Yearn hacked again for $300,000, DeFi myth shattered

The established DeFi protocol Yearn.finance's V1 version was attacked again today. Hackers exploited vulnerabilities in the smart contract to steal $300,000, converting it into 103 ETH and transferring it to a black address. This is already the second time this month. The last time, the direct loss was $9,000,000. Security companies like PeckShield always act as armchair critics after the fact, just issuing a warning and that's it.

The most ridiculous thing is that Yearn was once the star project of DeFi Summer. What with the gun pools and yield aggregators, it was touted as something miraculous. Now, the V1 version's contract is riddled with vulnerabilities and has been repeatedly attacked. The team neither upgrades nor fixes it, just letting it drift. The YFI token has dropped by 0.82% in 24 hours, and its market value has evaporated by over 90% from its peak.

This incident has completely exposed the essence of DeFi. On the surface, it is a decentralized financial revolution, but in reality, it is just a bunch of unverified code running around. Hackers can hack at any time they want. Users' money is completely unprotected. Those who are still touting DeFi as a disruption to traditional finance need to wake up. If they can't even ensure basic security, what future are they talking about? Retail investors in this field are nothing but lambs to be slaughtered.