Hackers stole approximately $181,000 in tokens using a deactivated Yield Protocol contract

Odaily News Hackers successfully exploited the defunct DeFi lending protocol Yield Protocol smart contract to steal funds. According to Paidun monitoring, unknown hackers stole approximately $181,000 worth of crypto assets from the Yield Protocol's 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, flash loaned assets and extracted additional pool tokens." (Cointelegraph) Earlier in October 2023, the fixed-rate lending protocol Yield Protocol announced that it would cease operations. Due to the current lack of demand for fixed-rate borrowing on Yield Protocol 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 this year, Yield Protocol reminded users to close their positions in the protocol and that official support would end on January 31.