After the Kucoin exchange hacking incident, another hacking happened this week. Harvest Finance, a DeFi protocol that lets users invest crypto and then farm the price variations for small profit yields. According to reports, a hacker has stolen $24 million worth of cryptocurrency from the portal. It was confirmed in a tweet on October 26 by Harvest Finance.
In an additional tweet, Harvest Finance stated that they have sufficient data to identify the hacker. They also offered 100K dollars as a bounty right after the hacking incident.
The hacker allegedly stole 13 million worth of USD (USDC) and 11 million of Tether (USDT). According to messages by Harvest Finance on their Twitter and Discord channel, the perpetrator invested a large amount of cryptocurrency in their platform. The hacker then launched a cryptographic attack and transferred the funds to their own wallets. In a joint investigation with Ren protocol, they were able to identify the bitcoin wallets where the funds were transferred.
After the incident, Harvest Finance immediately withdrew all the funds from the pool. These include DAI, USDC, USDT, TUSD as well as WBTC and renBTC. The funds were placed in vaults safe from market manipulation. DAI, TUSD, WBTC, and renBTC, were not affected by the hacking incident. The Harvest Finance FARM token dropped by 60% hours after the attack. As of writing, the total value locked of Harvest Finance also decreased from $1.044B to $408.7M as reflected on DeFi pulse data.
One hacking incident after another can be very alarming especially if it’s happening in the crypto world. A joint effort should be initiated between the users and platforms. With efforts on the side of Harvest Finance, let’s all wait and see if this hacking incident will be resolved or will they just say goodbye to their precious cryptos.