Pike Finance Suffers Exploitations Twice in Three Days
Pike Finance Cyberattack: Over $1.6 Million Lost in Recent Exploit
The recent cyberattack on Pike Finance resulted in a substantial loss of over $1.6 million across Ethereum, Arbitrum, and Optimism blockchains.
Exploit Details:
The attacker leveraged a privacy-focused tool on Arbitrum to drain the contract's assets and manipulate the smart contract system.
The exploit was traced back to April 30 when a malicious code was inserted, allowing the attacker to upgrade spoke contracts and withdraw funds by bypassing admin access.
Security Measures:
- Pike Finance acknowledged a vulnerability in the USD Coin withdrawal process due to weak security measures.
- The incident affected multiple networks and led to a substantial loss of assets.
The protocol is actively investigating the breach, offering a reward for information leading to asset recovery, and planning to compensate affected users.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.