$15 Million Worth of Crypto Stolen By Hackers From An Unreleased DeFi Project

Hackers have hit the decentralized finance (DeFi) industry this time causing the industry a loss of $15 million worth of digital assets. The amount was stolen from a decentralized finance project known as Eminence that is being built on Yearn Finance by Andre Cronje the founder of Yearn Finance.

An “Unreleased Project” was hacked

Andre Cronje’s new DeFi gaming project Eminence was still under development and has not been released so far. And yet it has been hacked by hackers who drained $15 million worth of cryptocurrencies out of it.

Reportedly, a Smart Contract Vulnerability was targeted and exploited by these unknown hackers in the unfinished defi project Eminence. By exploiting this vulnerability, hackers were able to mint a large number of tokens and ultimately they stole $15 million from the project.

Cronje said in a tweet that he came to know about this incident through a message that he received at 3 AM. He said, “Around ~3AM I was messaged awake to find out a) almost 15m was deposited into the contracts b) the contracts were exploited for the full 15m and c) 8m was sent to my yearn: deployer account.”

Source: Twitter

$8 Million was resent to Cronje

Interestingly, hackers who stole $15 million worth of funds in crypto assets returned more than half of the amount to the founder of the project from where they drained these funds. Andre Cronje said in a Tweet that hackers have resent an amount of $8 million to his yearn’s deployer account.

However, he said that he is going to return these $8 million to original holders:

“As I am receiving a fair amount of threats, I have asked yearn treasury to assist with refunding the 8m the hacker sent. The multisig is safer and as such I feel more comfortable with them having the funds. Funds will be returned to holders pre-hack snapshot.”

It is not, however, known so far the real reason behind why hackers have returned half of the stolen funds to Cronje.

Leave a Reply

Your email address will not be published. Required fields are marked *