Yearn Finance guarantees covering $1.38 million in losses for vaults affected by hacker attack
Yearn Finance, a DeFi protocol, has committed to covering the indirect losses of $1.38 million for its vaults that used the Idle and Angle strategies. These vaults were impacted by a recent hacker attack that targeted EulerBeats. The Yearn Finance developers are currently working on resolving the affected protocols, and the remaining bad debt will be covered by the Yearn Treasury. Despite the attack, all vaults will remain open and fully operational for regular use.
Yearn Finance’s decision to cover the $1.38 million losses incurred by Idle and Angle strategies’ vaults is a positive move for the blockchain market, indicating the company’s commitment to supporting its users and ensuring their confidence in the platform. It also shows a willingness to take responsibility for any compromised protocols and prioritize the safety of user funds. Therefore, this news can be seen as a bullish indicator for the market as it highlights the importance of security and risk management in the blockchain industry.