The cart before the horse? – Eminence.finance is a new project in the DeFi ecosystem. Created by Andre Cronje, at the origin of yEarn, the protocol was used a few hours after the deployment of his smart contract.
Every day, decentralized finance witnesses the birth of new projects. Yesterday, the mysterious Eminence.finance was born via Bitcoin Up app. 3 posts were posted on Eminence’s Twitter page.
Images depicting „Spartans“ , „Marines“ and „Harlequins“ have been released. It didn’t take more for the community to unravel the mystery
After Andre Cronje’s retweet, many netizens were put on the trail. Very quickly, they realized that Eminence’s smart contract (EMN) had been deployed by the same deployer as yEarn . Obviously, Eminence.Finance was the new project of Andre Cronje , the creator of yEarn.
Even though the project did not have a website, users flocked to smart contracts and deposited more than $ 15 million on the protocol with the aim of creating EMN tokens.
Just deployed, already operated
As usual, Andre Cronje followed his adage “I test in prod” , deploying the smart contract of an unfinished project directly on the mainnet.
However, the latter was far from imagining that Internet users would go so far as to deposit liquidity on said smart contract. Obviously who says “test in prod” says that there was no audit and that vulnerabilities may be present.
This was unfortunately the case. A hacker managed to exploit a loophole allowing him to siphon off the entire $ 15 million deposited on the protocol.
The attacker finally returned half of his loot ($ 8 million) to the smart contract deployer to partially reimburse the damaged accounts
Finally, Andre Cronje spoke on Twitter after all these misadventures.
He presents Eminence, a „multiverse“ game based on NFT (Non Fungible Tokens), the development of which was to take another 3 weeks.
He briefly explains the hack:
“Around 3 a.m., I received a message informing me that (a) nearly 15 million had been deposited in contracts, (b) that contracts had been exploited for all 15 million and (c) that 8 million had been sent to my ‚yearn: deployer‘ account. „
Despite everything, Andre Cronje preferred to take his precautions by reminding users not to deposit their funds in an unaudited protocol, even before it was officially launched:
“I will also continue to deploy trial contracts. I have over a hundred contracts deployed, probably more than half of which have vulnerabilities. Please wait for official announcements. “
Andre Cronje’s new project, a crypto trading card game, is expected to see the light of day in the coming weeks.