A project called Eminence, developed by the Yearn Finance founder but not yet completed, was hacked. During the attack, a total of 15 million dollars was stolen. Andre Cronje, the founder of the project, announced that users will be refunded.
Andre Cronje, who has become one of the most popular names in the industry with the projects he has developed, has been working on a new platform for a while. Although Cronje shared some of his work on his Twitter account, it was not known exactly what he had developed. Until yesterday.
It Caused FOMO
Yearn Finance founder Cronje announced the other day that he is working on a project called Eminence. The popular name started to share some information about this project, which is known to be related to the game industry. Cronje also said that this project will be in development for at least “3 more weeks”.
Cronje, known for projects such as Yearn Finance, announced that it started working on a new project, which excited the investors and a FOMO was formed in the market. People started pouring money into the Eminence (EMN) protocol, although they knew it was still in the testing phase. As a result, 15 million dollars were transferred to contracts within EMN.
The fact that $ 15 million has been invested in a project that has not yet been well tested and has not completed its development stage has not gone unnoticed by some hackers. Although it is not known exactly how the attack happened, Cronje describes it as “a very simple attack”. According to the information he shared, all the hackers had to do was to “mint” as much EMN as possible and “burn” it to buy another currency, then sell that currency for EMN.
Hackers who exploited this vulnerability in the platform managed to steal $ 15 million in Eminence. One of the interesting things is that the hackers then sent $ 8 million of that money to Cronje’s developer account at Yearn Finance. In the meantime, Cronje said in his post on his social media account that he “started getting too many threatening messages” from people and announced that the 8 million dollars in question would be returned to the people. Cronje also gave the message that he will continue to improve the Eminence network.
Whales Are Also Damaged
Many people who sent money to this contract, which was full of bugs as it was in the development stage, suffered financial losses. While some investors’ losses were measured at a few dollars, others were far greater than that. Etherscan data showed that some investors that could be considered as “whales” received a large amount of EMN, but then made large losses.
A whale sent $ 130,000 worth of cryptocurrency to the EMN contract at around 03:00. This money, which was sent to a project that hadn’t even passed the testing phase, was hardly any within a few hours. Because this investor had to sell EMN tokens for $ 300, which became devalued after the events.