Harvest Finance, the DeFi yield farming protocol, is offering a $1 million reward to track down the hacker who stole $34 million from last week.
Determined to find the hacker and get back the huge amount of money that was lost, Harvest has continuously raised the reward from $100,000 to $400,000, and the latest to $1 million.
Last week, hackers used flash loans to devalue Tether and USDC on Harvest, then withdrew tokens at bargain prices from liquidity pools.
As a result, the Harvest team is looking at some protocol changes. Includes restrictions on quick loans — allowing users to deposit and withdraw simultaneously, often for arbitrage, to reduce the risk that the same could happen.
Facing the problem of being hacked due to shortcomings in the protocol, Harvest Finance has not yet launched a compensation plan for users. However, the project team insists that they are “build a remediation plan for affected users”.
In a tweet posted on October 26, Harvest implied that it knew who the attacker was but did not deal with it directly. They proposed a $100,000 reward, then $400,000, to anyone who could convince the hacker to return the money.
A week has passed with still no results, Harvest Finance has actively raised the reward to $ 1 million and shared what they know about the attacker.
FARM, the Harvest Finance platform token that is trading at $103, has dropped more than 60% in the past week.
Harvest Finance, the DeFi yield farming protocol, is offering a $1 million reward to track down the hacker who stole $34 million from last week.
Determined to find the hacker and get back the huge amount of money that was lost, Harvest has continuously raised the reward from $100,000 to $400,000, and the latest to $1 million.
Last week, hackers used flash loans to devalue Tether and USDC on Harvest, then withdrew tokens at bargain prices from liquidity pools.
As a result, the Harvest team is looking at some protocol changes. Includes restrictions on quick loans — allowing users to deposit and withdraw simultaneously, often for arbitrage, to reduce the risk that the same could happen.
Facing the problem of being hacked due to shortcomings in the protocol, Harvest Finance has not yet launched a compensation plan for users. However, the project team insists that they are “build a remediation plan for affected users”.
In a tweet posted on October 26, Harvest implied that it knew who the attacker was but did not deal with it directly. They proposed a $100,000 reward, then $400,000, to anyone who could convince the hacker to return the money.
A week has passed with still no results, Harvest Finance has actively raised the reward to $ 1 million and shared what they know about the attacker.
FARM, the Harvest Finance platform token that is trading at $103, has dropped more than 60% in the past week.
