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.
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 are sensible ops executed in that method (e.g. approve, withdraw etc). pic.twitter.com/29RNkF4vJb
— Emiliano Bonassi | emiliano.eth (@emilianobonassi) November 21, 2020
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.