Yearn Finance has suffered a significant setback, with losses totaling around $9 million due to a recent hacking incident. The attack, which targeted Yearn’s liquidity pool, exploited a vulnerability that allowed hackers to mint virtually unlimited yETH, effectively depleting the pool in a single transaction. PeckShieldAlert reported that roughly 1,000 ETH, valued at about $3 million, was funneled to the Tornado Cash mixing protocol, while the attacker’s address continues to hold approximately $6 million in various crypto assets. In light of these events, Yearn Finance is currently investigating the incident but has assured users that its V2 and V3 Vaults remain unaffected.
In a separate development, HashKey Holdings has successfully passed its listing hearing with the Hong Kong Stock Exchange, according to recent filings. The company aims to establish a compliant digital asset ecosystem and plans to support a total of 80 tokens by the end of September 2025. Institutional investors such as Fidelity and Gaorong Capital are major shareholders, while the company’s overarching strategy includes transaction facilitation, on-chain services, and asset management.
Meanwhile, notable trader Machi, known for his aggressive leverage positions, faced partial liquidation of his highly leveraged ETH holdings. Despite this setback, he continues to hold around 3,300 ETH, with recent cumulative losses exceeding $20 million. Another trader, Ai Yi, reported a loss of over $1.36 million with a remaining account balance of just over $211,000.
In the broader market, Bitcoin (BTC) dipped below $87,000, reflecting a decrease of 4.86% for the day, while Ethereum (ETH) fell below the $2,900 mark, down 4.31%. The trend has drawn parallels to previous market downturns, prompting analysts to speculate about potential rebounds as early as the first quarter of the following year.
In noteworthy tech developments, Pavel Durov, the founder of Telegram, announced the launch of Cocoon, a decentralized AI computing network designed to provide users with 100% privacy protection. This innovative platform aims to address the high costs associated with traditional AI providers and offers GPU providers the opportunity to earn TON tokens.
Additionally, notable figures within the cryptocurrency community, including Justin Sun, reported that his WeChat account had been compromised but was in the process of recovery.
Market activity has also revealed that several significant token unlocks are on the horizon. Sui (SUI), Ethena (ENA), and Santos FC Fan Token (SANTOS) are set to release millions of tokens, with the SUI unlock alone valued at approximately $85 million.
With the volatile nature of cryptocurrency markets ongoing, stakeholders remain cautious yet optimistic about potential recovery trends as the year draws to a close.
