Explore Web3 News Coverage From the Web, Part 1: Tether, Yearn.Finance, C.R.E.A.M.

Tether Pays $18.5 Million in Penalties; NY Attorney General Alleges They Don't Have the Cash Reserves They Claim

The stable coin Tether swears up and down that it's fully backed by actual currency, but the New York Attorney General doesn't agree.

Tether paid $18.5 million in penalties, was banned from trading in New York, and agreed to submit transparency reports for two years in exchange for ending the long-running legal dispute.

• "Tether, Bitfinex to pay $18.5M to NYAG, cease trading in New York", Amy Castor.

  
  

• "The curious case of Tether: a complete timeline of events", Amy Castor.

  
  

• "Cryptocurrency firms Tether and Bitfinex agree to pay $18.5 million fine to end New York probe ", CNBC.

  
  

• Press release from the New York Attorney General.

Yearn.Finance Loses $11 Million to a Hack

An exploit in Yearn.Finance's yDAI vault resulted in an $11 million loss to the platform, though "only" $2.8 million of this went to the hacker.

• "Yearn.Finance puts expanded treasury to use by repaying victims of $11M hack", Cointelegraph.

  
  

• "Yearn Finance suffers exploit, says $2.8 million stolen by attacker out of $11 million loss", The Block.

  
  

• "DeFi platform Yearn moves to restore exploited 'vault' less than a week after $11 million loss", The Block.

$37.5 Million Stolen From C.R.E.A.M. Lending Platform

A hacker was able to code a smart contract that tricked C.R.E.A.M. into believing it was from a trusted source.

They were then able to make off with $37.5 million worth of Ethereum and stablecoins in what was only the first of several major exploits of the platform in 2021.

• "Alpha Homora exploited for $37.5M", The Block.

  
  

• "DeFi Protocols Cream Finance, Alpha Exploited in Flash Loan Attack; $37.5M Lost", Coindesk.

Attribution 3.0 Unported (CC BY 3.0). First published on Web3isGoingGreat.com