November 22, 2020 / news

DeFi Project Pickle Finance Lost $ 20 Mln In Hack

hack

The attacker withdrew about $ 19.76 million from one of the smart contracts of the Pickle Finance decentralized finance protocol.

The project’s token has dipped by about 57%. At the press time, PIKCLE is trading at $ 9.72.

The Pickle Finance team said it is “actively investigating” the incident and has asked users to withdraw funds from the Jar.

https://twitter.com/picklefinance/status/1330242051468910596?s=20

DeFi Italy co-founder Emiliano Bonassi noted that the hacker did not use flash loans, as was the case in most of these attacks. The attacker created a malicious storage and, through fake swaps, took from deposits about $ 20 million in the Compound DAI stablecoin (cDAI).

The hack was extremely complex and well prepared, Bonassi said.

Earlier, the hacker withdrew about $ 6 million in stablecoins DAI and USDC from the Value DeFi project, using instant loans.

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