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