• Pickle Finance loses #20 million in stablecoin DAI.
  • The token of the project loses over 50% of its value.

Another liquidity mining project fell victim to the hack attack and lost about $20 million of users' funds in DAI tokens. The attacker exploited the vulnerability of Pickle Finance smart contract called DAI PickleJar using fake swaps.

Notably, the hacker chose to avoid a flash loan scheme used in most similar incidents recently. Instead, they deployed a malicious jar and passed in fake swaps.

Emiliano Bonassi, a founder of  DeFi Italy and a white hacker, explained in the recent tweet:

Evil jars deployed during the attack and passed in the swapExactJarForJar. In addition, in the second invocation for swapExactJarForJar, there were passed a target and doing a delegate call to CurveProxyPool.

He also added that the attacker used a really elaborate scheme.

The team of the project confirmed the exploit and said that 19,759,355 DAI were drained. They also added that the attacker used a very complicated scheme involving many components from the Pickle protocol. Currently, the team is working on the solution together with a group of white hackers.

While we work on the fix to remove the attack vector, the white hat group has decided that we should not publish any details of the actual attack yet. Although we have taken steps to mitigate further attacks, we do not want to tempt fate in the meantime.

The token of the project (PICKLE) lost over 50% of its value after the hack attack. The price tested the low of $8.84 before recovering to $12 by the time of writing.  The project takes 2333 place in the global cryptocurrency market rating, while its total capitalization remains unknown.

Pickle allows users to earn PICKLE tokens in exchange for liquidity in four stablecoin pools: DAI/ETH USDC/ETH USDT/ETH sUSD/ETH. 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

GRT risks freefall under $1 amid broad-based crypto declines

The Graph is teetering at $1.73 after its uptrend ran into a barrier around $2.9. Declines have been consistent within the confines of a descending parallel channel. Losing the middle boundary support has left GRT bears with open-air to explore.

More Graph News

LINK bulls flee as broadening wedge pattern hints at a 50% drop

Chainlink price nears the end of an ascending broadening wedge pattern that forecasts a 50% drop. Transactional data shows that $17.8 could be an inflection point. If LINK price slices through this support, then a drop to $13 seems likely.

More Chainlink News

XLM poised for massive 27% breakdown, as the technical picture worsens

Stellar has recently been rejected from the yearly high of $0.61. Bulls tried their best to secure higher support but failed in that task. XLM continues with the breakdown below a descending trendline that seems to have confirmed a triangle pattern on the 4-hour chart. 

More Stellar Lumens News

DOGE in trouble as multiple technical indicators scream sell

Dogecoin price hints at a 75% upswing as the bull flag pattern develops. A decisive close above $0.058 would indicate a start of a bullish breakout. Mounting selling pressure could invalidate crucial support at $0.047 and push it down by 20% to $0.037.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP