{"id":36019,"date":"2021-02-08T14:14:29","date_gmt":"2021-02-08T12:14:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36019"},"modified":"2025-08-29T04:14:10","modified_gmt":"2025-08-29T01:14:10","slug":"yearn-finance-to-reimburse-insured-users-after-attack","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/yearn-finance-to-reimburse-insured-users-after-attack\/","title":{"rendered":"yEarn.Finance to reimburse insured users after attack"},"content":{"rendered":"<p>Founder of the DeFi project yEarn.Finance, Andre Cronje, promised to return funds lost in the hacker attack to those who purchased an insurance policy from Nexus Mutual and Cover Protocol partners. For other users, the question remains open.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\"><a href=\\\"https:\/\/t.co\/f4iX58JDGj\\\">https:\/\/t.co\/f4iX58JDGj<\/a><\/p>\n<p>With the reimbursement plan; if you had <a href=\\\"https:\/\/twitter.com\/NexusMutual?ref_src=twsrc%5Etfw\\\">@NexusMutual<\/a> insurance &amp; <a href=\\\"https:\/\/twitter.com\/CoverProtocol?ref_src=twsrc%5Etfw\\\">@COVERProtocol<\/a> cover, you would be reimbursed, and able to claim Nexus and Cover payouts<\/p>\n<p>New version of Cover will be opt-out as part of all vaults, paid for out of yield. No upfront costs <a href=\\\"https:\/\/t.co\/uUj7nf4YGA\\\">https:\/\/t.co\/uUj7nf4YGA<\/a><\/p>\n<p>\u2014 Andre Cronje (@AndreCronjeTech) <a href=\\\"https:\/\/twitter.com\/AndreCronjeTech\/status\/1358562352690384896?ref_src=twsrc%5Etfw\\\">February 7, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>On February 5, an unknown attacker <a href=\"https:\/\/forklog.com\/en\/news\/hacker-drains-2-8m-from-yearn-finance-defi-pool\">to obtain approximately $2.8 million<\/a> using flash loans. The pool suffered losses of about $11 million \u2014 stakers and liquidity providers on Curve Finance received about $3.5 million each, while $1.4 million went to fees in the Aave protocol.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">In general, investing in Yearn is at your own risk. If you wish to protect yourself from exploits of external protocols in the future, please consider purchasing insurance for your deposits from Cover or Nexus mutual.<\/p>\n<p>\u2014 yearn.finance (@iearnfinance) <a href=\\\"https:\/\/twitter.com\/iearnfinance\/status\/1358301247837716482?ref_src=twsrc%5Etfw\\\">February 7, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote>\n<p>In general, you invest in yEarn.Finance at your own risk. If you want to protect yourself from attacks in the future, consider purchasing insurance from Nexus Mutual and Cover Protocol, the developers wrote.<\/p>\n<\/blockquote>\n<p>At present the team is exploring the option of creating a CDP (collateralised debt positions) involving the YFI token. The fees collected will go toward covering the losses. The developers urged those affected to refrain from withdrawing funds until this solution is completed.<\/p>\n<p>As of writing, YFI trades at around $31,564. According to CoinGecko, over the past week the token rose 2.4%, shrugging off the sector&#8217;s rally.<\/p>\n<p>In late 2020, the founder of yEarn.Finance, Andre Cronje, <a href=\"https:\/\/forklog.com\/en\/news\/andre-cronje-founder-of-yearn-finance-unveils-new-defi-project-ycredit\">presented a new DeFi project<\/a> \u2014 yCredit. Later developers found in it <a href=\"https:\/\/forklog.com\/en\/news\/critical-vulnerability-found-in-new-defi-protocol-from-yearn-finance-founder\">a critical vulnerability<\/a> that could allow the draining of all user funds.<\/p>\n<p>Back in January, Warp Finance&#8217;s creators <a href=\"https:\/\/forklog.com\/en\/news\/warp-finance-developers-recover-75-of-stolen-7-7-million\">recovered 75% of funds<\/a> stolen in the attack on December 18.<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The founder of the DeFi project yEarn.Finance, Andre Cronje, promised to return funds lost in the hacker attack to those who purchased an insurance policy from Nexus Mutual and Cover Protocol partners. For other users, the question remains open.<\/p>\n","protected":false},"author":1,"featured_media":36020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1093,1869],"class_list":["post-36019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-defi","tag-yearn-finance"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=36019"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36019\/revisions"}],"predecessor-version":[{"id":36021,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36019\/revisions\/36021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/36020"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=36019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=36019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=36019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}