{"id":64232,"date":"2022-07-11T14:23:03","date_gmt":"2022-07-11T11:23:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64232"},"modified":"2025-09-06T13:17:23","modified_gmt":"2025-09-06T10:17:23","slug":"yam-finance-foils-3-1-million-hack","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/yam-finance-foils-3-1-million-hack\/","title":{"rendered":"Yam Finance foils $3.1 million hack"},"content":{"rendered":"<p>Developers of the Yam Finance DeFi protocol thwarted a cyberattack aimed at transferring control of the project&#8217;s reserves to an unknown third party.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Earlier today, there was a governance attack on the DAO that has been thwarted. <\/p>\n<p>An unverified contract was deployed and governance proposal submitted via internal transactions to make it harder to notice. <\/p>\n<p>But the attack was noticed and the proposal has been cancelled. \u2714\ufe0f <a href=\"https:\/\/t.co\/DnuK57sF8f\">pic.twitter.com\/DnuK57sF8f<\/a><\/p>\n<p>\u2014 Yam DAO (@YamFinance) <a href=\"https:\/\/twitter.com\/YamFinance\/status\/1545844779812098048?ref_src=twsrc%5Etfw\">July 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>According to the team, the attack, which began on July 7, was detected two days later. The delay was due to the hacker presenting a governance proposal via internal transactions.<\/p>\n<p>The malicious proposal contained an unverified smart contract intended to transfer control over Yam Finance&#8217;s reserves to the address of the wallet tied to the hacker. If the attacker had managed to gather quorum to pass the proposal by a community majority, they would have gained access to Yam Finance&#8217;s assets <a href=\"https:\/\/deepdao.io\/organization\/5c76f492-c718-4c2e-b633-c9dbac1cc331\/organization_data\/dig_deeper\">worth about $3.1 million<\/a>.<\/p>\n<p>The protocol team had previously faced a similar attack in December 2021.<\/p>\n<p>The incident occurred amid a power struggle over the Yam Finance ecosystem, related to the project&#8217;s treasury. The current governance model was approved by more than 54%, but now some community members have tabled a proposal for a rerun vote.<\/p>\n<p>Yam Finance emerged during the early DeFi boom of the summer of 2020. Two days after the project began, the price of the native token <a href=\"https:\/\/forklog.com\/en\/news\/yam-defi-protocol-token-with-600m-in-assets-plunges-99-in-24-hours\">plunged by 99% in a day<\/a>. The cause was a vulnerability discovered in the protocol&#8217;s governance system.<\/p>\n<p>In March, the Ronin sidechain used in Axie Infinity was hacked. The attackers drained assets worth <a href=\"https:\/\/forklog.com\/en\/news\/ronin-the-ethereum-sidechain-hacked-attacker-siphons-625-million\">about $625 million<\/a>. The breach was the largest in DeFi history.<\/p>\n<p>Subsequently, experts established that the attack on Ronin used <a href=\"https:\/\/forklog.com\/en\/news\/spyware-used-in-ronin-attack-reports-say\">spyware<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developers of the Yam Finance DeFi protocol thwarted a cyberattack aimed at transferring control of the project&#8217;s reserves to an unknown third party.<\/p>\n","protected":false},"author":1,"featured_media":64233,"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":[1154,1093,54],"class_list":["post-64232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-defi","tag-smart-contracts"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64232","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=64232"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64232\/revisions"}],"predecessor-version":[{"id":64234,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64232\/revisions\/64234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/64233"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=64232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=64232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=64232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}