The DeFi community’s insatiable appetite for unaudited code has once again led to a loss in millions.
Eminence, a yet developing “economy for a gaming multiverse” being built by Yearn Finance’s Andre ‘I test in production’ Cronje, was discovered by DeFi sleuths after the developer revealed some teasers for the project on social media. He then headed to bed on 28th September.
Excitement for the upcoming project quickly gained a pitch, with the community FOMOing roughly $15 Mln into the EMN protocol. However, the protocol was quickly exploited & drained … prior the hacker bizarrely opted to transfer $8 Mln of the funds back to Cronje’s yearn deployer account by the time the developer was up for work again:
While adding further that he had already received “a fair amount of threats” Cronje revealed that the Yearn treasury will assist in refunding users back the $8 Mln he received from the hacker consistent with a snapshot of EMN balances prior to the hack.
Cronje emphasized that neither Eminence’s contracts nor the ecosystem are final, highlighting that he wasn’t planning on releasing the project for a few upcoming weeks ahead.