Banteg, one of the main developers of DeFi altcoin project Yearn.Finance (YFI) ecosystem, (white-hat hacker) shared the details of the hypothetical attack against the announced protocol elements (hypothetical attack) by a white-hat hacker. For details, continue reading Kriptokoin.com.
DeFi altcoin project rewards hacker who succeeded in hypothetical attack
According to tweets posted by Banteg on Jan. 30, 2022, a white-hat hacker is using Yearn.Finance’s crop growing toolkit. described an attack scenario for the SingleSidedBalancer strategy, which is an element of the set.
Yearn awarded $200,000 to a white hat person who responsibly disclosed a vulnerability through his ‘immunefi’.
SingleSidedBalancer strategy (or SSB), DeFi enthusiasts’ Balancer’s only It was designed to allow him to collect the local currency BAL, which provides wealthy liquidity. SSBs are active on Ethereum (ETH) and Phantom (FTM) Blockchains.
The attack design was used to allow hackers to destabilize the Balancer pool and obtain USDT at an inflated price because the SSB-only strategy on yvUSDT was found to be profitable. Through a series of ‘Flash Loans’ with USDC and DAI, an attacker was able to deplete Yearn.Finance’s liquidity pool for the equivalent of more than $41 million.
Another day, another astonishing reward?
The vulnerability was fixed within 25 minutes as all available items were disabled, according to the detailed description shared on the security repository of popular DeFi altcoin project Yearn.Finance on GitHub. The DeFi altcoin project stated that no funds are currently at risk. Until February 11, all vulnerable strategies have been updated by Yearn.Finance and Balancer. As the potential vulnerability is in the ‘Critical’ category, on February 2, the white hat attacker was rewarded with a 200,000 USDC bonus by Yearn.Finance.
As we previously reported on Kriptokoin.com, on February 10, the Optimism scaling solution team for the leading altcoin Ethereum (ETH) revealed to Mr. He had paid Freeman $2 million.
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