Uniswap Trading Volume Exceeds $ 2 Billion Amid Theft Of $ 24 Million From DeFi Protocol Harvest Finance
Decentralized exchanges Curve and Uniswap surpassed $ 2 billion this Monday after Harvest Finance’s DeFi protocol came under attack. Uniswap’s turnover surged nearly 1,300% to a record high of $ 2.12 billion. The previous record was $ 953.59 million on September 1.
“Volumes on Uniswap have grown, while the organizer of the attack against Harvest Finance was likely funneling money through an automated market maker,” Denis Vinokurov, head of research at London-based primary brokerage service Bequant, told CoinDesk..
An attacker exploited a Harvest Finance vulnerability this morning and withdrew $ 24 million from the protocol.
“The economic attack was carried out through the Curve y-pool by disproportionately increasing the price of stablecoins, followed by the input and output of a large amount of assets through Harvest,” the developers of Harvest Finance explained..
The hacker resorted to using instant loans to manipulate the exchange rate and carry out repetitive withdrawals of USDT and USDC. Subsequently, these funds were converted into tokenized bitcoin renBTC, and through it – into the first cryptocurrency.
Harvest Finance developers have promised a reward of $ 100,000 to the first person to contact a hacker. They continue to actively monitor the movement of funds and have identified 10 Bitcoin addresses related to the attack..
“In addition to the bitcoin addresses where the assets are located, we have collected a significant amount of personal identification information about the attacker who is well known in the cryptocurrency community. We provide a reward of $ 100,000 for the first person or team who manages to contact the organizer of the attack, ”the message says..
The hacker sent $ 2.5 million to the project, which, according to the developers, will be used to proportionally pay out funds to affected clients. The creators of Harvest Finance have already approached major exchanges, including Binance and Coinbase, with a request to freeze the attacker’s assets if they are transferred to wallets they control..