BTC, ETH, XRP Price News: Bitcoin Drops to $87K Amid Yearn's yETH Exploit
Major cryptocurrencies fell as December began following a security incident in Yearn Finance's yETH liquidity pool.Summary
Major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and XRP, traded lower in early Asian hours on Monday, extending losses from a difficult November. Bitcoin dropped over 3% toward $87,000, while Ether fell 5% amid fresh panic stemming from a security "incident" reported by the DeFi platform Yearn Finance concerning its yETH liquidity pool.
The sell-off was triggered after Yearn alerted users to the exploit, which reportedly allowed an attacker to mint vast amounts of yETH, draining the pool of about 1,000 ETH (valued at $3 million) routed through mixers. This incident follows a recent hack on the Korean exchange Upbit and highlights concerns about security infrastructure not keeping pace with institutional inflows.
The downturn caused over $400 million in liquidations in leveraged crypto futures, mainly affecting long positions. This market weakness capped a poor November for crypto, where BTC lost 17.5% and ETH lost 22%, driven partly by significant net outflows from U.S.-listed spot BTC and ETH ETFs.
(Source：CoinDesk)