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DeFi

Grim Finance loses over $30 million in DeFi exploit

19 Dec 2021 : 13:01
2 min read
  • Grim Finance announced that it has been hit by an exploit with an estimated loss of over $30 million
  • The team tweeted that it has stopped all vaults to prevent further funds from being compromised
  • At press time, the REAPER token was down 66.82% at $0.01217

The Smart Yield Optimizer Platform Grim Finance announced that it has been hit by an exploit with an estimated loss of over $30 million.

An advanced attack

According to the team, this was an advanced attack. The attacker used the beforeDeposit() function of the Grim Finance vault strategy to enter a malicious token contract. Researcher Vahe Karapetyan explained the entire process of the attack on his Twitter. Many projects on the Fantom have reached out to the project to offer support during this challenging time, including Beefy, Tomb, SpiritSwap, and FTM Alerts.

The team tweeted that it has stopped all vaults to prevent further funds from being compromised. They have advised users to withdraw all their funds. The vulnerability was found in the vault contract, so all vaults and deposited funds are currently at risk. Grim Finance has contacted Circle (USDC), DAI, and AnySwap and informed them of the attacker’s address to potentially freeze further fund transfers.

What is Grim Finance?

Grim Finance is a Smart Yield Optimizer platform that allows users to stake LP tokens issued by AMMs into Smart Grim Vaults that automatically harvest and re-stake their rewards as LP tokens to create a compounding effect. This way, users could get more rewards. Grim was known for offering the largest selection of vaults on the Fantom chain.

Regardless of support from other projects, the GrimToken has dropped 66% in the last 24 hours. At press time, the REAPER token was down 66.82% at $0.01217.


About Author

Stan Colenbrander

More articles by this author

Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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