Pickle Finance Hacked on Saturday Draining $19.7M of DAI

November 23, 2020

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Pickle Finance, popular decentralized finance or DeFi convention was hacked on Saturday, draining nearly $19.7 million of DAI, a decentralized stablecoin attached to the USD, from a pickle wallet. As per the Messari Data, the price of PICKLE, Pickle’s native token fell 50.1$ to $1.17 on the news, however, it reached back to around $12.60.


Pickle came in the market on September 11, as one of many food-themed decentralized finance projects. The completely automated framework rewards clients with token distributions and interest installment in Ethereum, PICKLE, Stablecoin parings for giving liquidity to a portion of the stablecoin pools. 


The finance team of Pickle declared on their official Twitter handle, there are reports that the DAI PickleJar strategy has been utilized. The team is actively searching into the matter and will share further updates. The Pickle DeFi project tried to bring back the price strength to USDT, sUSD, USDC, and DAI which are often knocked off their dollar.


Pickle’s pJars, like yearn. finance vaults found and executed exchange openings between stablecoin deposits on a few conventions, ostensibly to push these stablecoins towards their stake, yet in addition to compensating Pickle clients. 


On Friday, the group presented the cDAI Jar, another technique pointed toward augmenting returns from DAI saved on the decentralized lending convention Compound. As per a blog entry, the Pickle group, and a gathering of white hat hackers have followed the 19,759,355 DAI weekend adventure to this smart contract.


This was a very complicated attack and included numerous segments of the Pickle convention. Starting at this moment, it doesn’t appear to be that some other assets are in danger, the pickle team stated. While we chip away at the fix to eliminate the assault vector, the white hat bunch has concluded that we ought not to distribute any subtleties of the real assault yet.


Image Courtesy : Pixabay

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