Farming Protocol bEarn Fi Loses $11 Million After an Attack

Reading Time: < 1 minute

Cross-chain auto yield farming protocol bEarn Fi was targeted by a hacker yesterday, who managed to steal as much as $11 million from the protocol.

According to the official Twitter account of the protocol, an unknown attacker gained access to its funds on Sunday:

“Dear community, we are aware that users’ deposit in BUSD have increased significantly. Please be advised that we are currently investigating the Alpaca Vault incident. No other bVault has been affected but we have taken a precautionary measure and temporarily paused withdrawals and deposits for all bVaults.”

The hacker reportedly broke into the Alpaca Vault and stole $11 million in the most recent attack on a DeFi protocol based on the Binance Smart Chain.

It is worth mentioning that the incident is still under investigation, so the vulnerability that made the hack possible still remains unknown.

Some users noticed something was going on before the protocol announced the attack. Thus, a user asked at 7:11 AM EST, around 2 hours before bEarn Fi reported on the attack: 

“Is there a BUSD vault problem? It’s increasing so much that it’s impossible.”

Unfortunately, hacks are pretty frequent on the decentralized finance sector. For example, earlier this month it was known that Spartan Protocol, another project based on the Binance Smart Chain, has lost over $30 million as a result of an attack.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!