Harvest.Finance suffered a hack and launches a bounty to catch the attacker
By Inkarias - 2020-10-26
Decentralized project Harvest Finance was hacked today on Monday for a total of $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 entirely complete. After the first analysis that came out of this case, Harvest Finance revealed that the hacker “manipulated prices on one money lego 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 to try to mix paths. According to the Harvest Finance team, the attack was made possible by the manipulation of the price of stable tokens on Curve Finance, another DeFi protocol with which Harvest interacts.
In the meantime, all project fund tokens have been placed in cold storage. Before the hack, more than $ 1 billion in tokens were deposited on the Harvest Finance protocol. This major news has been an important hit for the community and the market as Farm, Harvest’s native token, fell 54% following the attack information. Harvest provided a list of 10 bitcoin addresses of the hacker, where it believes the stolen funds may have been moved. It also asked exchanges like Binance, Coinbase, and Huobi to block the attacker’s addresses.
A bounty to find the attacker
Harvest Finance is now offering a $100,000 bounty “for the first person or team to reach out to the attacker. The $2.5 million returned by the hacker will be thus distributed to the affected depositor’s pro-rata using a snapshot. Harvest Finance’s $100,000 bounty comes shortly after the protocol was apparently hacked earlier today, with an attacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC). Harvest Finance subsequently confirmed the team responsible for the protocol is working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.
More details on this new crypto hack can be read at https://harvest.finance/