The Defi (Decentralized finance) protocol was hacked for $19 million of the stable coin DAI last weekend because the Defi industry turned out in the hacker’s paradise. The native token of the PICKLE was also plunged to 65% which came on the news. It was a fall down from$23.27 to $8.70 right after the fact happened and the same was reported on the 21st November. During this time, the token was rebound 29% in the past 24 hours that was to $18.51. On average, we can say it was the fourth hack that has hit the space of DeFi in nearly 2 weeks. The protocols of Origi and Akropolis were also exploited for the blend of nearly in flash loan attacks for a total of $15.7 million.

Pickle Finance is known to be a yield aggregation service that has managed to give rewards to the users who have been providing the liquidity to its different stable coin pools along with the disbursement of the token and interest as well in the ether or some other stablecoins and also its native digital asset PICKLE. Although it is not much clear on whether the pickle finance has been suffering from the flash loan attack or the management has finally admitted that there was a complication attack that has different components of the protocol of the PICKLE. It nearly took the Dev team of the PICKLE of more than 10 people to figure out this fact.

The target of the hackers was the pickle Finance DAI pjar project. It is a concept aklin to years. Fiancé values which also drained U.S.-dollar-pegged stable coin to 19,759,355. This certain harvest of the jar has managed to yield from the DAI deposits that were made through the decentralization that actually blended the compound of the protocol. The expert of cybersecurity called Dmytro Volkov also experienced that Defi hacking frenzy was simply because of the hurried development of the project.

Crypto Business World

CBW - External Analyst

INDIA