YIELD PROTOCOL

DESCRIPTION OF EVENTS

"Yield Protocol is an Ethereum-based protocol for collateralized fixed-rate, fixed-term borrowing and lending."

"Today, most of the popular decentralized finance protocols are floating-rate. While floating-rate lending and borrowing is a powerful tool, it comes with significant drawbacks. These protocols may experience interest rate volatility that can make it difficult for you to plan for the future, make investment decisions, and properly hedge risk when borrowing and lending. Yield Protocol solves these challenges by introducing fixed-rate, fixed-term borrowing and lending."

"To achieve its goals, Yield uses a class of tokens called fyTokens (fixed yield tokens). fyTokens are Ethereum based ERC-20 tokens that can be redeemed for an underlying asset one-to-one after a predetermined maturity date. For example, if you have one fyDai token, you can redeem it for one Dai after the maturity date."

"Earlier, in October 2023, the fixed-rate lending protocol Yield Protocol announced it would cease operations. Due to insufficient demand for fixed-rate borrowing on Yield Protocol and increasing regulatory requirements in the United States, Europe, and the United Kingdom, the team decided to discontinue the protocol's development. Although Yield Protocol will not launch the fixed-rate series in March 2024, it will continue to provide full support for the December 2023 series. All lending activities on Yield Protocol will end on December 29, 2023. In January this year, Yield Protocol reminded users to close their positions in the protocol, and official support would end on January 31."

"Official support for Yield Protocol has ended. Thank you to everyone who has been a part of this journey with us. We've had a blast and are proud to be a part of the crypto community."

"According to Pai Shield monitoring, an unknown hacker stole approximately $181,000 worth of encrypted assets from the strategy contract of Yield Protocol on the Arbitrum chain."

"A hacker stole approximately $181,000 worth of crypto assets from Yield’s strategic contracts present on the Arbitrum blockchain. The hacker exploited a discrepancy between the pool token balance and total supply with flash-loaned assets and then withdrew extra pool tokens."

"CertiK investigation found: "The attacker exploited the difference between pool token balances and total supply, flash borrowing assets, and extracted additional pool tokens." (Cointelegraph)"

"Official support for the Yield Protocol ended on Feb. 2, and despite a history of resurgence, an attempt to recover the hacked funds seems unlikely."

Yield Protocol, an Ethereum-based platform, offered fixed-rate, fixed-term borrowing and lending through fyTokens. However, due to low demand and regulatory pressures, it ceased operations in October 2023. Although it continued to support existing series, all lending activities officially ended on December 29, 2023. In January, users were onec again urged to close their positions as official support ended on February 2nd. Recently, an unknown hacker exploited a discrepancy in Yield Protocol's strategy contract on the Arbitrum chain, stealing approximately $181,000 in assets. CertiK's investigation revealed the hacker's method involved flash borrowing assets and extracting additional pool tokens. Due to the end of official support, there is likely to be little hope of recovering the stolen funds.

SlowMist Hacked - SlowMist Zone (May 23)
黑客利用已停用的Yield Protocol合约窃取约18.1万美元代币_快讯-odaily (May 24)
https://cointelegraph.com/news/yield-protocol-hack-pool (May 24)
@yield Twitter (May 24)
https://app.yieldprotocol.com/borrow (May 24)
Yield Protocol Docs (May 24)
@yield Twitter (May 24)
Проект Yield Protocol прекратит работу до конца 2023 года (May 24)
Arbitrum Transaction Hash (Txhash) Details | Arbiscan  (May 24)
@TwapSlapper Twitter (May 24)
@peckshield Twitter (May 24)
https://cointelegraph.com/news/yield-protocol-permanently-wind-down-december-2023 (May 24)
https://cointelegraph.com/news/euler-finance-hacked-for-over-195m-in-a-flash-loan-attack (May 24)

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