Harvest Again
I was hoping to write about something completely new today. Something positive.
But after receiving criticism this week for securing $1.1b of users funds with a single anonymous account, Harvest Finance is in the headlines again today.
It wasn’t the billion dollar rug pull some were expecting, but a $24m Curve exploit using a flash loan.
The attack took seven minutes, and the incident caused FARM tokens to crash from $233 to $87.
Here’s a breakdown of exactly what happened from Andre:
Curve themselves have been quick to respond, pointing out an existing defence mechanism against this vulnerability:
Moving On
I don’t want to dwell on this topic too much, other than to empathise with those who lost funds.
It’s yet another unwelcome reminder of the ever-present risks in this emerging industry.
But while some risk is inescapable, we can work together to minimise events like this.
DeFi remains as promising as ever, and these unfortunate incidents are growing pains.
As always, do your own research. Stay safe.