Harvest Finance: $24M Attack Triggers $570M ‘Bank Run’ in Latest DeFi Exploit
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.
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A possible exploit in DeFi protocol Harvest Finance has caused the site's TVL to drop sharply, along with the price of its FARM token.
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 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....
The perils of decentralized finance in the spotlight yet again after the latest major DeFi exploit In yet another attack on a major decentralized finance (DeFi) protocol, farming project Pickle Finance has been exploited today to the tune of $20 million. The attack transpired roughly two hours ago, and ETH-savvy Twitter users were quick to notice that pickle’s cDAI jar — Pickle’s term for a yield-bearing vault — had been emptied:I think @picklefinance's cDAI jar just got attacked and drained. https://t.co/Lxwi2dWSSZ pic.twitter.com/nUBE1KjEPh— mattyb (@mattybchats) November 21,....
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.