Friday, July 30, 2021
Home Crypto News Market Defi platform Pickle Finance hacked, $ 20 million DAI stolen

Defi platform Pickle Finance hacked, $ 20 million DAI stolen

- Advertisement -

A decentralized finance (Defi) project  has been robbed. This time it is Pickle Finance, a relatively new yield farming platform similar to Yearn Finance.

Pickle has now confirmed that as many as $ 19,759,355 DAI have been stolen from the platform.

This DAI was stolen from the CDAI jar of the forum. Vaults are called jars (pots) on Pickle, and the DAI vault is connected to Compound. The specific features of the hack are yet unknown at the time of writing. Pickle reports that the hacker used a very complicated method. 

With some well-known figures from the Defi world, the platform team has been exploring the hack using reverse engineering.

Cryptographer ‘Orbxball’ gave his vision of what happened yesterday.

THERE ARE 8 FLAWS UTILIZED IN THIS EXPLOIT. YET, THERE’S ONE THING WORTH POINTING OUT. THIS EXPLOIT ONLY HAPPENS WHEN THESE 8 FLAWS OCCUR AT THE SAME TIME. SO EITHER 1 OF 8 WAS FIXED OR DIDN’T EVEN EXIST, THERE WOULDN’T BE THIS EXPLOIT.

 

He reports that eight errors in the project were used in the hack and that this was only possible because all eight errors co-occurred. Even if only one of these mistakes had been repaired, the hack would have been impossible. The previous series of these attacks were mainly carried out using so-called flash loans. 

But this is not the case this time. The attack would be more like the recent hack of Defi platform belonging to Acropolis, from which $2 million DAI was recently stolen. It was reported that Pickle had applied a new strategy to the cDAI jar one day before the incident.

The pickle token has suffered a tremendous blow. The pickle price went down last night from about $22.80 to a low of $ 8.70, a drop of over 60% in a few hours. 

- Advertisement -
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly