Harvest Finance Doubles Total Value Locked to $704M in One Week
Harvest Finance’s dramatic growth took place during a time when enthusiasm around the DeFi space has slowly hit a wall.
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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.
Two Ethereum-native DeFi protocols are headed to Binance Smart Chain, but critics doubt the layer-1 has staying power Today, yield aggregator Harvest Finance and multi-service platform Value DeFi — two Ethereum-native decentralized finance (DeFi) protocols accounting for nearly a billion dollars in total value locked between them — announced planned expansions to Binance Smart Chain, the smart contract platform built by crypto exchange giant Binance.Not everyone in the Ethereum community is ready to take BSC seriously, however. Harvest, which is among the largest yield aggregators and....
Money Legos can be dangerous, especially when you focus on semantics. We were graced with one more typical “degen yield farm” popping in and out of relevance this week.Harvest Finance collected as much as $1 billion in total value locked before an “economic exploit” sent it tumbling down. Its value locked measure now hovering around $300 million and prospects for a recovery looking bleak.The exploit has once again reignited debates among DeFi community members as to whether these types of flash loan-based arbitrage attacks are actually hacks.Harvest features yield farming vaults similar to....
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....
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....