Grim Finance Hacked lost $30M

Grimm Finance got hacked and lost around $30 million worth of Fantoms Tokens. 

Grimm Finance is a Defi protocol and popularly it is known as “compounding yield optimizer”, which promises to give better rewards to the liquidity providers. Grim Finance works on the Fantom Opera blockchain and also it is compatible with the Ethereum blockchain. 

On 19 December, Grim Finance informed the community through a tweet that the platform got exploited and lost around $30 million worth of Fantom tokens. 

According to Grim, a hacker tricked the platform with the reentrancy attack. This type of attack allows hackers to deposit fake tokens in the vault and thereby trick the platform easily. 

To catch the hackers of funds, Grim said that they asked for help from the Circle (USDC), DAI, and AnySwap team and urged them to freeze the addresses related to the recent hack attack. 

“We have contacted and notified Circle (USDC), DAI, and AnySwap regarding the attacker address to potentially freeze any further fund transfers,”

However, Grim claimed that hackers already managed the funds into another form with money laundering of stablecoins. 

Rugdoc.io, the Defi watchdog team related to the smart contacts, shared their point of view on these attacks and explained how the hackers got success to drain the funds. And also said that it is a lesson for other crypto Defi platforms.

“Hopefully all projects can draw lessons from this incident that there is much knowledge most experienced solidity devs have at hand,”

Before this, AscendEX Crypto Exchange got hacked and lost around $77 million worth of crypto assets. This was a big amount. But still, Exchange announced that they will give refunds to the people, wjo lost in the hacking attack. 

Read also: BoE Exec says We don’t have a regulatory framework that’s fit for crypto