BTC and Stablecoin pools of Harvest Finance got economic attacked

Harvest finance exploit

The economic attack was performed through the curve y pool, stretching the price of the stablecoins in Curve out of proportion and depositing and withdrawing a large amount of assets through harvest.

To protect users, Harvest Finance team has pulled y pool and btc curve strategy funds to the vault. At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.

Some massive arb transactions happening over the past hour involving Harvest, Curve, and yEarn.

By OMG Altcoin’s count, there were 30 of these.

Harvest peeps blaming Curve. Curve peeps blaming Harvest. Let’s see if the market is right.

Harvest Finance team is said to be working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools, and will update as soon as additional details are available.

We have also learn that the y pool on the curve was attacked by hackers, with a total loss of more than 23 million US dollars. The main victim is the Chinese project Harvest Finance, which said it is still investigating and security agencies are also participating.

As many DeFi financial management projects on Chinese platforms operate in multiple locations, it is not yet certain how many investors will bear the losses.

Related Content