Customers outside the Berlin Stadtbank, waiting to withdraw their savings at the outbreak of World War I, August 1914.
An arbitrage trade exploiting weak points in decentralized finance (DeFi) protocol Harvest Finance led to some $24 million in stablecoins being siphoned away from the projects pools on Monday, according to CoinGecko.
According to reports, an attacker used a flash loan – a technique that allows a trader to take on massive leverage without any downside – to manipulate DeFi prices for profit. The exploit sent the platforms native token, FARM, tumbling by 65% in less than an hour, followed by the projects total value locked (TVL), which dropped from over $1 billion before the exploit to $430 million as of press time.
POOR HARVEST: The total value locked (TVL) in Harvest Finance has dropped by more than half in the 12 hours since the exploit.
Mixing the coins didnt keep the Harvest Finance team in the dark for long. The person behind the exploit is well-known in the crypto community after leaving a significant amount of personally identifiable information, according to the projects Discord. All seven bitcoin wallets holding the attackers funds are also known.
The anonymous developers behind the project do not want to doxx the party but are instead offering a $100,000 bounty for convincing the attacker to send back the funds.
For the attacker: youve proven your point, if you can return the funds to the users, it would be greatly app ...
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