Defi Protocol Harvest Finance Hacked for $24 Million, Attacker Returns $2.5 Million

Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity swimming pools, carrying out an arbitrage attack utilizing a big flash loan – a kind of uncollatarized loan – however later on returned $2.5 million. In 7 minutes, the hack was total.

Harvest Finance revealed that the hacker “controlled costs on one cash lego (curve y swimming pool) to drain pipes another cash lego [farm USDT (fUSDT), farm USDC (fUSDC)], often times. The attacker then transformed the funds to renBTC and left to bitcoin.”

RenBTC is a bitcoin-backed token utilized on the Ethereum blockchain.

Farm, Harvest’s native token, fell 54% to $101.79 on the news, according to Coingecko information. Following the attack, the quantity of cash secured the protocol also crashed to $575 million from $1 billion on Oct. 25, as complaining financiers pulled their deposits.

Harvest provided a list of 10 bitcoin addresses of the hacker, where it thinks the taken funds might have been moved. It also asked exchanges like Binance, Coinbase, and Huobi to obstruct the attacker’s addresses.

The three-month-old platform said that there is a “substantial quantity of personally recognizable details on the attacker, who is widely known in the crypto neighborhood.” Not going to dox the cyber-thief, Harvest Finance is now providing a $100,000 bounty “for the very first individual or group to connect to the attacker”.

The $2.5 million returned by the hacker will be “dispersed to the impacted depositors pro-rata utilizing a photo,” Harvest tweeted.

Harvest’s hack comes simply 6 weeks after an attacker stole $8.1 million in bitcoin from another defi protocol, Bzx. However, Bzx handled to recuperate the funds.

What do you consider the Harvest Finance hack? Share your ideas in the comments area below.

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