Dead protocol leaks crypto funds from hacked pool

Approximately $181,000 worth of crypto assets was drained from Yield Protocol’s strategic contracts present on the Arbitrum blockchain.

Hackers managed to drain funds by exploiting smart contracts of defunct decentralized finance (DeFi) lending protocol Yield Protocol.

Yield Protocol shut down in December 2023, citing an inability to keep up with the lack of business demand and global regulatory pressures. Following the wind-down, Yield Protocol advised investors numerous times to close their positions, withdraw funds and pay off pending loans.

Despite the warnings, an unknown hacker stole approximately $181,000 worth of crypto assets from Yield’s strategic contracts present on the Arbitrum blockchain. The hack was first announced by blockchain investigation firm PeckShield and later confirmed by CertiK.

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