Unaudited Crypto Gaming Platform, Eminence, Hacked for $15 Million
A beta DeFi project by yEarn Finance's Andre Cronje enabled a $15 million exploit, leveraging hype from a single tweet by the developer.
- A newly-developed Ethereum gaming project has recently been exploited for $15 million.
- About $8 million from the exploits were transferred to Cronje's deployer account on yEarn Finance.
- As crypto Twitter terms it a classic rug-pull event, Cronje is calling for a refund.
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A gaming platform called Eminence saw $15 million deposited into its beta smart contract only to be hacked for the full amount a few hours later.
Affected users are now calling for a full refund despite the clear warning signs.
Game Over for Eminence
Eminence is a gaming multiverse that brings online game developers, contributors, and players to a single platform.
It all started with a single tweet from Andre Cronje, the founder of yEarn Finance, revealing details of his new DeFi endeavor – Eminence.
Naturally, the new project came with a governance token called “EMN.” The rush to farm EMN tokens quickly saw $15 million deposited into the contracts within just a few hours after a single tweet from Cronje.
— eminence.finance (@eminencefi) September 28, 2020
Cronje deployed the beta smart contract along with “art teasers to showcase all the different clans in the game on Twitter,” he said in a tweet.
DeFi degens couldn’t resist the urge to buy early into Cronje’s new DeFi project, which was neither completed nor audited.
Just aped into $EMN
— ChainLinkGod.eth ⬡ (@ChainLinkGod) September 29, 2020
Hackers used the deployed contracts to mint EMN. The value of EMN was built by a simple exploit where the newly minted EMN was burnt and re-bought for other cryptocurrencies.
The attackers then deposited $8 million to Cronje’s deployer account on yEarn Finance, creating a ruse that Cronje might have been the one who exploited the opportunity. He denies any involvement, stating he was asleep when it happened.
Cronje has called upon the yEarn treasury to help refund the entire $8 million. The treasury is managed by a group of nine people who own the keys to the multi-sig wallet.
For DeFi fanatics, the events have been yet another wake-up call to perform due diligence before investing in a project.