The developers of the DeFi protocol Yam Finance blocked a cyberattack aimed at transferring control over the project’s reserves to an unknown third party.

According to the team, the attack, which started on June 7, was noticed two days later. The delay is due to the hacker making an offer to control the protocol using internal processes.

The malicious offer contained an unverified smart contract designed to transfer control of Yam Finance’s reserves to an address associated with the attacker’s wallet. Had the attacker managed to gather enough majority for the proposal to be accepted by the majority of the community, he would have gained access to the assets of Yam Finance worth $3.1 million.

The protocol team faced a similar attack in December 2021.

The event unfolds amid the struggle to manage the Yam Finance ecosystem associated with the project’s vault. The current model has been approved by more than 54%, but now some members of the community have submitted a proposal to vote again.

Yam Finance emerged during the early DeFi boom of the summer of 2020. Two days after the project started, the price of the native token dropped 99% per day. This was due to a vulnerability discovered in the protocol management system.

Recall that in March, the Ronin sidechain included in Axie Infinity was subjected to a hacker attack. The attackers withdrew nearly $625 million worth of crypto assets, making it the largest in the history of the DeFi segment.

Later, experts determined that spyware was used in the attack on Ronin.

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