DeFi Project Yam Finance Resists a $3.1M Hacker Attack

Reading Time: < 1 minute

The team developers behind the DeFi protocol Yam Finance has recently repelled a hacker attack aimed at transferring control over the project’s reserves to an unknown third party, the protocol has announced via Twitter.

The project devs have said that the attack, which was carried out last June 7, was discovered two days later. It was not noticed before because the hacker presented a proposal to control the protocol using internal transactions.

We should note the malicious offer contained an unverified smart contract that had been designed to transfer control of Yam Finance’s reserves to an address associated with the attacker’s wallet.

Had the attacker managed to gather a quorum for the proposal to be accepted by a majority of the community, he would have been able to access Yam Finance’s assets, which are currently worth $3.1 million.

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!