Harvest Finance Hacked, $FARM Goes Down by 40%

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

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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