AI trading platform suffers exploit, hackers make off with $157k

The withdrawals began today at 01:24 UTC and persisted until 02:22 UTC, with the malicious actors pulling out nearly $160,000 in Ethereum (ETH), Binance-pegged Bitcoin (BTCB) and USDC. They then leveraged PancakeSwap to liquidate the loot for BNB, on-chain data shows.

The incident comes barely 24 hours after YIEDL announced the launch of the Y-BULL spot vault on the BSC network. In the disclosure, they advised that while the Y-UP on the OP and Synthetix protocol will remain operational until further restructuring, users could transfer their holdings to the new Y-BULL on BSC to save fees.

The team behind the protocol has now confirmed the hack, noting that they are still investigating the cause of the incident. They advised network participants against interacting with the recently-released BSC Y-BULL smart contract.

This recent exploit comes amid a growing surge in crypto-related hacks. Crypto.news reported last week that Hedgey Finance, a blockchain infrastructure provider, suffered a similar exploit, resulting in a loss of $44.7 million. On April 15, Grand Base, a defi protocol on Base, lost $2 million to hackers.