YFI plummeted 12%, founder Andre's new project Eminence was hacked

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), by Kyle, published with permission.

Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

, by Kyle, published with permission.

In the early hours of Beijing time, YFI, the governance token of the DeFi aggregation protocol Yearn.finance, fell sharply, falling from a maximum of approximately US$30,000 to a minimum of US$24,300, a drop of more than 12%.

As the first 10,000-fold currency this year, YFI has opened a new model of liquidity mining: no pre-mining, no team reservations, and no additional issuance. With a fixed upper limit of only 30,000, YFI surpassed the price of BTC all the way, and reached nearly three times the price of BTC. YFI founder Andre Cronje has gained a high reputation in this DeFi wave, and is the soul of YFI, but this has also become an unknown risk for YFI.

The sharp drop of YFI today is not due to the overall market, but a big loophole in Eminence, a game project associated with YFI and Andre, which has affected up to 15 million US dollars of funds.

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Details of the attack

Andre, the founder of YFI, has been busy building the concept behind the new economy of the game multiverse recently, and is developing a project, Eminence, while promoting the project a lot. But the project is still in beta stage.

After the incident, Andre also released information about the incident:

1. Yesterday, we completed the concept behind the new economy of the game multiverse, which is Eminence. As I usually do, I will deploy the contract on Ethereum (step by step) so we can continue development.

2. It will take at least 3 weeks for Eminence to be officially launched.

3. Neither these contracts nor the ecosystem is final. Only yesterday, you'll notice that I deployed 2 separate batches of contracts, which is usually the flow I go when I'm "trying the product".

4. We started posting some art trailers on twitter to show off all the tribal clans of the different characters in the game

5. We released the first tribe "Spartans". Then I go to bed.

6. Around 3am, I was jolted awake to find that a) nearly $15 million had been deposited into these contracts b) and the contract vulnerability was exploited, all 15 million were affected, c) $8 million of which had been sent to my yearn: deployer account.

7. The bug itself is pretty simple, mint a lot of EMN on the curve, burn the EMN for another currency, then sell the tokens for EMN again.

From this, we can draw several conclusions:

1. Eminence is in beta stage.

2. Andre has already deployed part of the contract and is open to participation.

3. Investors put too much trust in Andre, and rushed to inject a large amount of funds without determining the safety.

4. Andre emphasizes that his own behavior style has already reflected that this project is still being tested (want to blame?)

5. Hackers took about $7 million and returned $8 million.