DeFi-project Harvest Finance wrote off the loss of $ 34 million for “engineering error”
DeFi-project Harvest Finance has provided an update on Monday’s attack, which resulted in the theft of $ 33.8 million. The developers also clarified the amount of damage. Previously it was assumed that it was $ 24 million.
To carry out the attack, the attacker used an instant loan that any Ethereum user can receive without collateral, provided that it is returned in the same block. This allowed him to manipulate the prices of the USDT and USDC stablecoins and buy them well below their normal value. After that, the loan was returned, and the organizer of the attack was left with a multimillion dollar amount..
After the intervention, the price of Harvest Finance FARM’s own token dropped from $ 242 to $ 100. “We made an engineering mistake and admit it,” – wrote the developers.
As possible ways to prevent such situations in the future, they name several options, including a ban on depositing and withdrawing funds in the course of one transaction, which will make the use of instant loans meaningless.
At the same time, they ask for the tokens to be returned: “The organizer of the attack proved his point of view. If he can return the funds to users, the community will appreciate it. “.
Harvest Finance is also offering a $ 100,000 reward for helping return tokens and $ 400,000 if done within 36 hours. “Please do not disclose his details in the process. We strongly recommend that all efforts be focused on ensuring successful refunds of our users, ”they add..
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