DeFi

Million

April

Optimism

USDC

Pike Finance is a DeFi lending protocol. More precisely, the platform was caught in the debacle of a smart contract that suffered huge losses, with $1.68 million taken from the system across the chains of Ethereum, Arbitrum, and Optimism on April 30. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Attention Users: On the 30th of April 2024, the Pike Beta protocol was exploited for 99,970.48 ARB, 64,126 OP and 479.39 ETH. This exploit is related to the initial USDC vulnerability that was reported last week on the 26th of April. In order to pause the protocol, the spoke…— Pike (@PikeFinance) <a href="https://twitter.com/PikeFinance/status/1785572875124330644?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">May 1, 2024</a>
 </blockquote> 
 </div>
</figure> 
This allowed the hacker to manipulate the smart contract in siphoning funds, including $1.4 million in Ether, $150,000 of Optimism (OP), and over $100,000 in value of Arbitrum (ARB) tokens. 
The second-most recent loss occurred on April 26, when Pike Finance lost $300,000 to the same exploit. Pike Finance is offering a 20% reward for the return of the stolen assets or for information that leads to their recovery. 
The protocol is continuing to investigate these security breaches to prevent future incidents. These repeated exploits underscore the persistent security issues in the DeFi sector and highlight the need for stronger protective measures for digital assets. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/04/20/defi-platform-hedgey-finance-suffers-44-million-exploit/" data-wpel-link="internal">DeFi Platform Hedgey Finance Suffers $44 Million Exploit</a> 
</blockquote>

Pike Finance Hit by Security Breach, $1.68 Million Stolen

The Crypto Times

Other articles published on May 1, 2024

Andreessen Horowitz Invests Heavily in Optimism

Crypto Prices Today May 1: Bitcoin & Ethereum Crash 5%, Cosmos Gleams Amid Market Dip

Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

Andreessen Horowitz Invested $90 Million in This Ethereum (ETH) Based Altcoin!

Is the “Sell in May” Event Real? Famous CEO Reveals the Event That Could Rally the Cryptocurrency...

UK Crypto Firms Face Scrutiny Over Money Laundering Risks

Join our free newsletter for daily crypto updates!