Yam Finance repelled a hacker attack for $ 3.1 million

The developers of the Yam Finance Defi Protocol prevented the cyberataka aimed at transmitting control over the project reserves of an unknown third party.

According to the team, the attack on July 7 was discovered two days later. The delay is due to the fact that the hacker submitted a proposal to control the protocol using internal transactions.

A malicious proposal contained an unverified smart contract designed to transmit control over the Yam Finance reserves to the address of the wallet connected to the cracker. If the attacker managed to collect a quorum to accept the proposal by a majority of the community, he would gain access to Yam Finance assets in the amount of $ 3.1 million.

The protocol team faced a similar attack in December 2021.

The incident occurred against the background of the fight for the management of the Yam Finance ecosystem related to the project repository. The current model approved more than 54%, but now some members of the community have put forward a proposal for repeated voting.

Yam Finance appeared during the early boom of Defi in the summer of 2020. Two days after the start of the project, the price of a guide token collapsed by 99% per day. The reason was https://gagarin.news/ru/news/the-altseason-index-what-do-you-need-to-know/ the detected vulnerability in the protocol management system.

Recall that in March the hacker attack was subjected to Axie Infinity Sadchain Ronin. Attackers deduced cryptoactives with a total value of about $ 625 million. Hacking became the largest in the history of Defi segment.

Later, experts found that in the attack on Ronin, a spy on.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.