DeFi protocol Yearn Finance said the root cause of the iEarn exploit was a bug in the legacy iEarn USDT (yUSDT) token contract.
An exploit involving iearn took place yesterday, causing damages of $11.6 million. The exploiter received a mix of stablecoins, including DAI, USDC, BUSD, TUSD and USDT, according to LookOnChain.
"This bug persisted in several versions and led to multiple Curve pools (y, busd, pax) being exploited and drained. Liquidity providers who deposited their LP tokens into downstream protocols are still impacted. " the team explained.
As previously pointed out, the root cause of this morning's iEarn exploit was a bug in the legacy iEarn USDT (yUSDT) token contract.
— yearn (@iearnfinance) April 13, 2023
This bug persisted in several versions and led to multiple Curve pools (y, busd, pax) being exploited and drained. Liquidity providers who…
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