Pike Finance: $1.6M Exploitation in Second Incident
Pike Finance, a decentralized finance lending protocol, has suffered its second exploit within a span of three days, resulting in a loss of $1.68 million worth of digital assets. According to CertiK, an on-chain analytics firm, the incident occurred on April 30 and affected the Ethereum, Arbitrum, and Optimism chains. Exploiting a vulnerability in Pike Finance’s smart contract, the attacker changed the output address, draining the contract of over $1.4 million worth of Ether, $150,000 worth of Optimism tokens, and over $100,000 worth of Arbitrum coins.
It is worth noting that Pike Finance had already fallen victim to a $300,000 exploit on April 26, which was also linked to the same smart contract vulnerability as the recent attack. This vulnerability allowed the attacker to override the contract, rendering it as if it were uninitialized. As a result, the attacker was able to upgrade the spoke contracts, bypassing admin access, and withdrawing funds.
In an effort to recover the lost funds, Pike Finance has offered a 20% reward for their return or any information leading to their recovery. The protocol is determined to thoroughly investigate the exploit and its causes.
15 thoughts on “Pike Finance: $1.6M Exploitation in Second Incident”
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Pike Finance, don’t lose hope! I believe in your ability to bounce back stronger, with enhanced security measures and a deeper understanding of potential risks.
Pike Finance, use this setback as an opportunity to strengthen your platform’s security, regain trust, and come back even better than before! You’ve got this!
This is concerning. Pike Finance needs to strengthen their smart contract security to prevent further vulnerabilities. 🔒 Users deserve a safe and reliable platform. 💼
Keep your heads up, Pike Finance! I’m confident in your ability to learn from these incidents and improve your security protocols. You’ll come back stronger!
This is just a never-ending nightmare for Pike Finance users. They deserve better protection!
Pike Finance, it’s important to take this incident as a learning opportunity. Make security enhancements and come back stronger than ever! Keep your users’ assets safe!
Pike Finance, stay positive and resilient! 🌟 Your commitment to investigating the exploit and offering a reward for recovery shows your dedication to your users. 💼💰
Oh no, Pike Finance is facing yet another attack! I hope they can find a solution and recover the lost funds soon. Stay strong, Pike Finance!
It’s clear that Pike Finance’s smart contract is extremely flawed. Will they ever fix it?
Pike Finance really needs to prioritize the security of their platform. This is unacceptable!
Oh, no! Pike Finance, stay strong! 💪 I hope you can recover the stolen funds and ensure a more secure future for your platform. 🤞 Users are counting on you! 💼💸
Pike Finance, it’s crucial to conduct a thorough investigation to understand the root causes of these exploits. Only then can you build a more secure future for your platform. 🔍🔒
Wow, this is beyond ridiculous! Pike Finance just can’t seem to catch a break!
Stay positive, Pike Finance! Focus on the road ahead and use this experience to implement stronger security measures. Your users’ trust is invaluable.
Pike Finance, why were the necessary security measures not in place after the first exploit? 😣