The “Pickle Finance” project was hacked and $20 million stolen
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Answer The “Pickle Finance” project was hacked and $20 million stolen
The wallets of the decentralized finance project “Pickle Finance” were hacked and the funds deposited in them were drained.
The “Pickle Finance” decentralized finance project works to divert investor funds around different decentralized finance protocols with the aim of increasing returns.
In the past two days, the management of “Pickle” published a new strategy to increase returns by depositing the digital currency DAI, a decentralized stablecoin pegged to the US dollar.
A member of the “Pickle” team, nicknamed “Larry the Cucumber”, revealed the new strategy and the new feature was published in a chat on “Discord”.
The funds deposited by investors up to $19.7 million in DAI tokens then arrived at the wallet address provided by the management of Pickle Finance.
Read:How much bitcoin does an individual need to become a bitcoin whale?
pickle $ They just posted a new DAI jar strategy yesterday according to a member of their team 🤔 pic.twitter.com/N6oDiXN3WM
– state.eth (statelayer) November 21, 2020
But it wasn’t long before the money was in the Pickle Finance portfolio as someone liquidated the cDAI pot of the Pickle Finance project.
Evil jars were deployed during the attack and passed into swapExactJarForJar, investigate more about this
Reasonable operations performed in this way (eg approval, withdrawal, etc.). pic.twitter.com/29RNkF4vJb
—Emiliano Bonassi | Emiliano (emilianobonassi) November 21, 2020
The cDAI coin is the token that was issued by the decentralized lending protocol aggregator “Pickle” when it deposited “DAI”.
But it doesn’t appear to be the kind of quick loan attack that has hit decentralized finance protocols over the past few months, some of which we’ve covered in Bitcoin Arabs.
Several DeFi protocols have already fallen victim to Oracle attacks based on the quick loan feature, with Harvest Finance losing $34 million and Cheese Bank losing $3.3 million.
Read:In the largest financial seizure ever: the US Department of Justice recovers the stolen funds from Bitfinex
After the hack, the price of the cryptocurrency “PICKLE” fell by 43.8%, according to “Coin Gecko”, and the price of the coin reached 12.75 dollars.
Waiting for more details to emerge about the hack that took place for the “Pickle Finance” project, which some followers see as a camouflage and the project as a whole could be a fraud.
Read:An investment company that holds $3.7 billion in bitcoin investments… know it
As a reminder, Harvest Finance, a rival decentralized finance protocol that was hacked last month and stolen more than $30 million, was exposed in the form of DAI coins, as well as the USDC stablecoin.
As much as decentralized finance projects provide high financial returns, as much as the danger that surrounds them, so caution must be taken.
Read also:
Hackers are draining $10 million a month from DeFi projects
The digital currency GRIN is under attack by 51% … Find out the size of the impact on the price of the currency
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