Pickle Finance was hacked to the tune of almost $20 million

Pickle Finance was hacked to the tune of almost $20 million

Decentralized finance (DeFi) platform Pickle Finance was hacked to the tune of almost $20 million in DAI in an exploit on Saturday.

Funds from the exploit have been transferred to address 0x70178102AA04C5f0E54315aA958601eC9B7a4E08 where it currently sits.

Yesterday, Pickle “deployed a new strategy” to maximise returns from DAI, a decentralized stablecoin pegged to the US dollar, “Larry the Cucumber,” a team member for Pickle, posted in a Discord chat, according to “statelayer.eth.”

 

Following the hack, the price of Pickle Finance’s token, PICKLE, fell by 60%, according to Coinmarketcap, to $9.05.

Source: Coinmarketcap

This is the latest in many recent DeFi exploits. Recent exploit victims in just the last few weeks include  Harvest Finance lost $34 million, Cheese Bank lost $3.3 million, Akropolis suffered a $2 million loss, Value DeFi lost $6 million and Origin Dollar lost $7.1 million.

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