Hackers managed to drain funds by exploiting smart contracts of defunct decentralized finance lending protocol Yield Protocol.
Yield Protocol shut down in December 2023, citing an inability to keep up with the lack of business demand and global regulatory pressures. FollowingDespite the warnings, an unknown hacker stole approximately $181,000 worth of crypto assets from Yield’s strategic contracts present on the Arbitrum blockchain. The hack was first“The attacker exploited a discrepancy between the pool token balance and total supply with flash-loaned assets and then withdrew extra pool tokens.
Official support for the Yield Protocol ended on Feb. 2, and despite a history of resurgence, an attempt to recover the hacked funds seems unlikely.At the time, Yield Protocol worked with Euler on the return of the funds by deploying 26 new contracts and executing about 300 permissioned calls to reset the fixed-yield token maturities and restore the protocol.
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