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Harvest Finance is the latest DeFi platform to get hacked
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.
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.
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Lead Image: Harvest Finance logo - Screen cap from harvest.finance
Tweets: captured from Twitter
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