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Home»ADOPTION NEWS»Yearn Finance said faulty scripts cost the treasury $1.4 million.
ADOPTION NEWS

Yearn Finance said faulty scripts cost the treasury $1.4 million.

By Crypto FlexsDecember 14, 20232 Mins Read
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Yearn Finance said faulty scripts cost the treasury .4 million.
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(Yearn Finance amended its statement to show that the incident affected 63% of Yearn’s own LP position in Lp yCRV.)

Yield Farming Protocol Yearn Finance said: 63% of Treasury positions were lost due to faulty multisig scripts. User funds were not affected.

According to a public post on Github, the incident occurred during “a routine fee token conversion process on behalf of Yearn’s Treasury.” Due to an incorrect script, 3,794,894 lp-yCRVv2 tokens were replaced with 779,958 yvDAI tokens.

“The full financial balance of LP-yCRVv2 (including POL and fees) was inadvertently transferred to Transaction Multisig when only a much smaller fee portion was expected. The script used by Transaction Multisig for token exchange lacked sufficient output verification. It contained a logic error: an error that limited the transaction size to a reasonable amount,” the post said.

The transaction resulted in a significant price drop, “which soon returned to normal prices in the market,” the protocol team wrote. It asked all users who profited from price fluctuations resulting from the incident to “return the amount they feel they owe.” Suitable for Yearn’s main multisig.”

Losses before the funds were returned totaled $1.4 million, or about 2% of the total treasury, Yearn told The Block.

“We expect some funds to be returned and communication channels are open,” the spokesperson said.

steps ahead

To prevent such incidents in the future, the protocol developers “plan to separate POL funds into dedicated custodian contracts, introduce more human-readable output messages in trading scripts, and enforce more stringent price impact criteria.” The post stated.

Earlier this year, an exploit related to an early version of Yearn, called iearn, caused $11.6 million in damages, according to PeckShield. In February, an exploit resulted in the loss of $11 million worth of cryptocurrency from one of the vaults.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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