The Bitcoin Harvest
This post was released for Issue 16 of Bitcoin Magazine as part of a series of articles about puzzles and games that started with Issue 12. Packing problems are a class of optimization problems in mathematics that involve attempting to pack objects together into containers. The goal is to either pack a single container as densely as possible or pack all....
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Harvest Finance’s dramatic growth took place during a time when enthusiasm around the DeFi space has slowly hit a wall.
Harvest Finance is actively tackling the apparent $24 million attack. Harvest Finance, a major decentralized finance protocol, has seemingly issued a $100,000 bounty in the aftermath of a $24 millon attack targeting its liquidity pools.In an Oct. 26 tweet, Harvest Finance said that there is enough data so far to identify the attacker, “who is well-known in the crypto community.”In addition to the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community. We are putting out a 100k....
This week's $24M exploit of DeFi platform Harvest shows risks as real as rewards in open-beta crypto markets, where investor protection is minimal.
Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan – a type of uncollatarized loan – but later returned $2.5 million. In seven minutes, the hack was complete. Harvest Finance revealed that the hacker “manipulated prices on one money lego (curve y pool) to drain another money lego [farm USDT (fUSDT), farm USDC (fUSDC)], many times. The attacker then converted the funds to renBTC and exited to bitcoin.” RenBTC is....
Harvest Finance has seen its total value locked drop by more than $500 million in the 12 hours since being hit by a flash loan attack.