DeFi Project Pickle Finance Hacked for $19.7 Million in DAI
Decentralized finance protocol Pickle Finance has lost $19.7 million worth of DAI to an exploit over the weekend.
Pickle Finance is a DeFi protocol that moves investors’ funds through different lending protocols to maximize returns on the space, similarly to a traditional robot-advisor. Pickle Finance’s pDAI jar was drained during the attack, which seemingly did not use so-called flash loans to manipulate prices on the protocol on-chain.
Developer Banteg added details of the complex transaction used to manipulate Pickle finance in a report, The hacker managed to swap funds between a malicious copycat smart contract and Pickle Finance’s pDAI jar.
Pickle finance’s blog post reads:
“This was a very complicated attack and involved many components of the Pickle protocol. As of right now, it does not seem that any other funds are at risk.”
Speaking to Cointelegraph self-described white-hat hacker Emiliano Bonassi claimed the attacker created “evil jars” on smart contracts with the “same interface of traditional jars, but [that] do bad things.”
