Hackers Drain Funds from Defunct DeFi Lending Protocol Yield Protocol

cryptonews.com:

Hackers have successfully exploited the smart contracts of the now-defunct decentralized finance (DeFi) lending protocol Yield Protocol, draining crypto assets amounting to approximately $181,000.

Yield Protocol ceased operations in December 2023, citing challenges with diminishing business demand and mounting global regulatory pressures. 

Hi @yield, you may want to a look (w/ $181K) pic.twitter.com/wbzVgrvyyy

— PeckShield Inc. (@peckshield) April 30, 2024

Despite Yield Protocol’s repeated advisories for investors to close their positions, withdraw funds, and settle pending loans following its wind-down, an unidentified hacker exploited weaknesses within the protocol’s strategic contracts deployed on the Arbitrum blockchain. Blockchain investigation firm PeckShield initially disclosed the breach, which CertiK later corroborated.

#CertiKInsight