We posted this morning Article about the “Harvest Finance” protocol hack And the theft of $ 24 million in a time span of no more than 8 minutes by exploiting a loophole in the express loans provided by this protocol.

As an attempt to reach the hackers and recover the lost funds, which include the users’ money for the protocol, the management of “Harvest Finance” decided to allocate a financial reward of 100 thousand dollars to those who help in finding and finding the hackers.

For information, and as a result of the penetration of the project “Harvest Finance” decreased The project’s digital currency, which bears the designation “FARM”, has exceeded 50%.

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The management of the “Harvest Finance” project directly appealed to the attacker to return the stolen money, through a tweet on Twitter that:

To the attacker: You’ve proven your point, if you can return the money to users, it will be greatly appreciated by the community, including many users who are watching DeFi from afar.

We will release a post-mortem report within the next 16 hours, and will work on future risk mitigation strategies against rapid economic attacks, including evaluating insurance options, as well as compensation strategies.

– Harvest Finance (@ harvest_finance) October 26, 2020

When Harvest Finance learned of the attack, it took several steps to protect users, and announced this on its Twitter account where it withdrew 100% of the funds deposited in the protocol in the form of stable cryptocurrencies or Bitcoin to a secure digital wallet.

Additionally, the protocol management has advised that they are moving to block deposits in stablecoins and bitcoin wallets for the time being.

As we were told at the beginning of the article, the attack happened quickly and barely gave the protocol enough time to respond.

Read:The number of active Ethereum addresses drops to the lowest level since January 2021

According to the Harvest Finance Twitter account, there is already enough information available to identify the hacker, and it states the following:

There is now a large amount of personally identifiable information about the attacker.

The Bitcoin addresses used by the hacker were also published, with a request from Binance to block these addresses and blacklist them:

All the hacker money is in these BTC wallets

– Harvest Finance (@ harvest_finance) October 26, 2020

The growing specter of hacking DeFi projects:

The attack on “Harvest Finance” is the latest in a series of hacks and other vulnerabilities that have plagued decentralized finance projects in recent months.

In August of this year, $370,000 worth of Opyn was drained.

In September, the scandal of the FEW coin project caused by the leaking of Telegram messages drew criticism from the community, which we covered in detail in the article:

Disclosure of a fraudulent decentralized finance project and the collusion of prominent names in the crypto market… Details here

Read:Institutional Investors Buy $2.8 Billion of Bitcoin Through ‘Grayscale’ in Late 2020

Charles Storey, co-founder of PhutureDAO, said: to source By saying:

As the DeFi space is still in its infancy, we are seeing a maturity in the type of attacks.

Open innovation within DeFi is key.

Losing money in an untested and unsafe currency is not what DeFi is all about.

Going forward, Harvest Finance has pledged to issue a post-incident report and work on future risk mitigation strategies against similar attacks that have exploited flash loans, including evaluating insurance options, as well as compensation strategies.

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