Yearn founder Andre Cronje has revealed that there is a major vulnerability in the popular altcoin Aave. Andre Cronje suggested that Aave could be in a similar position to Cream Finance.
- Yearn founder Andre Cronje suggested that Aave may be suffering from the same vulnerability that has plagued Cream Finance recently.
- An Aave community recommendation has been approved that aims to address some of the potential risks.
- Although DeFi Twitter is full of harsh comments, the positivity still remains.
There have been some unsavory developments in the last two days among the DeFi communities; however, most of them can be noise. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Andre Cronje: Investors of popular altcoin Aave warned!
Andre Cronje, founder of Yearn, announced today that users of the popular altcoin Aave (over $19 billion TVL) are vulnerable to many of the same risks that have plagued other protocols recently. Andre Cronje made the following comments on the subject:
Aave is vulnerable to similar exploits in the market… Tell me again how much better your security is.
Andre Cronje seems to be referring to the latest attack on Cream Finance in his statements. This attack resulted in the theft of approximately $136 million from Cream funds through a flash credit attack. Cream Finance ($1.35 billion TVL) is part of the Yearn ecosystem. Yearn has a TVL of $5.8 billion.
DeFi altcoin war? What’s going on?
Recently, financial modeling platform Gauntlet Network published a proposal to mitigate potential risk in the Aave protocol. While concerns were raised by members of the Aave community earlier this week, simulations run by the Gauntlet Network suggested that such attacks would result in a net loss for attackers. The proposal was accepted by the community. Andre Cronje commented on the subject:
Yearn developers have been in the war rooms with Aave and Cream all along. We help identify and fix several problems. Throw away your papers if you think we’re at war.
Founder of Aave: Everyone at DeFi is in the same boat!
Stani Kulichov, founder of Aave, commented on the subject:
Everyone at DeFi is in the same boat. We all want to make funding more fair, transparent and effective to empower the next wave of users. DeFi is difficult to establish and communities have their differences. Let’s work together, support each other and most importantly, win together. WGMI (heart emoji).
WGMI is a crypto pattern meaning “we will succeed” and is the opposite of NGMI (“we will not succeed”).
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