DeFi Protocol Pickle Finance Token Loses Almost Half Its Value After $19.7M Hack – CoinDesk

CoinDesk

Popular decentralized finance protocol Pickle Finance was hacked on Saturday, draining $19.7 million in DAI, a decentralized stablecoin pegged to the U.S. dollar, from a Pickle wallet.

Pickle came on the scene Sept. 11 as one of many food-themed DeFi projects. The fully automated system rewards users with interest payments and token disbursements in PICKLE, ether and stablecoin pairings for providing liquidity to several stablecoin pools. 

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On Friday, the team introduced the cDAI jar, a “new strategy” aimed at maximizing returns from DAI deposited on the decentralized lending protocol Compound. The Pickle team, and a group of “white hat hackers” have traced the 19,759,355 DAI weekend exploit to this smart contract, according to a blog post.

“We’re encouraging all LPs to withdraw their funds from the Jars until the issues have been resolved,” the Pickle team tweeted.

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Author: Daniel Kuhn


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