Back
Yearn Finance Recovers $2.4 Million Lost to Smart Contract Bug

Yearn Finance Recovers $2.4 Million Lost to Smart Contract Bug

Yearn Finance has initiated recovery efforts after its $9 million yETH exploit, securing $2.4 million with further attempts underway to return funds to depositors.

Summary

Yearn Finance has recovered $2.4 million from the $9 million yETH exploit that occurred on Nov. 30. The partial recovery marks the protocol’s first major step in addressing losses from the incident. The hack targeted a vulnerability in the yETH protocol, leading to significant asset theft. Yearn Finance confirmed that recovered funds will be returned to affected depositors and that recovery actions are ongoing.

Terms & Concepts
  • DeFi: Short for decentralized finance, an ecosystem of blockchain-based financial services without traditional intermediaries.
  • Smart Contract: Self-executing blockchain code that runs automatically when predetermined conditions are met.
  • yETH: A Yearn Finance vault product that allows users to earn yield on deposited Ether, vulnerable to the recent exploit.
Articles2
Tweets2