Yearn Finance Phishing Attack Unveils DeFi Security Risks

A new phishing attack targeting the Yearn Finance protocol has exposed vulnerabilities in decentralized finance (DeFi) security. SlowMist, a blockchain security firm, confirmed that attackers used fake ‘white hat negotiations’ to lure victims into revealing sensitive information. The attack employed the Railgun privacy protocol for anonymity and transferred over 1000 ETH via Tornado Cash. Notably, this incident mirrors previous phishing attacks on Balancer, raising concerns about the growing prevalence of such tactics in DeFi.