Harvest Finance Hacked, $FARM Goes Down by 40%

By Abhimanyu Krishnan | News | 26 Oct 2020

Newly launched Harvest Finance’s token FARM has dropped by 40.2% in value following a hack that siphoned $24 million on October 26. 

  • The FARM token has dropped by roughly 40% following news of a $24 million hack; it is priced at $140.14 at the time of publishing
  • The attacker siphoned $24 million from Harvest Finance’s pools and swapped them for renBTC on early October 26 
  • He or she has then tried to cover the trace via obfuscation tool Tornado Cash; $2.5 million was also returned to the deployer 
  • The team has said that the attack was an economic arbitrage attack that started with a flash loan and then manipulated stablecoin prices on Curve before it was moved to Harvest
  • A yield farming protocol that was only launched in early September 2020, this DeFi project is yet another one to suffer an exploit shortly after launch; other projects that have suffered attacks include YAM Finance, Balancer (BAL) and bZx
  • The Harvest Finance team has issued a $100,000 bounty to help identify the hacker; they have stated that the “is well-known in the crypto community”, though no leads have arrived
  • The attack comes following a smart contract audit that showed heavy centralization, which elicited further criticism when the team indicated that intended to keep the project centralized for now

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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