Pickle Finance Hacked: Event Details
The latest crypto industry news is directly related to digital security. Indeed, this month turned out to be rich in hacks, lawsuits and other unpleasant events in the blockchain world. For example, today one of the largest De-Fi projects Pickle Finance was hacked. Unknown burglars stole over $ 20 million from the project. Next, we’ll look at the details of the event. So let’s get started.
De-Fi projects are not used by everyone, and therefore, it is quite logical that some of our readers, in principle, have not heard about Pickle Finance. That’s why first – a theoretical background about the company. Pickle Finance is one of the largest distributed projects that works for the benefit of users of the crypto industry. The company’s representatives have developed functionality that increases capital by working with stablecoins. The system is slightly rethinking the process of connecting to the association of miners and obtaining cryptocurrency.
The new approach allows you to get a good income in the shortest possible time. This concept attracted many users who entrusted their own money to Pickle Finance. Investments have exceeded several tens of millions of dollars. However, the funds were stolen today. Fraudsters stole more than $ 20 million from the company. Thus, the company lost a lot of money and still does not know who is behind the hacking of the digital platform. Let’s clarify how exactly unknown hackers managed to hack an advanced project.
Pickle Finance Hack Details
Penetration into the work of the project happened through one of the smart contracts. In the above illustration, you can see that normal transactions were suddenly interrupted by a huge transfer. Fraudsters withdrew almost all funds on the company’s account. As a result of a hacker attack, the company’s internal token collapsed in value. The company’s coin fell by more than 57%. Huge loss of value is just one of the consequences of a hacker raid. At the time of writing, the digital coin is literally $ 9.72 apiece. Recall that earlier the cost of the cryptocurrency was $ 22.75. Now company representatives have asked users to withdraw money to third-party wallets. The developers do not know who and how was able to hack the system. And so far, they cannot guarantee that the hacking will not happen again.
It is possible that one person is behind the hack. In any case, this is how the company representatives position the hack. However, the preparation for the event was phenomenal. During the hack, the most non-standard approach was used. No quick withdrawals of stolen funds. The hackers accumulated the stolen money and then transferred it to a third-party asset in one transfer. The funds were transferred to a malicious wallet, which negatively affected the performance of the Pickle Finance system. As a result, a very difficult attack. Without consequences. No traces or hints of the attackers. Company representatives insist that users suspend work with the company’s functionality.
And we also strongly advise you to withdraw your funds from Pickle Finance as soon as possible. And then take a break from working on the project. Otherwise, the likelihood of a repeated attack by criminals is high. At the moment, the investigation is underway, they are looking for hackers, and we will inform you about all changes with Pickle Finance. Follow all the news from the crypto industry with us. We publish only high-quality and interesting material. We wish you good luck and calm work!