Decentralized finance (defi) protocol Pickle Finance was hacked for $19.7 million of the stablecoin DAI over the weekend, as the defi industry appears to be turning into a hacker’s paradise.
Pickle’s native token (PICKLE) plunged 62% on the news, falling from $23.27 to $8.70 when the hack was first reported on Nov. 21. At the time of writing, the token has since rebound 29% in 24 hours to $18.51, according to Coingecko data. This is the fourth hack to hit the defi space in just two weeks. Akropolis, Value Defi and Origin protocol were exploited for a combined total of $15.7 million in flash loan attacks. Pickle Finance is a yield aggregation service that rewards users who provide liquidity to its various pools of stablecoins with interest and token disbursements in ether, other stablecoins or its native digital asset PICKLE. It is not clear whether Pickle Finance suffered a flash loan attack, but management admitted in a blog post that “this was a very complicated attack and involved many components of the Pickle protocol.” It took the protocol’s dev team of 10 people more than four hours to figure it out.
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