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DeFi darling Yearn.finance (YFI) deployed a new token—then $15m was stolen

It’s been yet another crazy day for the decentralized finance (DeFi) ecosystem. If you’ve been on Twitter, you likely know of a new Ethereum project called Eminence and the subsequent $15 million hack.

Here’s a brief recap of what happened for those not yet in the know.

The launch(?)

24 hours ago as of this article’s writing, Andre Cronje, the founder of top Ethereum protocol Yearn.finance (YFI), deployed a series of new contracts pertaining to a project called Eminence.

There was no official announcement or website, only the tweet seen below, which seems to reference the title given to fans of the Synthetix protocol, spartans (as in, this is Sparta spartans). Cronje retweeted the account, suggesting it was somehow related to him and Yearn.finance.

pic.twitter.com/tV9LSzPXlV — eminence.finance (@eminencefi) September 28, 2020

People scrambled to figure out what was going on.

Quickly, people on Twitter and on other social media platforms found that the Yearn.finance Deployer address on Ethereum, meaning Andre, had deployed a series of contracts on the blockchain.

The contracts pertained to new tokens, including Eminence (EMN), GIL (GP), and a series of “eTokens” that represented different coins like YFI, AAVE, SNX, and CRV DAO Token.

While nobody knew what the tokens were for, many were quick to FOMO into the contracts as many thought this was the launch of something big for the Yearn.finance project.

The main Eminence address, which was the entry point for the whole ecosystem began to rack up deposits.

The FOMO

The first few hours went quietly, with only those in the know siphoning capital into these smart contracts.

But around 4-5 hours after the contracts were deployed, an inflection point was reached where top accounts on Twitter were tweeting about EMN.

People are sending millions of dollars to a smart contract for a token of a project we have no other information of besides a...
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