Hacker Drained $15 Million From Upcoming Project By Andre Cronje

A hacker drained $15 million from an upcoming project by the Yearn Finance founder Andre Cronje thanks to a smart contract vulnerability as we are about to read in our latest altcoin news.

The hacker drained $15 million after he targeted a smart contract vulnerability in the upcoming project by the yearn finance founder Andre Cronje. However, they returned $8 billion to a wallet owned by Cronje and the “test in prod” approach was expensive so Cronje alleged received threats after the hack. The experimental Defi platform Yearn Finance cultists were hit hard with losses after the unidentified hacker exploited a smart contract vulnerability in Eminence which is an upcoming gaming project by Andre Cronje.

https://twitter.com/eminencefi/status/1310628912339316736?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1310628912339316736%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fdecrypt.co%2F43203%2Fhackers-drain-15-million-from-unreleased-yearn-finance-project

The vulnerability allowed them to mint unlimited new tokens and drain about $15 million in the process but they strangely return half of the stolen. Known for his “test in prod” approach which is a meme reference about testing in production on the ETH mainnet instead of the testnet, Cronje teased the project’s logo and what followed was a hallmark move. The lack of information about the project didn’t stop people from rushing in as they purchased more than $15 million worth of the Eminence EMN tokens in less than three hours given the association to Cronje and his reputation.

https://twitter.com/AndreCronjeTech/status/1310763509521805312?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1310763511333576704%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fdecrypt.co%2F43203%2Fhackers-drain-15-million-from-unreleased-yearn-finance-project

But then someone that read the Eminence’s contracts discovered a flaw which was a rogue function that will allow the hacker to mint unlimited EMN tokens, burn an equal amount of the tokens against another cryptocurrency and then sell that to those that are rushing to purchase EMN. But what happened after that was the hacker stole the funds but returned more than $8 million of them to Cronje’s deployer contracts which the developer said will be returned to all those that rushed into buying EMN. It didn’t stop the threats that Cronje received for the losses suffered by the speculators:

 “As I am receiving a fair amount of threats, I have asked to yearn treasury to assist with refunding the 8m the hacker sent. The multisig is safer and as such, I feel more comfortable with them having the funds. Funds will be returned to holders pre-hack snapshot.”

https://twitter.com/AndreCronjeTech/status/1310802116391428097?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1310804039425306624%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fdecrypt.co%2F43203%2Fhackers-drain-15-million-from-unreleased-yearn-finance-project

Cronje said he will continue developing eminence in the upcoming weeks with a disclaimer:

 “Let me be clear, do not use random contracts I deploy unless I reference it in a Medium article.”