Bitcoin News

Harvest Finance, a major decentralized finance protocol, has seemingly issued a $100,000 bounty in the aftermath of a $24 millon attack targeting its liquidity pools.

In an Oct. 26 tweet, Harvest Finance said that there is enough data so far to identify the attacker, “who is well-known in the crypto community.”

Harvest Finance’s $100,000 bounty comes shortly after the protocol was apparently hacked earlier today, with an attacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC). Harvest Finance subsequently confirmed the hack, claiming that the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”

The attacker subsequently sent back about $2.5 million to the deployer in the form of Tether (USDT) and USD Coin (USDC). “This will be distributed to the affected depositors pro-rata using a snapshot,” Harvest Finance tweeted.

In a joint effort with Ren Protocol, Harvest Finance managed to identify Bitcoin addresses where the funds were transferred. Harvest Finance’s representatives subsequently asked major exchanges including Binance and Coinbase to freeze the allegedly stolen funds.

At the time of publication, Harvest Finance’s FARM token tumbled about 60% over the past 24 hours. Total value locked in the Harvest protocol also dropped heavily from above $1 billion on Oct. 25 to about $570 million, according to data from DeFi Pulse.

Total value locked in Harvest Finance (USD). Source: DeFi Pulse

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