Hackers Stole $15 Million From an Unreleased Project By Yearn Finance

Suzat

September 29, 2020 9:10 am

Hacking
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Eminence, an unfinished “economy for a gaming multiverse” being built by Yearn Finance’s Andre Cronje, was discovered by DeFi sleuths after the developer posted art teasers for the project to Twitter. He then headed to bed on September 28.

Excitement for the upcoming project quickly reached a fever pitch, with the community FOMOing roughly $15 million into the EMN protocol. The decentralized finance (DeFi) community’s unsatisfied appetite for unaudited code has once again ended in tears and the loss of millions.

The hacker allowed them to mint unlimited new tokens and steal over $15 million in the process. Though, the protocol was immediately misused and drained before the hacker bizarrely opted to transfer $8 million of the funds back to Cronje’s yearn deployer account by the time the developer had noticed.

Cronje stated that he has received “a fair amount of threats”, the Yearn treasury will assist in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances before the hack.

Cronje indicated that neither Eminence’s contracts nor ecosystem are final, highlighting that he wasn’t planning on releasing the project for at least another three weeks.

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