing, we must follow and maintain our portfolio. Back in 2020, all top Defi projects were hacked instead of being audited which is a sign of testing phase of defi projects. By being into fomo isn't a good idea for small investors or crypto hodlers and hodling alts will be profitable in this alt season, but it won't be a good choice to hodl for long run as Bitcoin and Ethereum is the only one which we can hodl for long run, IMHO. TBH, happy to see that YFI team mitigate $24 Million from being drained, but $11 Million is also a huge one.

[el kaka22]

These type of hacks and steals do not make defi nor anything else bad, it makes the projects bad and that's it. This was a hack into Yearn Dai v1 vault and that's it, which makes Yearn Dai Vault unsecure and untrustworthy I agree with that, but that doesn't mean that DeFi got hacked or anything, you can't hack into a DeFi, that is not possible because there is nothing to hack in there, what are you going to do hack into everyone's blockchain and addresses and take their money out? That means you find a weakness in the addresses not the system itself, you could convince some john doe and steal his money, does that make dollars untrustworthy? No it doesn't.

Long story short I believe this is nothing, regular crytpo world had hundreds of millions of dollars stolen, let DeFi world have a few of their own, that is the crypto tradition to start becoming big.

[Francis Freeman]

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?

Defi is still in its experimental stage and its not a finished product by any means so there will be exploits and hiccups on the way. While that is acceptable I hope small time retail investors dont get affected by it. It would be great if these products are covered by some sort of insurance.