Grim Finance Hacked for $30M
Grim Finance (REAPER) was recently hacked for $30M, putting all their vaults at risk.
Over the past month, most cryptocurrencies have exhibited a sharp decline on the heels of a prior incredible market run. Among these, many DeFi-based tokens have been hit particularly hard. Grim Finance, a smart yield optimization platform used to increase DeFi returns, had been left unscathed... until now, as they’ve announced a $30M+ exploit.
Attackers found a vulnerability in the contract used for Grim Finance’s vaults, rendering all deposits therein at risk. The team at Grim Finance has since frozen all transactions with their vaults and are working to resolve the exploit. On Twitter, they detailed exactly how the exploit works and stated that they are unfreezing vaults on a 1-by-1 basis, so users should continue to try to withdraw their funds.
The exact exploit mechanism was covered in Grim Finance’s most recent security audit, raising questions around how this was possible. While nothing has been confirmed, members of the team confirmed on Discord that they were working on a compensation plan.
As of December 19th, Grim Finance’s token, $REAPER, is down 74%.