Decentralized finance (DeFi) projects have become extremely popular over the past year. They allow customers to borrow or lend crypto coins or tokens without the need for a financial intermediary such as a bank. Smart contracts allow all the transactions to be handled automatically. But DeFi projects have been increasingly targeted by criminals because they have attracted so much capital in such a short period of time.
Harvest Finance is the latest DeFi platform to be victimized. With over $400 US million worth of total locked value (TVL), they made the following announcements on Twitter yesterday.
What was unusual is that Harvest Finance managed to identify who the hacker was early today, but they declined to publish that individual's personal information.
Furthermore, they tried to ask the thief to return the funds that were stolen.
The hack is still unresolved, as the hacker had stolen $24 million, but returned $2.5 million. Harvest Finance's native token (FARM) has also fallen about 50% in the wake of the hack.
To their credit, Harvest Finance has taken responsibility for the error in their code that allowed this breach.
I must admit that I was very tempted to experiment with a number of DeFi platforms over the past few months. This latest setback in the space has shown that individuals should be extremely careful, and do their own research before investing in this space. The Harvest Finance incident follows on the heels of two other hacks over the past 6 weeks (Yearn and Bzx) and if I was invested in DeFi, I would move my crypto out now.
It was also hard not to notice this tweet by a centralized finance platform throwing some shade at their competition in the DeFi space.
Thanks for reading, and stay safe!
If you would like to support my work, please hit like đ and subscribe! đ
Follow me on Twitter:Â @CryptoWordsmithÂ
Lead Image: Harvest Finance logo - Screen cap from harvest.finance
Tweets: captured from Twitter
It's the perfect time to start earning free crypto while you learn about it!
If you want to earn free BCH, read.cash is always looking for new members and for aspiring authors. Previous writing experience is not required! I invite you to create an account using my referral link by clicking here.
The Publish0x community is also looking for new members and for aspiring authors. Previous writing experience is not required here either! This is a friendly environment where you can earn ETH, BAT, or LRC tokens for free! I invite you to create an account using my referral link by clicking here.
 Related reading: How to start trending on Publish0x
I'm earning up to 8.6% annual interest compounded monthly on my crypto deposits at BlockFi, and you can too. When you sign up for a free account using my referral link by clicking here, we can both receive a bonus!
BlockFi hack: You can even choose which cryptocurrency to receive your interest payments in!
Related reading: How I will earn $20 in free Bitcoin from BlockFi
You can also earn free crypto such as EOS or XLM by watching Coinbase Earn videos! Register for your free account using my referral link here, and we can both receive a bonus!
Thanks for your support!
Resources:
Thats so great information. I like to read it