Harvest Finance hacked due to developer error
The topic of digital security has proven itself particularly acute this month. We recently wrote about phishing, and today we will again touch on a topic that is clearly intertwined with hackers, hacks and other phenomena that threaten cryptocurrency. This time we will talk about the De-Fi protocol of Harvest Finance, which, apparently, was hacked due to the negligence of its own developers. But let’s sort things out in order. So let’s get started.
What exactly happened
This event was not particularly advertised, so first you need to remember what exactly happened in the project and what caused the accusations against the founders of the company. Most likely, a very skilled attacker was behind the recent hack. The hacker used a large amount in the company’s internal tokens, then exchanged capital for other tokens, and, thanks to the difference in rates, was able to withdraw about $ 19.8 million in renBTC coins. The attacker took about 7 minutes to complete all operations. What is the criminal structure of actions?
The point is that this money did not belong to specific users. This is the accumulation of all users of the site. Note that the developers quickly enough managed to establish the address of the wallet to which the money was sent. Competitive exchanges immediately received a request to block the accounts of this user in order to prevent a complete loss of money. Nevertheless, the hacker managed to clear some of the funds through a specialized service.
It is possible that the De-Fi site has encountered a real professional. A well-planned digital attack was accompanied by rather curious actions – the hacker returned part of the stolen funds. More precisely, $ 2.47 million. Which were distributed among the users of the project. However, the rest of the money has yet to be found. We have no doubt that Harvest Finance will make every effort to recover the stolen funds. We also completely eliminate the possibility of a false attack. After all, the developers honestly made a statement in which they admitted their own guilt.
What caused the Harvest Finance hack?
As already mentioned – the incompetence of the creators. For the comfort of its own users, instant transfers with cryptocurrency exchange operated within the system. That is, the user could quickly convert one coin to another and withdraw the exchanged funds to the requisites of interest at the same speed. But now such a possibility will be ruled out, because it was she who became the stumbling block that allowed the burglar to do his dirty work. Now deposits and withdrawals will become separate transfers. This means that the platform’s functionality will have enough time to assess the legality and legitimacy of each transaction. Therefore, such problems will be eliminated in the future.
And at the moment, everyone who has lost money due to a hacker attack can count on full compensation for the lost funds. There is no doubt that the company will recover the lost money. In addition, proactive and courageous users are invited to take part in the search for an intruder. The only condition is not to disclose the identity of the hacker, but to transfer the information received to Harvest Finance. So if you think that it is in your power to catch the criminal, feel free to start your search.
The main thing is to stay abreast of all current events from the world of cryptocurrencies and technologies. Follow the latest news with us. We publish only high-quality and interesting material. Good luck!
