Over the course of the past few months, several DeFi crypto projects have become infiltrated by attacks that have seen their wallets emptied and algorithms exploited. As people flock to DeFi projects and they continue to grow in popularity, it is natural that these projects and their funds would become a target. The latest victim of a crypto-related hack is the Pickle Finance project. Pickle, along with many other projects rising in popularity, is a DeFi project that provides users with a unique way to invest and manage their crypto finances.
In response to the hack, the Pickle project has nearly lost half its value in the price reaction that has taken place in the days following. The Pickle Finance project issued the following statement on their Twitter account: “There are reports that our DAI PickleJar strategy has been exploited. We are actively looking into this matter and will provide further updates.”
The aim of the Pickle project is to provide users with a return by helping to stabilize the price of cryptos tied to the value of the project. The exploit of the project has been tied to a new smart contract that was deployed on the blockchain designed to provide the project with a new source of income. A representative from the Pickle project said:
“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. While we work on the fix to remove the attack vector, the white hat group has decided that we should not publish any details of the actual attack yet.”
There has yet to be any word or indication as to how the project aims to respond or make reparations for the attack.
