Harvest Finance, the Yield farming protocol, suffered a hacker attack that caused $ 34 million in losses last weekend. The platform offers a $ 1 million reward to those who convince that hacker to return the money.
DeFi protocol Harvest Finance was defrauded by a hacker and lost $ 34 million. It is alleged that the hacker fraudulently lowered Tether and USDC prices to withdraw millions of dollars from the platform’s liquidity pools. Harvest Finance chose to call it “theft” because it is a transaction made by manipulating asset values.
In a tweet immediately after the incident, the team implied that the identity of the attacker was known, but they could not reveal it due to certain rules; With the statements made afterwards, it was confirmed that the identity of the attacker was not known “in concrete”. The person who could convince the hacker to return the money was offered a reward of $ 100,000 first and then $ 400,000.
Offers were insufficient
When no notice was received after Harvest Finance’s offer of 100 thousand dollars and 400 thousand dollars, the team found the solution to increase the amount of reward. Harvest Finance raised the prize to $ 1 million in exchange for persuading the hacker to return the money.
Although Harvest Finance stated that they are aware of the shortcomings in the platform, it has not yet taken action for the damaged users. With the help of the reward for finding the hacker, they hope that the stolen funds can be returned and distributed back to users.
Does it depend on getting the money back?
Was it a bluff that you announced that you know who the attacker is, the “attackers” threw by their followers? Judging by the protocol, which accepts that there is no concrete evidence against its comments; compensation for users’ losses is up to the hacker’s conscience and how much those who can persuade him want $ 1 million.
In its later statements, the protocol stated that “our focus now is to take back funds from the hacker and then try to mitigate any attacks that could affect users.” Jesse Powell, the CEO of Kraken exchange, also made poisonous statements about DeFi platforms, which, although not directly named Harvest Finance, have such vulnerabilities. Powell made the exit that “don’t ruin your projects and wait for the stock markets to save you.”