Cryptocurrencies: A hacker wants to steal $ 3 million in one click … but fails at the last moment

Work is health, doing nothing is maintaining it: we could summarize the somewhat too relaxed attempt of a hacker who wants to make his quietlou bilou butter, in a few clicks. The goal of the day among decentralized finance protocols is called Yam Finance.

Yam Finance always has the potato

This obscure project whose emblem is the sweet potato made headlines when it launched in 2020, chaining bug after bug. Its main value proposition at the time: a delusional return, poured into the project’s cryptocurrency, and without any fundamental real. After superbly collapsing in August 2020 (-99.99%), we learn that the project still survived … and has just escaped the clutches of an overly enterprising hacker!

According to what was reported by the Block, on 7 July the decentralized finance protocol was attacked by a smart hacker: the latter tried to submit a false proposal for the evolution of the protocol to the vote of the community. The goal: to activate a corrupt smart contract that would have authorized the hacker to take control of the project’s cash flow, estimated at around 3 million dollars.

And the attack almost succeeded: in fact, the false proposal had obtained the necessary quorum and community agreement, but the development team in charge of Yam realized the deception in time.

The cash flow of the project is finally intact and still protected… For the moment we could say: the attack of the day, in fact, is not the first. An identical trick had already targeted the project in December 2021 … but it also ended in resounding failure.

Avoid offers that are too good to be true as the plague and make a habit of being healthy with suspicion. On the other hand, it also learns to place reasonable trust in reputable and recognized actors in the ecosystem. Register on Binance, the undisputed leader of the crypto sector. Furthermore, this referral exchange has obtained PSAN status in France (affiliate link).

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