The next decentralized funding project (DeFi) has been hacked. This time, Pickle Finance became a victim of hackers, as a result of which hackers withdrew $19.7 million in DAI tokens.
After that, the rate of Pickle Finance’s own token fell by 50.12% to $10.17, although it then recovered slightly. The project developers wrote on the social network Twitter:
“There were reports that our project in DAI pool was PickleJar hacked. We are actively investigating the issue and will provide the necessary information. “
Later, the developers reported that, working on the hack together with a team of computer security specialists, they discovered vulnerabilities and began to eliminate them.
Pickle Finance was launched in September, in the wake of projects DeFi with “product names,” like Sushi Swap. This is a fully automatic system that rewards users with interest on a deposit and distributes PICKLE tokens.
The project has placed several liquidity pools with stablecoins that should maintain their value on par with the pegged asset. If, for example, the DAI rate deviates from the US dollar, the project used automatic arbitration trading to edit the token rate, and at the same time to profit users.
“This was a very complex attack, during which many components of the Pickle protocol were used. At the moment, it does not seem that any other funds b l o c k e d in the protocol are in danger. However, we urge all users to withdraw funds from the pools, “said Pickle Finance developers in an article on the company’s blog.
Recall that earlier it was r e p o r t e d about the hacking of the Origin P r o t o c o l project, as a result of which hackers were able to withdraw various cryptocurrencies worth more than $7 million.