In the event of another attack on an important DeFi protocol (decentralized finance), the Yield Farming Project, Pickle Finance was injured today for a sum of USD 20 million.
The Attack occurred about four hours ago, and ETH-savvy Twitter users quickly discovered that Pickle’s cDAI “jar” – the term jar stands for safes – had been emptied:
– mattyb (@mattybchats) November 21, 2020
Unlike other recent attacks This particular breach did not include Flash Loans, an increasingly used DeFi tool that can be used by potential exploiters to gain additional liquidity to manipulate prices in the chain. Instead, this hacker traded money between a malicious copycat contract and the cDAI jar.
In an interview with Cointelegraph, Emiliano Bonassi, who describes himself as a white hat hacker and co-founder of DeFi Italia, explained that the attacker created “bad glasses”, smart contracts that “have the same surface as traditional glasses but do bad things”.
The attacker then exchanged money between his own “bad bottle” and the real cDAI bottle that takes the $ 20 million in deposits.
Evil glasses used during the attack and handed over in the swapExactJarForJar investigate more on this topic: //t.co/szRloiecV8https: //t.co/l2xT4zhQB1
These are useful operations to be performed in this method (e.g., approve, withdraw, etc.). pic.twitter.com/29RNkF4vJb
– Emiliano Bonassi | emiliano.eth (@emilianobonassi) November 21, 2020
Especially after the attack on Harvest Finance, Pickle Finance appeared to be on track to become one of the biggest revenue protocols out there. At the time of this writing, Pickle’s statistics website reported Almost $ 75 million of the total locked value remains on the books while the price of PICKLE, Pickle Finance’s governance token, has fallen 50% and is currently trading at $ 11.16.
Pickle finance problems are just the latest A worrying trend in the DeFi space. Victims of recent violations in recent weeks include Harvest Finance, Value DeFi, Akropolis, Cheese Bank, and Origin Dollar among others.
But maybe Vulnerabilities in one of DeFi’s main projects could lead to the success of another. Said a Twitter dealer:
Security checks are a meme.
– Cope_Infinitum (@CryptoMessiah) November 21, 2020