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Yearn Recovers $2.4 Million in pxETH from Hackers

Yearn Recovers $2.4 Million in pxETH from Hackers

Yearn Finance’s latest update confirms recovery of over 850 pxETH, a quarter of losses from its November stableswap exploit, with fixes implemented to prevent similar attacks.

Summary

Yearn Finance provided new details on the November 30 exploit that targeted its stableswap liquidity pool, enabling attackers to mint unlimited LP tokens and steal approximately $9 million. The protocol has since recovered 857.49 pxETH—roughly one quarter of the stolen funds—and plans to distribute these assets to yETH depositors. Yearn also announced that fixes for the vulnerability have been implemented to prevent similar incidents, marking continued progress in restitution and security enhancement.

Terms & Concepts
  • DeFi: Short for decentralized finance, a blockchain-based system offering financial services without traditional intermediaries.
  • pxETH: A tokenized form of staked Ethereum used within certain DeFi protocols.
  • LP tokens: Liquidity provider tokens representing a user’s share in a liquidity pool, often received in exchange for supplying assets to DeFi protocols.