YIEDL, an AI-based crypto trading platform, recently fell victim to a security breach, leading to hackers stealing $157,000 worth of various crypto assets through multiple transactions. Cyvers, a blockchain security platform, identified that the attackers took advantage of a vulnerability in the YIEDL contract’s “redeem function,” which is used for asset exchange or retrieval under specific conditions.

The exploit impacted YIEDL’s Y-BULL vault on the BNB Smart Chain, where malicious actors targeted the Y-BULL smart contract, resulting in the unauthorized withdrawal of assets. The withdrawals, totaling nearly $160,000 in Ethereum (ETH), Binance-pegged Bitcoin (BTCB), and USDC, were executed on PancakeSwap to convert the stolen assets into BNB.

This incident occurred shortly after YIEDL announced the launch of the Y-BULL spot vault on the BSC network. While the Y-UP on the OP and Synthetix protocol will continue to operate, users were advised to transfer their holdings to the new Y-BULL on BSC to save on fees.

Following the hack, the YIEDL team is actively investigating the incident and has cautioned network participants against engaging with the BSC Y-BULL smart contract. This security breach adds to the recent wave of crypto-related hacks, with other platforms like Hedgey Finance and Grand Base falling victim to similar exploits in recent weeks.

As the crypto space continues to face security challenges, it’s essential for investors to stay vigilant and take necessary precautions to protect their assets. Stay informed about the latest developments in the crypto world to make informed investment decisions.

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