$24 million Harvest Finance hack, $100,000 bounty to find the hacker
Last Updated on 26 October 2020 by CryptoTips.eu
Decentralized Finance protocol, Harvest Finance has set a bounty of $100,000 after a recent attack on its platform. Harvest Finance was earlier today attacked by hackers who exploited a major loophole in it’s protocol.
In addition to the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.
— Harvest Finance (@harvest_finance) October 26, 2020
We are putting out a 100k bounty for the first person or team to reach out to the attacker
It is understood that $24 million was stolen from Harvest Finance pools and swapped into renBTC (rBTC).
Hacker sends back $2.5 million of stolen funds
The hacker eventually sent back $2.5 million to the liquidity pool. Harvest Finance confirmed the hack and stated that it was working to prevent such from happening in the future.
The attacker sent back $2,478,549.94 to the deployer in the form of USDT and USDC.
— Harvest Finance (@harvest_finance) October 26, 2020
This will be distributed to the affected depositors pro-rata using a snapshot
The DeFi protocol also revealed that there was enough data to identify the attacker and hinted that the hacker was a known member of the crypto community.
Further reports revealed that Harvest Finance has been able to identify the Bitcoin addresses that received the stolen funds. This was achieved in collaboration with Ren Protocol, the developers behind renBTC.
Furthermore, major exchanges that have received these funds, have been informed to freeze funds.
renBTC also informed that the $2.5 million returned “will be distributed to the affected depositors pro-rata using a snapshot”.
The hack on Harvest Finance has affected its native token FARM which has seen its value depreciate by over 58% in the past 24 hours.
Also the Total Value Locked has dropped drastically from $1 billion on October 25 to about $570 million. This shows that the crypto community sentiments on Harvest Finance is low at the moment. It will be interesting to see how the community reacts to the bounty offer from the DeFi platform.
The is not the first time that a DeFi contract was successfully exploited, earlier hackers stole $15 million of funds from the Eminence project.
