After exploiting a smart contract bug to steal $1 million the Crypto hacker in his excitement makes it permanently inaccessible.
Usually, Crypto hackers discover a vulnerability in the targeted project or its code, exploit it and make a profit. This time the crypto hacker screwed up making a profit after swiping $1 million worth of crypto left it permanently inaccessible.
The crypto hacker targeted the YEED DeFi protocol, running on the Binance Smart Chain. It is described as “an autonomous decentralized financial integrated ecosystem,” through its YEED token used in lending agreements. The vulnerability in the YEED’s token contract is exploited by the attackers that allow them to extract extra tokens awarded to YEED liquidity providers, according to DeFi security firm BlockSec.
The crypto hackers manage to exploit and sell their outsized rewards, eventually resulting in crashing YEED’s price to zero.
After a successful hack, they transferred the profits of the attack contract, though triggered the contract’s self-destruct function, resulting in permanently disabling the tokens from being moved and effectively “burning” them, in crypto parlance.
According to BlockSec it looks like they were too excited, now there is no way to know at this time, and possibly they were Jokerfied.
YEED wrote in a Medium post after the attack said, “In the principle of decentralization, openness, transparency, and autonomy, YEED has prepared an emergency solution for this attack. The execution of the solution will be on a daily basis to be overseen by the YEED community.”
YEED is working on a solution timeline, this includes repairing, testing, and auditing the smart contract, as well as tracing back data and eventually relaunching the YEED token for trading by April 30. Trading and withdrawals are halted for the time being.
Usually, crypto hackers sit on their ill-gotten gains and try to negotiate with victims or cash out with a mixing service. Though locking the hacked funds is a unique way, perhaps they had a plan of burning down the crypto world.