Crypto Club

Hackers stole$25 million worth of crypto assets from the DeFi Harvest Finance protocol

2 min read
Hackers stole$25 million worth of crypto assets from the DeFi Harvest Finance protocol

Hackers attacked the Harvest Finance protocol of decentralized finance and managed to withdraw $25 million worth of crypto assets. After the attack, the FARM token exchange rate collapsed by 65% in just an hour.

About the fact that the withdrawal of assets from the liquidity pools of Harvest Finance has begun.
a Twitter user under the alias devops199fan. He said that they were exchanged for renBTC tokens, with some of the stolen money going through the Tornado Cash mixing service.

“We are actively working on the problem and trying to block an economic attack on stablecoin and BTC pools. Like other arbitrage attacks, this one started with a big instant loan. The funds were used by the attackers to manipulate the price of fUSDT and fUSDC assets, then the profit was converted to renBTC and withdrawn. As in other similar cases, we did not have time to react to the attack — it took the hackers 7 minutes to complete all the manipulations,” Harvest Finance representatives said on Twitter.

After the attack was detected, the project blocked deposits to BTC and stablecoin pools, and also withdrew all remaining funds from these liquidity pools to the vaults.

It also became known that the attackers sent $2,478,000 to the developers ‘ address in the form of USDT and USDC tokens. The management of Harvest Finance plans to use them to compensate affected users.

Interestingly, the volume of trading on Uniswap and Curve has increased significantly — it seems that hackers are trying to launder the crypto assets obtained as a result of the attack.As of October 22, the volume of blocked funds in the Harvest Finance protocol reached
$700 million.

More Stories

Copyright © All rights reserved. | Newsphere by AF themes.