DeFi protocol Harvest Finance announces $100K bounty after $24M attack

Harvest Finance takes action against an attacker who abused the DeFi protocol's stablecoin and BTC liquidity pools by announcing $100K Bounty.

By · Oct 28, 2020 . 5min read

Harvest Finance announces $100K bounty news

Major decentralized finance (DeFi) protocol, Harvest Finance has declared a $100,000 bounty on the hacker who reportedly exploited approximately $24 million from its liquidity pools earlier today swapping them for renBTC (rBTC). A tweet from Harvest Finance on Oct.26, states that there is already a notable amount of data that could be utilized to recognize the attacker and claims he is “well-known” to the crypto community.

Harvest Finance had ratified the attack in another tweet only hours earlier. It expressed that the economic attack had targeted the DeFi protocol’s stablecoin and BTC pools. Additionally, it declared that they were actively operating to alleviate the attack. However, it also reported that the attacker sent back $2,478,549.94 to the deployer. It was in the form of Tether (USDT) and USD Coin (USDC). Harvest Finance says that the amount will go to the concerned depositors pro-rata utilizing a snapshot.

Harvest Finance identifies Bitcoin addresses with Ren Protocol.

Furthermore, in collaboration with Ren Protocol, Harvest Finance recognized Bitcoin addresses from where the funds were carried. Harvest Finance’s representatives consequently asked major exchanges involving Binance and Coinbase to suspend the supposedly stolen funds. At this time, it is leveraging the $100K bounty. It intends to get someone to stand out and help the attacker pay the funds to the deployer’s address. It elucidates that they respect perpetrator’s skill and ingenuity.

The attack took place after DeFi analyst Chris Blec insisted Harvest Finance’s administrators to endure an admin key that can remove funds locked in the protocol’s contracts. He elucidates that the protocol has one admin key for making modifications to the smart contract. Typically, the owner of this key can implement a diversity of changes, from strategies to organizing a rug pull. However, it’s unclear in this scenario what role the admin key or the unknown team behind the protocol has to do with the immediate drain in assets.

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