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Prominent DeFi Coin Pickle Finance Plunges 50% in Wake of Attack


Holders of Pickle Finance’s native : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

What Happened With Pickle?

Approximately three hours ago, analysts noticed a suspicious transaction involving Pickle Finance’s pDAI Jar, which invests users’ DAI to earn regular returns paid out in DAI.

The transaction involved a complex Ethereum contract, coupled with $20m worth of DAI that got sent to an address that was not a contract.

Prominent DeFi Coin Pickle Finance Plunges 50% in Wake of Attack Blockchain, Featured, Home CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

It appears to be a bug related to Pickle’s Swap Jar functionality, which allows yield farming strategies to be swapped. The issue was that there apparently was no check to ensure that the Jar the funds were being swapped into was not malicious.

This resulted in the removal of $20m from the contract. It is currently unclear what the attacker will do the funds, though there are some that have attempted to contact the attacker to try and get their money back.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Many DeFi Exploits

This is the latest in many recent DeFi exploits.

Previous attacks included those on Harvest Finance, Value DeFi, Akropolis’ Delphi yield farming pool, and a number of others.

Many believe it is still too early to suggest that this space is ready for mainstream adoption with the number of attacks that have taken place recently.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Price tags: pickle, pickleusd, pickleeth
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Prominent DeFi Coin Pickle Finance Plunges 50% in Wake of Attack

Source: https://www.newsbtc.com/analysis/defi-coins/prominent-defi-coin-pickle-finance-plunges-50-in-wake-of-attack/

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