Yearn.Finance puts expanded treasury to use by repaying victims of $11M hack
Major decentralized finance protocol Yearn.Finance (YFI) has restored its yDAI vault in the aftermath of a $11 million exploit by hackers.
Yearn announced Tuesday that they opened a Maker vault with YFI tokens from the treasury and minted 9.7 million DAI tokens from the vault to keep the yDAI vault intact. Using borrowed money allows the project to reimburse users without taking a hit to the treasury, either due to possible YFI appreciation or by gradually repaying the debt with protocol revenue. The team said that this is a one-off occurrence, as they expect users to hedge their own risks by purchasing coverage from Yearn ecosystem member Cover, which also got hacked recently.
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