An Unreleased Project Has Been Drained Of $15 Million
An Unreleased Project Has Been Drained Of $15 Million
September 29, 2020
An Unreleased Project Has Been Drained Of $15 Million
An Unreleased Project Has Been Drained Of $15 Million
September 29, 2020

Eminence, an unreleased project being built by Yearn’s Andre Cronje has been drained of $15 million, as the decentralized finance (DeFi) community’s insatiable appetite for unaudited code has once again ended in tears and the loss of millions.

It has been reported that Eminence was discovered by DeFi sleuths after the developer posted art teasers for the project to Twitter. He then headed to bed on September 28.

However, excitement for the upcoming project quickly reached a fever pitch, with the community FOMOing around $15 million into the EMN protocol. The protocol was quickly exploited and drained before the hacker bizarrely opted to transfer $8 million of the funds back to Cronje’s yearn deployer account by the time the developer had woken up.

By noting that he has received “a fair amount of threats” Cronje announced that the Yearn treasury will assist in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances prior to the hack.

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Thus, Cronje emphasized that neither Eminence’s contracts nor the ecosystem are final, highlighting that he was not planning on releasing the project for at least another three weeks.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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