Cronje revealed that his unreleased project called Eminence had been the target of a hacker who managed to drain a total of $15mln that had been invested in the project by various DeFi users.
The developer unpacked the situation in a thread of Tweets on Twitter earlier this week:
‘Eminence’ still under development
According to Cronje’s explanation, his team had just finished the concept for the Eminence project which is described as a new economy for a gaming mulitverse on Monday 28 September.
Cronje had then deployed staging contracts on the Ethereum mainnet so that the team could continue development with the platform essentially being live.
Nevertheless Cronje said that Eminence was at least three weeks away from being officially launched. The developer added that the contracts and the ecosystem have not been finalized and that he had developed two separate batches of the contracts in what Cronje described as his usual ‘test in prod’ process.
Things went a little haywire after Cronje and his team began releasing some of the artwork teasers that showcased the various clans that would feature in the Eminence multiverse:
Having uploaded a number of tweets featuring the different clan names, Cronje claims he went to bed not suspecting that the project would garner the attention of DeFi enthusiasts and smart contract sleuths alike.
Thief in the night
As Cronje explained in his thread, he was awoken by messages at around 3am on Tuesday morning and discovered that $15mln had been deposited into the contracts.
A hacker then exploited the full $15mln, effectively draining the funds from the project. The hacker then returned $8mln of the funds back to Cronje’s Yearn.Finance deployer account.
The incident has been met with a swathe of criticism and doubt online, with some users claiming that Cronje was involved in some way. The developer has indicated that the $8mln that was returned to him will be used to refund investors.
Cronje also indicated that he has been received threats online and will be helped by the Yearn.Finance treasury to carry out refunds:
Despite the incident, Cronje says that he plans to continue developing the new project. He also warned DeFi enthusiasts and the cryptocurrency community that he will continue to deploy test contracts and that more than half probably contain vulnerabilities.