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We're in the process of investigating the stolen fund, and have a prime suspect already.Īfter the attack, Alpha Homora released a post mortem report. We're now working with and together on this. On February 13, Alpha Homora V2, a yield leveraging DeFi protocol on Ethereum, was exploited for over $37 million in a complicated flash loan attack on Homora’s Iron Bank.ĭear Alpha community, we've been notified of an exploit on Alpha Homora V2. February 13: Alpha Homora Flash Loan Attack
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After the exploit, Yearn Finance conducted a series of audits through MixBytes. The team responded within 11 minutes and the team was able to protect the remaining $24 million stored in the vault from the attacker. Finally, He swapped his Curve tokens, which were accumulated from a pool with their inflated DAI. After that, the attackers deposited these funds in the yDAI vault, inflating the price of DAI. He then used these loans as collateral for another loan on Compound. The attacker initiated the attack with flash loans borrowed from dYdX and Aave. We have noticed the v1 yDAI vault has suffered an exploit. Though the attacker robbed Yearn of $11 million, he was able only to profit $2.7 million in DAI as excessive fees cost him millions to execute the hack.
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According to the details, Yearn Finance’s yDAI wallet vault was exploited for the loss of $11 million. On February 4, 2021, Yearn Finance suffered an exploit funded by flash loans. In February, Yearn Finance, a lending aggregation protocol and currently the 8 th largest Ethereum-based DeFi platform by TVL of $3.26 billion, was the first victim of criminals in 2021 who want to benefit from this emerging market by their own methods. January 2021 was uneventful and the crypto and DeFi market were enjoying a boom. DeFi Hacks and Exploits in Q1 February 4: Yearn Finance (YFI) Flash Loan Attack Let’s explore the DeFi exploits that have happened so far in 2021. This amount has surpassed the $129 million stolen in DeFi-related hacks throughout all of 2020. According to a CipherTrace report, by the end of April 2021, criminals were able to net $156 million in the first five months of 2021. While fewer DeFi attacks have occurred in 2021, they are more devastating than the hacks that happened in 2020. With the amount of money locked on DeFi protocols is increasing by many folds, criminals are also attacking them to get away with the bunch of money.
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