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DeFi platform Yearn has lost a large portion of its treasury by swapping all of its lp-yCRVv2 tokens for yvDAI and has asked those who profited from the mistake to return it. In Yearn’s post-mortem published on Tuesday, it said the problem arose from inadvertently transferring the entire reserve of lp-yCRVv2 to the trading multi-signature wallet, and the script there attempted to swap the entire quantity, experiencing “significant slippage” in the process. “This amount comprised a large portion of the Curve pool, and therefore incurred significant slippage which arbed back to the normal price by the market shortly after,” Yearn said. The DeFi platform further described the losses, pointing out “ the total loss experienced by Yearn’s treasury comes out to about 63% .” Yearn highlighted that “the script used by the trading multisig to swap tokens lacked sufficient output checks and contained a logical error that would have capp...

This Web3 security protocol halted on-chain transactions to recover $800,000 in Vulcan Forged user funds after a Web3 gaming platform suffered a security breach. As Web3 gets bigger, it struggles to keep up with the malicious actors targeting users’ funds across different blockchains and networks. This security protocol takes a preventive approach against hacks and exploits, freezing assets before they get stolen. Web3 benefits from being a digital-first ecosystem for innovation and growth. However, it also opens up the appetite of malicious actors, including hackers and exploiters, in the digital realm. The bigger crypto and Web3 get, the more they become vulnerable to hacks and exploits — victimizing users and causing the loss of billions. From decentralized finance (DeFi) platforms to nonfungible token (NFT) marketplaces, no one can claim full invulnerability against attacks targeting investors, traders and funds stored across the Web3 industry. DeFi exploits also move the related ...

The Unibot team says funds lost due to the bug on the new router ‘will be compensated.’ Telegram trading crypto bot Unibot has suffered a token approval exploit, resulting in a loss of $642,000 worth of crypto. In an X post on Tuesday, Oct. 31, the Unibot team acknowledged the attack, saying the hacker exploit ed the token approval mechanism in the new router. The team has paused the router “to contain the issue.” We experienced a token approval exploit from our new router and have paused our router to contain the issue. Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe. We will release a detailed response after investigations conclude. — Unibot (@TeamUnibot) October 31, 2023 According to reports, the exploit er stole over 356 Ethereum (ETH) worth around $642,000 at the time of writing. After the attack, the stolen funds have been moved to Tornado Cash, a sanctioned cryptocurrency mixing protocol...

Avalanche-based decentralized social media protocol Stars Arena received funding to cover up a loss from an earlier hack that caused the project to lose nearly $3 million.  Stars Arena announced the news in a social media update. While the platform does not mention the source of the funding , the announcement says that the smart contract will be reopened with all funds intact after a full audit.  A white hat development team will review the incident, Stars Arena confirmed. Important news: we have secured the resources to close the gap caused by the exploit. Additionally, a special white hat development team is coming in to rapidly review the security of the platform. We will re-open the contract with all the funds in full after a full security… — Stars Arena (@starsarenacom) October 7, 2023 The decentralized social media protocol first announced the incident in the early hours of Saturday, Oct. 7, warning users not to deposit funds. The Stars Arena team later apologized f...

None Trading, a cryptocurrency and NFT trading platform built on Discord, announced its immediate shutdown on Sept. 20 due to a “critical exploit ” in its infrastructure that resulted in substantial financial losses, including “team tokens” crucial for business operations. The shutdown announcement revealed that the exploit had put the company in an untenable position, both financially and infrastructurally. Dear None Trading Community, It is with a heavy heart that we must deliver some unfortunate news today. We want to begin by expressing our deep sorrow and regret for the recent events that have transpired, which have forced us to make an incredibly difficult decision. None… — NONE (@nonethio) September 20, 2023 The company noted the losses were so significant that three core team members left the company, making it “simply impossible” to continue running the project effectively. As a result, the decision was made to cease all company...