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.
- “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.
- “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.