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DeFi Hackers Exploit $20M in Pickle Finance, DAI PickleJar

DeFi Hackers Exploit $20M in Pickle Finance, DAI PickleJar
  • DeFi hackers exploited $20 million worth of DAI in Pickle Finance’s DAI PickleJar.
  • LPs must withdraw their funds from the jars, said the Pickle Finance team.
  • This recent DeFi hack might be an “exit scam”.
  • PICKLE’s price dropped to over 50%.

DeFi hackers strike again as they exploited $20 million in Pickle Finance. Earlier today, the DeFi protocol’s DAI PickleJar was reportedly hacked.

The team is currently looking into the matter. Further updates will be provided soon. In the meantime, they advised their network participants to withdraw.

Specifically, someone drained Pickle Finance’s DAI jar. Here, the DeFi hackers stole cDAI tokens. Compound issues these tokens after the DeFi protocol deposited DAI.

To clarify, Pickle Finance provides an automatic solution for moving funds between various DeFi protocols in order to maximize profits. Hence, they require fund deposits in Compound for trading and arbitration.

DeFi hackers transferred Pickle Finance’s funds to this crypto wallet address. As a matter of fact, DeFi protocols getting hacked is not new anymore. Some claim that exploits like this are another way of saying “exit scam in the world of DeFi”. Moreover, investors are advised to proceed with caution as DeFi projects seem like “ICO 2.0”.

Stani Kulechov, Founder and CEO of Aave and ETHLend, shared his thoughts about the recent hack:

As a result of the DeFi hack, Pickle Finance’s token value dropped to over 50%.

Source: CryptoWatch
Source: CryptoWatch

Regardless of what happened, Onchain Capital Founder Ran Neuner believes that “every hack, every exploit makes DeFi stronger.” In addition, he showed his unwavering support to the DeFi project.

Pickle is a good protocol with a strong community. It will bounce back!

Read More: DeFi Hack: $100 Million Stolen From Projects in 2020

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.