Uniswap, Curve Daily Trading Volumes Surges Past $2B, Likely Driven by Harvest Attack

Vincent van Gogh (1853 – 1890), “Wheatfield with a Reaper,” Saint-Rémy-de-Provence, Sept. 1889. Oil on canvas, 73.2 cm x 92.7 cm.
(Van Gogh Museum, Amsterdam)

Automated market makers Curve and Uniswap traded volumes above $2 billion on Monday, making primarily the most of one of decentralized finance protocol Harvest Finance’s darkest days.

  • Each day procuring and selling volume on Uniswap surged by over 1,200% to a anecdote $2.04 billion, surpassing the previous anecdote excessive of $953.59 million registered on Sept. 1 by a mountainous margin.

Uniswap volume
Offer: Uniswap.data
  • “Volume on Uniswap surged, as the Harvest Finance exploiter seemingly ran money via the automated market maker,” Denis Vinokourov, head of the study on the London-based mostly mostly prime brokerage Bequant, told CoinDesk in a Telegram chat.
  • Each day procuring and selling volume on decentralized alternate Curve Finance additionally surged to over $2 billion.
  • A malicious entity exploited Harvest Finance early Monday and drained $24 million from the yield farming protocol launched in early September.

Harvest Finance attack
Offer: Julien Bouteloup
  • “The industrial attack was once conducted via the curve y pool, stretching the value of the stablecoins on Curve out of proportion and depositing and withdrawing a orderly amount of resources via harvest,” Harvest Finance acknowledged.
  • The attacker took a flash loan to manipulate prices on Curve Y Pool to empty USDT and USDC repeatedly. The entity then converted the funds to tokenized bitcoin in originate of renBTC and exited to bitcoin.
  • The nameless group behind Harvest Finance has announced a $100,000 bounty for the first person or community to reach out to the hacker.
  • The Harvest Finance group is actively tracking the funds and has identified 10 bitcoin addresses of the flash loan attacker.

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