DeFi platform Yearn moves to restore exploited 'vault' less than a week after $11 million loss
February 9, 2021, 3:02PM EST
1 min read
Last week, DeFi yield aggregation platform Yearn.Finance suffered an exploit, resulting in the loss of $11 million worth of crypto from one of its vaults.
Now, the team has moved to restore funds to the affected vault, according to a tweet posted Tuesday, in the form of the stablecoin DAI.
"yDAI vault restored! Yearn has opened a Maker Vault with YFI from the Treasury to mint 9.7m DAI and make the yDAI vault whole."
The team characterized the move as "a one-off celebration of going through this DeFi rite of passage," adding: "Don’t count on it happening again. Make sure to buy Cover next time." Alongside the announcement tweet, the Yearn team posted the transaction showing the approximately 1,591.529 YFI used as collateral to mint $9.69 million worth of DAI tokens.
As previously reported, the attacker made some $2.8 million in profit after using a multi-stage transaction involving flash loans to drain the funds from the vault. Vaults are used by users for deposits, through which they can obtain yield from a variety of DeFi protocols accessed via Yearn.
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