ChainCatcher news, the DeFi aggregator Yearn Finance stated that a faulty multi-signature script affected 63% of Yearn's LP positions in Lp yCRV, resulting in a total loss of $1.4 million before funds could be returned, which accounts for about 2% of the entire treasury funds, with no user funds affected.According to a disclosure post on Github, the incident occurred during the "routine fee token conversion process on behalf of the Yearn treasury." The faulty script led to the exchange of 3,794,894 lp-yCRVv2 tokens for 779,958 yvDAI tokens.

ChainCatcher news, Yearn finance (YFI) has dropped over 40% in a single day, currently reported at $8950.The crypto data tracking account WhaleWire believes this is due to large-scale selling by the team, with data showing significant net outflows from their team wallet.

ChainCatcher news, according to The Defiant, Yearn Finance has undergone a comprehensive overhaul of its token economic model and introduced a voting lock mechanism.Stakers can choose to lock their YFI tokens for a period of one week to four years to convert them into non-transferable ve YFI tokens. Users can stake vault tokens to earn YFI rewards, which are distributed in the form of d YFI and can be used to redeem YFI tokens at a discounted rate.Holders who commit to staking their YFI for a longer duration will enjoy enhanced rewards. While users can flexibly exit their positions before the end of the lock-up period, they will face a reward penalty of up to 75%. veYFi is now the exclusive voting token for Yearn governance.

ChainCatcher news, the Yearn Finance governance page shows that Wintermute has submitted the "YFI Wintermute Loan and CRV Plan" proposal, which requests approval to provide a YFI loan to Wintermute Trading and authorizes the transfer of 350 YFI (2.18 million USD) from the DAO treasury to Wintermute Trading for a period of 12 months, with an interest rate of 0.1%, to be paid in kind at the end of the loan term.Additionally, Wintermute plans to use up to 3 million CRV (1.73 million USD) to purchase yCRV and add its assets to the yCRV-CRV Curve pool (lp-yCRV V2) deployed on Yearn for at least 6 months. Wintermute hopes this move will rebalance the current 69%/31% yCRV/CRV liquidity pool, improve yCRV peg, and increase pool liquidity. The proposal states that a snapshot vote will be initiated after 7 days of community discussion and feedback.

ChainCatcher message, on-chain data shows that the address of the Curve founder received 1.5 million USDT from the address marked as "YFI:reserve" (Etherscan marked as "Yearn: Treasury"), and then exchanged 1.5 million USDT for 1.51 million MIM, subsequently repaying a debt of 1.51 million MIM on Abracadabra.Redeemed 3.75 million CRV and sent them all to the YFI:reserve address, or conducted OTC trading again, with an average price of CRV at $0.4.

ChainCatcher news, Aave updated on its social platform regarding the follow-up of the Yearn Finance theft incident, stating that the theft incident has no impact on Aave v1.ChainCatcher previously reported that Yearn Finance indicated the theft incident has no impact on Aave v2 and v3, while the impact on Aave v1 is being confirmed, and the most original version of the protocol has been frozen. (source link)

ChainCatcher message, Aave stated on its social platform that the Yearn Finance theft incident has no impact on Aave v2 and v3. Since Aave V1 has been frozen since December 2022, the effect of this attack on the protocol is limited. Aave is closely monitoring the situation to ensure there are no further issues.Previously, there was community feedback that the Yearn Finance theft incident was triggered by hackers launching a flash loan attack through Aave v1. The Shield team indicated that the root cause of the incident may be a configuration error related to yUSDT that was exploited by hackers. (source link)

ChainCatcher news, according to monitoring by Beosin EagleEye, a blockchain security auditing company under Beosin, the Yearn Finance project is suspected of being attacked by a flash loan, with hackers profiting over 10 million dollars, and all funds currently reside in the hacker's address. Beosin Trace will continue to monitor the flow of funds. (Source link)

ChainCatcher news, DeFi yield aggregator Yearn Finance tweeted that although there is no direct risk exposure to Euler, some vaults are indirectly exposed to the hacker attack. By using strategies from Idle and Angle, the total risk exposure on yvUSDT and yvUSDC amounts to $1.38 million. Developers are currently using the affected protocols, and the resulting bad debts will be borne by the Yearn Treasury. All vaults will remain open and fully operational, and users can use them normally. (source link)

ChainCatcher news, according to official news, the Maker DAO community approved a proposal on Monday to deploy up to $100 million of stablecoins (USDC) from its reserves to the DeFi protocol Yearn Finance, with the deposited stablecoins earning yields.Maker will establish a personal non-custodial vault at Yearn with a cap of $100 million for transferring USDC from the PSM. According to the proposal submitted at the end of November, MakerDAO expects an annual yield of 2% for this strategy. About 72% of voters supported the plan. Additionally, a further "execution vote" is required for the transfer of USDC reserves in the PSM. (source link)