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Hackers steal the cryptocurrency service 'Harvest Finance' $24 million

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Crypto Business World

CBW -External Analyst

INDIA

Oct, 28 2020

Oct, 28 2020

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The rough estimation of the amount of $24 million worth of cryptocurrency assets has been stolen by hackers. This theft occurred from the service of decentralized finance (DeFi) called Harvest finance. It is a web portal that allows the users to invest in the cryptocurrencies and thus offer better framing of the price variation for some tiny profits yielding. The hack occurred earlier yesterday. It was nearly confirmed by the administrators of the Harvest finance service through their messages that they had posted on the company's twitter account at the same time at the discord channel.

 

These messages clearly show that hackers were quite experts who spent the huge amount of cryptocurrency assents in the same service and then further utilized a cryptographic exploit for siphoning the platform's funds to their wallet. The estimation of nearly $11 million worth of Tether (USDT) and $13 million value of USD Coin (USDC) has been reported to be solen. Right after few minutes, when the attack took place, the hackers had returned the $2.5 million on the same platform; howeverther3 is no clear reason that came out yet for such an operation.  


However, it seems that the company has identified the hacker, and it could be seen on another message posted on the Discord channel. They further added the description of the hacker being none other than a popular crypto communityThere were few messages series published on Twitter. Harvest Finance admitted that an attack occurred due to their own mistake, which allowed attacker to hack, but eventually, the funds were returned without further consequences. This was solely an engineering mistake that the team claims and seems they are now upfront for the coming risks. 


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Crypto Business World

CBW - External Analyst

INDIA

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