#BTCHashratePeak $BTC
Bitcoin price today: drop to $86 thousand due to the hack of Yearn Finance, Investing.com — Bitcoin sharply fell during Asian trading on Monday as the new month opened with new turbulence in the cryptocurrency market following an incident on the DeFi platform Yearn Finance, which raised new concerns about liquidity.
The world's largest cryptocurrency last traded 5.3% lower at a price of $86,075.6 at 08:07 MSK.
Bitcoin dropped to $85,638.3 over the last 24 hours. In November, it fell by more than 16%.
The sell-off was triggered after Yearn Finance reported that it was investigating an "incident" in its liquidity pool yETH. It was reported that a bug allowed an attacker to mint an extremely large amount of yETH tokens, effectively flooding the pool with invalid supply.
In simple terms, the exploit allowed someone to create tokens out of thin air, undermining trust in the underlying assets of the pool and prompting traders to rush for the exit.
The failure caused immediate volatility in correlated assets, with Bitcoin and other cryptocurrencies plummeting sharply.