DeFi protocol bEarn Fi loses $11 million in a hack

An attacker targeted the cross-chain yield-farming protocol bEarn Fi operating on the Binance Smart Chain (BSC) and withdrew assets worth about $11 million from its pools. According to CoinDesk, citing PeckShield’s data.

Dear Community,

We are aware that users’ deposits in BUSD have increased significantly. Please be advised that we are currently investigating the Alpaca Vault incident. 1/3

— bEarn Fi (@BearnFi) May 16, 2021

“We know that user deposits in BUSD have increased significantly. We are investigating the Alpaca Vault incident,” the bEarn Fi Twitter account wrote.

You will be able to use the bVaults once we have finished with our investigation. We will stay in touch with the community and release more information as it becomes available. 3/3

— bEarn Fi (@BearnFi) May 16, 2021

The project team noted that other bVaults were not affected, but developers temporarily paused deposits and withdrawals. The investigation continues.

The governance token price of Bearn.fi (BFI) fell 27% after the incident—from $410 to $300, according to CoinGecko.

In 2021, hackers stole from DeFi protocols a record $156 million, according to CipherTrace.

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