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 bounty for the first person or team to reach out to the attacker
— Harvest Finance (@harvest_finance) October 26, 2020
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 hack, claiming that the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”
The attacker subsequently sent back about $2.5 million to the deployer in the form of Tether (USDT) and USD Coin (USDC). “This will be distributed to the affected depositors pro-rata using a snapshot,” Harvest Finance tweeted.
In a joint effort with Ren Protocol, Harvest Finance managed to identify Bitcoin addresses where the funds were transferred. Harvest Finance’s representatives subsequently asked major exchanges including Binance and Coinbase to freeze the allegedly stolen funds.
At the time of publication, Harvest Finance’s FARM token tumbled about 60% over the past 24 hours. Total value locked in the Harvest protocol also dropped heavily from above $1 billion on Oct. 25 to about $570 million, according to data from DeFi Pulse.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.