DeFi Protocol Pickle Finance Hacked For $20 Million

In letter

  • Pickle Finance, a DeFi protocol, was hacked with nearly $ 20 million.
  • The hacker’s approach is still unknown, although some analysts say it doesn’t look like a typical flash credit attack.

Pickle Finance tills, a decentralized financing (DeFi) Log with a native token that looks suspiciously like Pickle Rick from Rick and Morty Fame, were drained from $ 20 million today in what appears to be a hack.

Pickle Finance shifts investors’ money around various DeFi protocols to maximize returns, much like a traditional robo-advisor.

Yesterday Pickle “introduced a new strategy” to maximize ROI DAI, a decentralized one Stablecoin “Larry the Cucumber”, a team member from Pickle pegged to the US dollar and posted on a Discord chat according to “statelayer”.eth. ”

Today someone pulled $ 19.7 million from DAI from that wallet.

Especially someone Pickle Finance’s cDAI jar has drained. cDAI are the tokens of the decentralized credit protocol connection Pickle issued when DAI deposited it.

But it doesn’t seem to be the type of flash credit attack that has plagued DeFi logs for the past few months. Multiple DeFi protocols fell victim to oracle attacks based on flash loans: Harvest Finance lost $ 34 million, Cheese bank lost $ 3.3 million; acropolis took a loss of $ 2 million and Value DeFi lost $ 6 million. “Normally the TX would call Aave, Uniswap, or dYdX for the flash loan ” Crypto Analyst Nick Chong said Decrypt.

An unfortunate Pickle Finance user on Telegram

After the hack, the price of Pickle Finance token PICKLE fell 43.8% to $ 12.75, according to Coin Gecko.

Until it is found out, Harvest Finance, a rival DeFi protocol that was hacked for $ 30 million last month, has been postponing all of its DAI and stablecoins USDC and USDC, “to keep its vaults safe until the attack vector is understood,” tweeted Smokatoke, a community representative for Harvest Finance.