Harvest Finance loses 34 million due to bug/hack

[Francis Freeman]

‘Engineering Error’ Led to $34 Million DeFi Hack, Harvest Finance Says

So apparently there was some clever hacker who stole a lot of money using a instant loan bug and swapped out a lot of money from the curve pool
 
Harvest Finance has announced 1 million bounty to anyone who helps track the hacker .

Are more Defi and staking projects suspectible to these kind of hacks ? How to be more safe ?

Full article here

https://decrypt.co/46445/engineering-error-34-million-defi-hack-harvest-finance

[rhomelmabini]

Harvest Finance has announced 1 million bounty to anyone who helps track the hacker .

I think it will not be that easy to track unless they leave some obvious footprints along the way. They are also asking if the hacker could return the fund but it's the same as tracking as well unless the attacker was on the grey or white zone but if it's the other way around those USDT or USDC will be really gone for good.

Are more Defi and staking projects suspectible to these kind of hacks ? How to be more safe ?

I think they are and most are susceptible not only this DeFi platforms you can read more here some DeFi hacks just from past year and this 2020 https://defirate.com/hacks/.

[CryptoTrip]

I don't think people will be able to get their funds back. The work on the withdrawal of funds was done too well. And the game of "we know who it is" is nothing more than a bluff. Although its possible that there is a unique person or a group of people who will solve this issue for $ 1 million.

[coinswebid]

another bad news come to crypto space,
and i think this news cause the red colour in crypto market now

[jessyj48]

This will surely happens, many projects were attacked by hackers in ICO days too, this time it's DeFi projects reigning so it's sured that hackers will target DeFi projects, it's left for DeFi project team to double their security, it's possible that there will be more hacks in the future and also investors should avoid leaving tokens on Centralized exchanges

[aemma]

To be frank all these news about Defi hacks or bugs or whatever the team are calling it is really not a good one for the entire DeFi ecosystem, an ecosystem which is believed to offer outstanding decentralized financial services. That is, how can people trust more Defi projects when bugs exists and hackers keeps finding loopholes in their platform thus exploiting them. I think other DeFi projects should learn from all these and work on their platforms to be more secure; on one hand, Defi hype is going out and on the other hand, hackers are hacking DeFi projects, it is really bad.
I don't know how the Harvest Finance team will do it about their users, but as for the funds it is too much and they might not recover it. Nevertheless, let's hope the team achieve their aim with the bounty.

[larus]

Too many hacks in defi for only seeral months. Why people still invest fresh money there?

[Lhaine]

Too many hacks in defi for only seeral months. Why people still invest fresh money there?

They are looking for easy gain or high interest for their money and the project can give that is those project which is in trend and hype . People always following what they think can give them money even they know how risky it is since it's just a new program created.

[Questat]

The one that will sacrifice is the investors because the future of the project is already at risk with the huge amount of money that was stolen, actually they also need to be investigated as there's lack of regulation in the market, not so fan with De-Fi but hacks has been happening and the team sometimes don't fee accountable.

[bitkanu]

Harvest was begging to the hackers. It looks like that harvest developers must realize about their fault. They should reveal their identity too.
Remember it's million dollars worth of money.

Is not it better for harvest asking for the tether company to frozen the stolen amount? This was happening with kucoin's case too when the hackers have stolen 17 million dollars.

It looks like the developer can't even take the right way to solve this problem.

[casperBGD]

Harvest was begging to the hackers. It looks like that harvest developers must realize about their fault. They should reveal their identity too.
Remember it's million dollars worth of money.

Is not it better for harvest asking for the tether company to frozen the stolen amount? This was happening with kucoin's case too when the hackers have stolen 17 million dollars.

It looks like the developer can't even take the right way to solve this problem.

i do not think that is viable option to have all stolen tokens frozen, every time when this happens, it would bring a lot of uncertainty on the market

and yeah, it is not easy to fix the problem, since each change on smart contract requires new deployment, and that brings new contract address, which completely changes the project, and all funds are on the other address, that is why testing is more than important before contract deployment

[khiholangkang]

Now they are setting up a bounty for those who can find an attacker with a $1M prize
https://twitter.com/harvest_finance/status/1321879259481313282

[semobo]

‘Engineering Error’ Led to $34 Million DeFi Hack, Harvest Finance Says

So apparently there was some clever hacker who stole a lot of money using a instant loan bug and swapped out a lot of money from the curve pool
 
Harvest Finance has announced 1 million bounty to anyone who helps track the hacker .

Are more Defi and staking projects suspectible to these kind of hacks ? How to be more safe ?

