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Harvest Finance Puts $100K Bounty After $24M Attack, FARM Token Crashes

A decentralized finance protocol Harvest Finance seemingly issued a $100,000 bounty reportedly after a $24 million attack from its pool.

Harvest Finance Tweet
Harvest Finance Tweet

Harvest Finance is a DeFi yield aggregator. FARM is its native cryptocurrency. It has one admin key for making changes to the smart contract. Essentially, the holder of this key can perform a variety of changes, from strategies to orchestrating a rug pull. 

Over $25 million in value has been exhausted from Harvest Finance pools. And swapped for renBTC (rBTC) by an unknown attacker. However, according to CoinGecko, FARM’s price is at $101 with a 24-hour trading volume of over $20 million, at the time of writing. 

Moreover, TVL of the aggregator has dipped from $1 billion to 400 million, as per DeFiPulse. Accordingly, with the profitable returns of over 200% on FARM tokens, communication on Discord and Twitter have managed to keep most users. 

Total value locked in Harvest Finance (Source: DeFi Pulse)
Total value locked in Harvest Finance (Source: DeFi Pulse)

DeFi projects like yEarn, SushiSwap, Serum, and others have entrusted their multisig keys to DeFi and crypto community leaders. Moreover, Investment in these projects requires thorough understanding of the smart contracts that run these applications. In addition, prominent influencers have signaled their approval. This should by no means be reason to invest in a project.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.

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