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

Web3 is going great HackerNoon profile picture

Web3 is going great

only some of the many disasters happening in crypto, defi, NFTs, and other web3 projects

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.

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.

$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.


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


Welcome To The Web3 Writing Contest

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.

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.

$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.


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