Yearn.Finance repays victims of $11M hack from its newly expanded treasury
Yearn.Finance team has opened a Maker vault with native tokens YFI from the treasury. The team said on 9 February on Twitter that Yearn has also minted 9.7 million DAI tokens from the vault, thus restoring the yDAI vault and allowing the DeFi project to repay victims.
In the wake of Yearn.finance’s recent hack, project members have been discussing ways to mitigate the aftermath of the recent exploit on its users. The DeFi project recently suffered a theft of $2.8 million and cost the vault $11 million in stablecoin DAI.
In addition, the Yearn team has informed users not to count on this happening again since the plans were “done as a one-off celebration.” Yearn also expects its users to purchase Cover, a market coverage provider.
yDAI vault restored!
Yearn has opened a Maker Vault with YFI from the Treasury to mint 9.7m DAI and make the yDAI vault whole.
It was done as a one-off celebration of going through this DeFi rite of passage. Don’t count on it happening again. Make sure to buy Cover next time. pic.twitter.com/6xNh3XEVYZ
— yearn.finance (@iearnfinance) February 9, 2021
On 28 December, last year, Cover suffered an attack, however, the suspected hacker soon returned the stolen funds.
After the exploit, Yearn’s governance token crashed by 15% in less than two hours, at the time. Users began to convert YFI into ETH and other tokens as well.
As a result, YFI prices fell to $29,600 from $35,000. During the present rally when most cryptos have been on a bullish trend, YFI seem to be recovering and was trading at $31,842, down 0.9% over the past hour, at press time.
The total value locked in Yearn has been steady so far, with $481.8 million in TVL, which has been up by 5.6% in the past 24 hours according to data from DeFi Pulse.