THELOGICALINDIAN - The hacker leveraged a reentrancy bug to abduct the funds
Grim Finance, a DeFi agreement congenital on Fantom, has become the ambition of a $30 actor hack.
Fantom Project Hit By $30 Million Hack
Grim Finance has been hacked.
This weekend, an alien antagonist blanket $30 actor from the project’s crop vaults.
The Grim Finance aggregation appear the advance in a Sunday tweet, absolute the absolute losses and that it had articular the hacker’s address.
Grim Finance is a DeFi activity congenital on Fantom. It functions analogously to the accepted Ethereum agreement Yearn.Finance, absolution users drop crypto assets like FTM to “vaults.” The project’s vaults use circuitous multi-step strategies beyond DeFi to accomplish advantageous yields for users.
The aggregation declared the adventure as an “advanced attack” in which a hacker exploited a reentrancy bug to abduct funds deposited in its vaults. The hacker acclimated the bug to cesspool over $30 actor account of FTM. Their transaction history shows a cardboard aisle of interactions with Fantom-based decentralized exchanges like SpookySwap, area they exchanged their baseborn tokens for stablecoins.
The DeFi amplitude has apparent millions of dollars account of losses due to added agnate reentrancy bugs over the aftermost year. In August, an antagonist exploited a reentrancy bug in Cream Finance’s acute affairs to abduct $17.6 million. They later returned the majority of the funds.
Following the hack, the Grim Finance aggregation announced that it had paused its vaults and notified Circle, Maker, and AnySwap to “potentially freeze” added transfers. The absolute amount bound in the protocol, meanwhile, has confused from $98.9 actor to $4.2 million afterward the incident, per abstracts provided by DeFiLlama. The GRIM badge is additionally bottomward about 70% afterward the attack, trading at $0.23 at columnist time.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and added cryptocurrencies.
