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The Harmony (ONE) team has announced a proposal that seeks to have victims of the Horizon bridge hack reimbursed using the blockchain network’s native token ONE. The reimbursement plan, the team said, is part of the Harmony team’s efforts to refund the $100 million hack victims. It is one of the ways the developers believe […]
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Yearn.Finance team has opened a Maker vault with native tokens YFI from the treasury. The team said on 9 February on Twitter that Yearn has also minted 9.7 million DAI tokens from the vault, thus restoring the yDAI vault and allowing the DeFi project to repay victims.
In the wake of Yearn.finance’s recent hack, project members have been discussing ways to mitigate the aftermath of the recent exploit on its users. The DeFi project recently suffered a theft of $2.8 million and cost the vault $11 million in stablecoin DAI.
In addition, the Yearn team has informed users not to count on this happening again since the plans were “done as a one-off celebration.” Yearn also expects its users to purchase Cover, a market coverage provider.
yDAI vault restored!
Yearn has opened a Maker Vault with YFI from the Treasury to mint 9.7m DAI and make the yDAI vault whole.
It was done as a one-off celebration of going through this DeFi rite of passage. Don’t count on it happening again. Make sure to buy Cover next time. pic.twitter.com/6xNh3XEVYZ
— yearn.finance (@iearnfinance) February 9, 2021
On 28 December, last year, Cover suffered an attack, however, the suspected hacker soon returned the stolen funds.
After the exploit, Yearn’s governance token crashed by 15% in less than two hours, at the time. Users began to convert YFI into ETH and other tokens as well.
As a result, YFI prices fell to $29,600 from $35,000. During the present rally when most cryptos have been on a bullish trend, YFI seem to be recovering and was trading at $31,842, down 0.9% over the past hour, at press time.
The total value locked in Yearn has been steady so far, with $481.8 million in TVL, which has been up by 5.6% in the past 24 hours according to data from DeFi Pulse.
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European Union Agency for Law Enforcement Cooperation, better known as Europol together with law enforcement agencies in Spain had a breakthrough in an investigation of a company based out of Andorra that claimed to provide crypto and forex investment training.
Local police and Europol alleged that the company was instead operating a fraud that apparently “defrauded thousands of clients.” The investigation that involved house searches led to the seizure of €70 000 (about $84,876) in fiat money and cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), OmiseGo (OMG).
The authorities’ plans with regard to the seized assets remain uncertain at press time.
Europol press release stated that the government agency supported the mobilizing of experts from the European Financial and Economic Crime Centre (EFECC) as well as European Cyber Crime Centre (EC3). According to Europol’s statement in the release, the organization alleged:
Located in Andorra, the company specialized in the training of investment in cryptocurrencies and other assets, and is thought to have also carried out trading activities.
The scam is believed to have an international scope. As a result of the operation that was carried out in January, law enforcement agents were able to arrest six suspects aged between 20 and 34 years. Eight vehicles and several electronic devices were also seized during the investigation.
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