Hackers Steal $15Million Ahead of the Release of yEARN Finance project

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Andre revealed from a tweet that the contracts were exploited for the full $15 million
  • Due to the Unquenchable DeFi community and unaudited code, the vulnerable protocol quickly exploited and drained
  • Andre was so frustrated with the DeFi community that he had termed them as ‘toxic’

Andre Cronje, the creator of the Yearn Finance protocol and the YFI token is someone who was instrumental in helping DeFi to not only grow, but become a multi-billion dollar industry today. There’s also a saying that the creator allows the token to govern his life. He evolved the digital space of and found a way to make an autonomous system. He also launched yEARN v2 which addressed the problems faced by the newcomers who don’t know what to do in the DeFi platform. 

Andre was excited for his unreleased project Eminence and that excitement suddenly reached a fever pitch, with the community FOMOing $15 million into the protocol of EMN. Due to the Unquenchable DeFi community and unaudited code, the vulnerable protocol quickly exploited and drained.

‘Toxic’ Community

Andre was so frustrated with the DeFi community that he had termed them as ‘toxic’ and regrets entering into the community. In fact, post the launch of his protocol, Andre in an interview mentioned that he is now tired and sick of this space. He mentioned that it was a thankless experience with the community and that there was no/lack of support from the community for all the good work that he had done. 

Andre , who has no job, spent $42,467 to create yEARN and doubled that on audits and hosting, just to give up the controls and cost of maintenance. Because of that he’s in about $20,000 of debt.

Transfer of funds back to Andre’s yEARN

On September 29, Andre revealed from a tweet that he was messaged awake at 3am  and found that the contracts were exploited for the full $15 million, with that $8 million was sent to its yEARN deployers account.

After all that happened on Tuesday, he revealed that he has been receiving countless threats, and for the reason he announced about the yEARN treasury will assist the amount of their holders to refund back from the fund transferred by the hacker, accordingly EMN balance’s snapshot which was taken prior to the hack.

He gave special importance that they finished the concept of their new economy for a gaming multiverse and will continue with its development. And mentioned that his Eminence’s contracts and ecosystem aren’t final yet and it won’t be released for at least another three weeks. 

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