Banteg, one of the core developers of the DeFi altcoin project Yearn.Finance (YFI) ecosystem, (white-hat hacker) shared the details of the hypothetical attack on the protocol elements described by a white-hat hacker. For details cryptocoin.com keep reading.
DeFi altcoin project rewards hacker who succeeds in hypothetical attack
According to tweets posted by Banteg on January 30, 2022, a white hat hacker has disclosed an attack scenario for the SingleSidedBalancer strategy, an element of Yearn.Finance’s crop growing toolkit.
Yearn gave a $200,000 reward to a white hat person who responsibly disclosed a vulnerability through his ‘immunefi’.
The SingleSidedBalancer strategy (or SSB) was designed to allow DeFi enthusiasts to collect Balancer’s local currency, BAL, which provides single-asset liquidity. SSBs are active on Ethereum (ETH) and Phantom (FTM) Blockchains.
The attack design was used to allow hackers to destabilize the Balancer pool and obtain USDT at an inflated price because the SSB-only strategy on yvUSDT was found to be profitable. Through a series of ‘Flash Loans’ with USDC and DAI, an attacker was able to deplete Yearn.Finance’s liquidity pool for the equivalent of more than $41 million.
Another day, another astonishing trophy?
According to the detailed description shared on the security repository of popular DeFi altcoin project Yearn.Finance on GitHub, the vulnerability was fixed within 25 minutes as all available items were disabled. The DeFi altcoin project stated that no funds are currently at risk. Until February 11, all vulnerable strategies have been updated by Yearn.Finance and Balancer. As the potential vulnerability is in the ‘Critical’ category, on February 2, the white hat attacker was rewarded with a 200,000 USDC bonus by Yearn.Finance.
Earlier cryptocoin.com As we reported, on February 10, the Optimism scaling solution team for the leading altcoin Ethereum (ETH) paid $2 million to Mr. Jay Freeman, who uncovered the flaw in Optimism smart contracts that would allow infinite amounts of ETH to be minted in each wallet.
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