Pike Finance, a decentralized lending protocol, has suffered significant losses due to security breaches within a single week. The protocol was first exploited on April 26, resulting in a loss of $300,000. A subsequent attack on April 30 led to a further loss of approximately $1.68 million, totaling nearly $2 million in damages. The attackers exploited vulnerabilities in the protocol's smart contract functions, particularly those handling cross-chain transfers of USDC. In the second incident, they executed an 'initialize' function, adding a malicious address to the protocol's active variables, which allowed them to upgrade to a malicious implementation. The attackers stole 99,970 ARB, 64,126 OP, and 479 ETH in the process. This series of security breaches highlights critical lapses in Pike Finance's security measures.
📣 Latest News: Hundred Finance hacker moves stolen assets a year after $7M exploit #news #cryptonews #crypto
🚨JUST IN: $7M @HUNDREDFINANCE HACKER MOVES FUNDS FOR FIRST TIME, A YEAR AFTER EXPLOIT
Attackers Steal Digital Assets Valued at Just Under $1.6 Million from Defi Protocol Pike Finance #defi #usdc #decentralizedfinance https://t.co/4XmpOupqfY
UPDATE: PIKE FINANCE CLARIFIES THAT THE EXPLOIT ON THEIR PROTOCOL OCCURRED DUE TO LAPSES IN SECURITY MEASURES WHEN HANDLING CROSS-CHAIN TRANSFER PROTOCOL (CCTP) TRANSFERS
DeFi lender Pike Finance loses $1.9M to two hacks in less than a week https://t.co/oH76HzWh44
pretty impressive fumble by pike, a @circle-backed lending project. first they were exploited for $300k via a security flaw they knew about but hadn't fixed then they introduced a worse vulnerability trying to stop the first attack and were hacked for $1.68 million days later https://t.co/F0CVvTtD0U
Pike Finance exploited for $2 million in two separate attacks April 30, 2024 https://t.co/lQf6QN6stM https://t.co/cYLPcTHjTk
🔥 Pike Finance Lost Nearly $2 Million in Two Attacks On April 30th, attackers targeted the DeFi protocol Pike Finance and stole 99,970 ARB, 64,126 OP, and 479 ETH, totaling approximately $1.68 million. According to a statement from @PikeFinance's developers, due to an error… https://t.co/lJAoyvYP8W
🚨JUST IN: @PIKEFINANCE EXPLOITED FOR THE SECOND TIME IN THREE DAYS
🚨 @PikeFinance suffered a second security breach in three days, losing $1.6M via smart contract exploits across #Ethereum, #Arbitrum, and #Optimism networks. #Pike also suffered a $300,000 exploit on April 26. https://t.co/9wLMGs4Ajt
Decentralized protocol for cross-chain lending Pike Finance has suffered a $1.6 million loss due to weak security measures in functions managing USDC transfers https://t.co/ikRq3h9hX1
#CertiKInsight 🚨 Overnight @PikeFinance was exploited for ~$1.68m The attacker executed the initialize function, adding their address to the _isActive variable The attacker could then perform an upgradeToAndCall and upgrade to a malicious implementation https://t.co/FyxwlCYkad