Harvest Finance is the latest yield farming protocol from the decentralized finance (DeFi) industry that has become the victim of hackers. According to some reports published earlier today, the DeFi protocol has been exploited by hackers. This hacking incident has resulted in the loss of an amount of $24 million in value which was drained by attackers. Out of these funds, the attacker returned $2.5 million as well, as per the reports. However, Harvest Finance is actively dealing with this hack and has offered a bounty for catching the attacker.
A bounty of $100k for reaching out to the attacker
It was an economic attack that occurred on Curve y pool, according to Harvest Finance. Since the exploit of hackers, the decentralized yield farming platform is actively providing updates over its progress with the incident. In the latest tweet, Harvest Finance has said that the hacker is very “well-known” in the cryptocurrency community. It said that apart from Bitcoin (BTC) addresses in which the exploited funds are stored, it has “a significant amount of personally identifiable information on the attacker” as well.
Harvest Finance is now seeking the help of people in the crypto community and has offered a bounty of $100,000 for a person or team who will reach out to this hacker first in the community.
A day before this hack, the decentralized finance analyst Chris Blec called Harvest Finance a centralized protocol saying that the admin key through which funds are drained is held by its administrators. A day after this claim of the DeFi analyst, the protocol has got exploited by hackers. However, no further details regarding this fact are out so far.
Hacker converted the funds into renBTC and then into Bitcoin (BTC)
Reportedly, the hacker firstly converted these stolen funds into renBTC which is a Bitcoin-backed tokenized token. After that, the amount was transformed into Bitcoin (BTC). Some of the funds were also cashed out via Tornado Cash.
Following the news, the price value of the coin reacted and fell by over 65 percent. Also, the total value locked in Harvest Finance has decreased down. Now, there is $570 worth of tokens locked in this protocol.