According to Odaily Planet Daily, hackers successfully used the disabled DeFi lending protocol Yield Protocol smart contract to steal funds. Paidun monitoring shows that unknown hackers stole approximately $181,000 worth of crypto assets from the Yield Protocol strategy contract on the Arbitrum chain. CertiK's investigation found that the attacker took advantage of the difference between the pool token balance and the total supply, and flash loaned assets and extracted additional pool tokens.
Previously in October 2023, the fixed-rate lending protocol Yield Protocol announced that it would cease operations. Due to insufficient demand for fixed-rate borrowing and increasing regulatory requirements in the United States, Europe, and the United Kingdom, the team decided not to continue developing the protocol. Although Yield Protocol will not launch the March 2024 fixed-rate series, it will continue to provide full support for the December 2023 series. All lending activities on Yield Protocol will end on December 29, 2023. In January of this year, Yield Protocol reminded users to close their positions in the protocol, and official support will end on January 31.