Fast-growing decentralized finance (DeFi) protocol, Harvest Finance, has increased its bounty from $100,000 to $1 million for details of an unknown cyber hacker – leading to the return of $24 million in siphoned funds taken recently.
What you should know
According to tweets seen on its official Twitter handle – Harvest Finance anonymous, Harvest is offering the bounty of $1M for “tracking down” the attacker and returning the funds.
At the moment, the attacker is known to:
- understand flashloans
- understand arbitrage and trading
- understand the curve internal code
- understand renBTC
- understand opsec
💵Increasing the bounty for tracking down the attacker and returning the funds to $1M
Here's what we know about the attacker:
1) understands flashloans
2) understands arbitrage and trading
3) understands curve internal code
4) understands renBTC
5) understands opsec
— Harvest Finance (@harvest_finance) October 29, 2020
Why it’s happening
Harvest Finance’s bounty is coming on the back burner when it observed its protocol was apparently hacked, with the cyber hacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC).
- Hence, Harvest Finance affirmed the hack, stating the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”
- To protect users, we’ve pulled y pool and btc curve strategy funds to the vault.
- At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.
- To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.
Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.
Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as, use their crypto as security for borrowing; this is according to Brian Kerr, Kava’s co-founder and Chief Executive.
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