It has happened again! Bad actors got attention in the cryptocurrency space. This is why another exchange had been targeted in a seemingly expensive hack.
Harvest Finance has been the target, and reports say that the firm lost $24M in the latest attack.
Harvest Finance attacked!
Although it is not new, it looks like that many crypto traders and enthusiasts from everywhere are not affected by this type of story, especially while $24M seems big at first. It is little compared to the other gigantic hacking incidents before.
Questionably, the two most massive crypto hacks have occurred in Japan on Mt. Goz and Coincheck; the attacks happened in February 2014 and January 2018 consecutively. The first attack saw more than $400M in BTC funds that disappeared overnight. It is huge, but it is smaller than the half a million lost funds by Coincheck.
Because of the incidents, other trading platforms like Binance have seen their funds disperse at those who look to gain access to the funds which aren’t theirs.
Earlier this week, Harvest Finance’s attack has occurred and it was confirmed by the executives, who appeared to have taken full responsibility for the happening. The statements on Twitter explained that a hacker has invested a bit of money on the platform and then abused a loophole in Harvest Finance’s algorithm to control the funds for their benefit. The hacker eventually targeted stable currencies, taking $13M USDC and $11M in Tether.
As a plot twist, the executives said that the hacker returned the $3M in digital funds after performing the attack. As of now, the reasoning behind the attack is unclear. However, it can be to make the relations simpler considering that those in charge of the platform stated that they know who the attacker is, saying that they are “well-known in the crypto community.”
A tweet says that the attack occurred because Harvest Finance’s technological competence was not updated. The executives also said that they are doing everything to ensure that the money is returned. During a press release, they have reached out to the hacker, stating that consequences won’t be given to them if all funds are returned.
Making things right
The team stated:
“We made an engineering mistake. We own up to it. We do not have any interesting in doxing the attacker… People should have their privacy. You’ve proven your point. If you can return the funds to the users, it would be greatly appreciated by the community, and let’s move on.”
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