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This is bad. The auto yield faming protocol that is bEarn.fi came across with a bug that ultimately bled out $11 million from the pool.
$11 million lost
Blockchain security and data firm – PeckShield revealed that Bearn.Fi’s BvaultsBank was the one that got exploited to drain the above-mentioned amount. It was learned that the recent issue was caused by a bug within its “internal withdraw logic in inconsistently reading the same input amount but with different asset denomination BvaultsBank and the associated strategy BvaultsStrategy. This inconsistency between vault and strategy was even was even posted on the security firm’s Twitter account.
PeckShield also noted that the $11 million that was lost from the affected vault was held in a wallet specified by the firm as “47f3.” They are, as of late, keeping an eye on it for any activities from the wallet.
BEarn.Fi is well-aware of it.
Bearn.Fi, On the other hand, Fi tweeted, informing its community that they are well aware of the said incident adding that they are now investigating what they call the “Alpaca Vault Incident.” It assured users that no other vaults were affected by it, though they temporarily put a halt to deposits and withdrawals on their platform for good measure. It went on to state that users will be granted access to bVaults as soon as they’re done with their investigation.
Down the Twitter thread, @MagicMa19131202 explains to unaware users what happened. This fella may well seem to be a staff/representative from Bearn.Fi, as one of the tweets, noted, “we have paused all bVaults as a precaution.” The tweet also advised users to not panic if they see zero balance on their account and assured them that since it’s a UI issue that happened, their “funds are still in the protocol.”
This sure is one pain in the neck for bEarn.Fi. Here’s to hoping everything will be straightened out soon.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
