Harvest Finance: $24M Attack Triggers $570M ‘Bank Run’ in Latest DeFi Exploit

[Cinno3]

An arbitrage trade exploiting weak points in decentralized finance (DeFi) protocol Harvest Finance led to some $24 million in stablecoins being siphoned away from the project’s pools on Monday, according to CoinGecko.

According to reports, an attacker used a flash loan – a technique that allows a trader to take on massive leverage without any downside – to manipulate DeFi prices for profit. The exploit sent the platform’s native token, FARM, tumbling by 65% in less than an hour, followed by the project’s total value locked (TVL), which dropped from over $1 billion before the exploit to $430 million as of press time.
More: https://www.coindesk.com/harvest-finance-24m-attack-triggers-570m-bank-run-in-latest-defi-exploit