Hackers stole about $180,000 in crypto assets using the smart contract of the defunct DeFi protocol Yield Protocol

PANews reported on April 30 that according to Cointelegraph, hackers successfully stole funds by exploiting the smart contract of the defunct decentralized finance (DeFi) lending protocol Yield Protocol. Yield Protocol closed in December 2023, citing difficulties in coping with insufficient business demand and global regulatory pressure. After the closure, Yield Protocol repeatedly advised investors to close their positions, withdraw funds and repay pending loans. Despite the warnings, an unknown hacker stole approximately $181,000 worth of crypto assets from Yield's strategic contract on the Arbitrum blockchain. The hack was first announced by blockchain investigation company PeckShield and later confirmed by CertiK.

After a subsequent investigation, CertiK found that "the attacker took advantage of the difference between the pool token balance and the total supply of flash loan assets, and then extracted additional pool tokens." Yield Protocol's official support ended on February 2, and attempts to recover funds stolen by hackers seem unlikely.