Security company, PeckShield has reported that decentralised financial (DeFi) protocols Aave and Yearn Finance were probably affected by an exploit early on Thursday morning.
Data reveals that losses on Ave version 1 could be over $11 million. The hack possibly involved a misconfigured token created by an early version of Yearn Finance.
PeckShield said the root cause appears to be the misconfigured yUSDT. This was exploited to mint 1.2 quadrillion yUSDT from just $10,000. This was then cashed out by swapping to other Stablecoins.
Ethereum’s Shapella hard fork executed on mainnet
After months of delays, Ethereum validators can finally withdraw their staked Ether and rewards from the Ethereum mainnet.
Advertisement
The Shapella hard fork has officially been executed on the Ethereum mainnet — meaning that Ethereum validators can finally withdraw their staked Ether from the Beacon Chain.
At epoch number 194,048 on April 12, 2023 at 10:27 UTC, the long-awaited upgrade became operational.According to Ethereum block explorer beaconchai.in, 12,859 Ether were freed in 4,333 withdrawals inside the first hour of the hard fork.
At present, 248,043 out of the 559,549 active validators, or about 44 per cent of them, could request a partial or full withdrawal.
Most withdrawals currently vary between 2.8 and 3.2 ETH, indicating that staking incentives are mostly the type of withdrawals being made at this moment.
Advertisement
Users Alerted By DeFi Tool To Questionable On-Chain Activities
To increase the security of Web 3.0 transactions, PureFi, a decentralised finance (DeFi) protocol for cryptocurrency on-boarding, has unveiled a brand-new technique dubbed SafeTransact.
The unique capacity of Blockchains to defy human interference is a key component of Web 3.0 security. Blockchain-based platforms and applications also need to be safeguarded against online dangers by Web 3.0 security firms.These businesses provide a range of services, such as incident response, security testing, and smart contract auditing.
But since transactions are frequently irreversible, these software-controlled networks are a possible hacker target.
According to PureFi, this suggests the requirement of higher levels of security that focuses on prevention.
The inclusion of SafeTransact to the worldwide crypto security arsenal is beneficial in this regard.
