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DeFi users decide: Was the Harvest Finance exploit really a “hack”?

Harvest Finance Emergency Users ...

Harvest Finance users urgently withdraw money from pools
CONTENT

  • Hackers withdrew about $ 23 million from the Harvest Finance protocol

  • The organizers of the protocol assure that some of the funds were returned

  • Since the beginning of the year, about 10 DeFi protocols have been hacked

International consortium of news organizations developing transparency standards.

The creators of the decentralized finance protocol (DeFi) Decentralized finance (DeFi) is a blockchain-based financial service that offers users access to open, efficient and … More) Harvest Finance has confirmed the hacking of liquidity pools. According to preliminary data, attackers stole coins worth more than $ 23 million, protocol users urgently take away the surviving money.

Harvest Finance Emergency Users ...

New day, new hack

On Monday, October 26, the developers of the DeFi protocol Harvest Finance announced on their official Twitter page about the cyber attack..

“Similar to similar economic attacks based on the principle of arbitrage, this one was initiated by a large flash credit, the attacker manipulated prices many times, depleting the cash depot and, ultimately, disappeared, converting funds into renBTC and went to BTC,” it said..

The creators of the protocol did not specify how much money was stolen, for them it was done by the famous Chinese crypto journalist @Colin Wu, who covers various cases of fraud on the Internet. In particular, he wrote that the hackers managed to withdraw over $ 23 million from the Harvest Finance protocol. He also added that the special services are engaged in the investigation..

Wu learned that the y pool on the curve was attacked by hackers, with a total loss of more than 23 million US dollars. The main victim is the Chinese project Harvest Finance, which said it is still investigating and security agencies are also participating. pic.twitter.com/quWCHXT8qn

– Wu Blockchain (Chinese Crypto Reporter) (@WuBlockchain) October 26, 2020

 

Harvest Finance Emergency Users ...

Later, on the official page of the project, information appeared that the attacker returned back “$ 2,478,549.94 in the form of USDT and USDC. This money will be distributed among depositors in proportion to their share at the time of the hack.

Moreover, the developers reported that they know who broke the protocol. The hacker – presumably a well-known personality in the crypto community – has strongly inherited and even left the ability to trace his bitcoin address. They urge him to return the money to depositors and promise not to make a fuss.

For the attacker: you’ve proven your point, if you can return the funds to the users, it would be greatly appreciated by the community, including many bystanders watching DeFi from afar

– Harvest Finance (@harvest_finance) October 26, 2020

Users of the protocol were outraged by the low protection of funds stored in liquidity pools. The developers of Harvest Finance literally fell a barrage of criticism. Some users have already stated that they have suffered from fraudulent actions by hackers and hope for an early return of their money. Others claim that the “hacker” may be a member of the Harvest Finance team who deliberately withdrew some of the money before the collapse of the protocol. Official statements on this matter from the developers of the protocol have not yet been received.

DeFi protocols are not protected from hacking

Recently, cases of hacking of decentralized finance protocols have become more frequent. Back in February, BeInCrypto reported a hack of the DeFi bXZ protocol. According to the company, the scammers gained access to one of the protocol keys and withdrew a significant part of the funds..

In June this year, the Balancer protocol suffered at the hands of scammers. This was announced by Stephen Zheng of The Block. According to him, information began to spread through Telegram channels. The administrator of one of the telegram channels drew attention to the problems with Balancer, the protocol of the DeFi application that helps to exchange tokens.

“Apparently, someone cleaned up the Balancer pool, which contained $ 500,000 worth of WETH and STA tokens,” Zheng wrote..

Two months later, Opyn representatives also announced that the protocol had been hacked. The operators of the project confirmed the fact of the hack and reported that it only affected the contracts for ETH put options. Hackers hijacked the provision of users selling puts by exploiting the protocol token (oTokens) vulnerability.

Harvest Finance Emergency Users ...

In general, DeFi protocols remain very vulnerable, so users should be very careful when choosing a project to invest in. How to choose a DeFi project for investment, we told here.

 

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