Full article here

https://decrypt.co/46445/engineering-error-34-million-defi-hack-harvest-finance

Technology may be having errors,bug and glitches at any time so it is impossible trust them as hack free. But the potential level of defi projects are in big question so in longer term we couldn't trust their tokens, it is only good for someone who wants to liquidate the tokens soon after they got.

[Atang Sulaeman]

looks like this is the worst news lately with, it turns out that the system in crypto is still very hackable,
maybe it can be used as an example to increase the security of a very high crypto system in the future

[SquallLeonhart]

Defi is more of a technological thing rather than a corporate thing which makes it very important to see the tech behind the project, if the project is not great that means it could end up losing them a ton of money like this. Sure there is a team behind it and either they were very bad and wrote a bad code that caused 34 million gone, or they could just be accomplice and just tell the world that they got "hacked" and actually took the money themselves which we call in crypto "exit scam" instead.

I wouldn't know which one happened but in either case it is harvests fault that this money is gone, they could have been hacked but that doesn't change anything for the investor, investor trusted them and they failed which means they should be punished by law for the lack of security they provided for that much money.

[BayAngelo]

Every society battles crime. depending on the situation. bank robbery, theft, hackers and credit hijackers are means of robbing peoples funds. the rate at which hackers attack crypto currency platform is getting out of hand. i seriously see this as the major problem cryptocurrency will face. Not forgetting that our traditional banks has no means of recovering funds deposited at their care when stolen by hackers.

[aysg76]

‘Engineering Error’ Led to $34 Million DeFi Hack, Harvest Finance Says

So apparently there was some clever hacker who stole a lot of money using a instant loan bug and swapped out a lot of money from the curve pool
 
Harvest Finance has announced 1 million bounty to anyone who helps track the hacker .

Are more Defi and staking projects suspectible to these kind of hacks ? How to be more safe ?

Full article here

https://decrypt.co/46445/engineering-error-34-million-defi-hack-harvest-finance

This is another case of hacking where huge amount is stolen from the vaults of harvest finance.The attacker issued themselves a flash loan that allowed them to temporarily manipulate the value of Harvest Finance’s reserves held in Curve, another DeFi protocol. The attack caused the price of harvest's token FARM to plummet.It fell from $242 to $100 According to reports which allow the hackers to buy the coins relatively at very low price than it's worth and sold them at huge profit.The company has issued some forward guidelines like limiting the amount of deposit,withdrawal on single transaction amd and moreover they had announced a bounty reward of $100000 to the person who helps them to indetify the anonymous hackers and get their funds back.But still it provides another great difficulty for defi related projects to grow in the market with such errors which can cause red zones in the market creating volatility in the prices.

[Princejebs]

Too many hacks in defi for only seeral months. Why people still invest fresh money there?

To succeed in this space, one need to take risk otherwise you wouldn't make a penny. That's why people keep investing on this project.
Generally, DeFi is still a new baby born to outperformed the traditional centralized finance system developed without central authority and middle man, no matter how many audit performed on this project, there is always bug and loophole that's left out on this smart contract. Hence, Hackers make use of this opportunity to drain money from the vault.

In the future, DeFi will improve but there are many obstacles we have to scale to attain such heights.

[tycsols]

‘Engineering Error’ Led to $34 Million DeFi Hack, Harvest Finance Says

So apparently there was some clever hacker who stole a lot of money using a instant loan bug and swapped out a lot of money from the curve pool
 
Harvest Finance has announced 1 million bounty to anyone who helps track the hacker .

Are more Defi and staking projects suspectible to these kind of hacks ? How to be more safe ?

Full article here

https://decrypt.co/46445/engineering-error-34-million-defi-hack-harvest-finance

If such big projects are so susceptible to hacking and thieves what can we expect from new and smaller project?
No wonder why defi trend is losing steam and after such devastation it looks like it will take a lot of time for defis to settle and comeback again into the limelight.

[qazgroup]

‘Engineering Error’ Led to $34 Million DeFi Hack, Harvest Finance Says

So apparently there was some clever hacker who stole a lot of money using a instant loan bug and swapped out a lot of money from the curve pool
 
Harvest Finance has announced 1 million bounty to anyone who helps track the hacker .

Are more Defi and staking projects suspectible to these kind of hacks ? How to be more safe ?

Full article here

https://decrypt.co/46445/engineering-error-34-million-defi-hack-harvest-finance

Another incidence that proves that defi infrastructure is not mature enough till date to trust with our money.
Already huge amounts of funds have been jacked or stolen and investors have been trapped.
The project owners should come forward and take responsibility by compensating the investors.