Pike Finance Hit by Security Breach, $1.68 Million Stolen

As a researcher with experience in the Decentralized Finance (DeFi) space, I cannot help but feel dismayed by yet another security breach, this time affecting Pike Finance. The exploit on April 30 resulted in significant losses of over $1.8 million across Ethereum, Arbitrum, and Optimism networks.

Pike Finance is a Decentralized Finance (DeFi) platform specializing in lending procedures. Unfortunately, on April 30, the platform experienced significant losses due to a problematic smart contract event. Approximately $1.68 million was extracted from the system across Ethereum, Arbitrum, and Optimism networks.

Users’ Notice:

— Pike (@PikeFinance) May 1, 2024

The hack enabled the unauthorized user to control the smart contract, resulting in the diversion of funds amounting to $1.4 million in Ether, $150,000 worth of Optimism (OP), and over $100,000 in Arbitrum (ARB) tokens.

On April 26, the second most current setback took place for Pike Finance, resulting in a loss of $300,000 due to the same exploit. To encourage the return of these assets or any information that may lead to their retrieval, Pike Finance is providing a reward of 20%.

The investigation into these security breaches is ongoing, with the aim of preventing similar occurrences in the future. These recurring attacks serve as a reminder of the persistent security challenges in the Decentralized Finance (DeFi) industry, emphasizing the importance of implementing robust safeguards for digital assets.

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2024-05-01 16:06