Black_background_logo_BitcoinWorld-removebg-preview
Latest News

Grim Finance Now The Latest DeFi Exploit, Following The $30M Hack

This weekend, Grim Finance protocol reports $30 million exploitation. So, On Dec 19, the decentralized finance project Grim Finance reveals its uses to an attack.
More so, The team confirms the platform is under exploitation by an “external attacker”. Which of course, taking away $30 million worth of crypto assets.

Also, The Grim Finance team explains the attack as an advance one. Whereby, the hacker goes after the protocol’s vault contract.
More so, it reveals the vault is under halt, asking users to withdraw their funds.

“We have paused all of the vaults to prevent any future funds from being placed at risk,…”
“Please withdraw all of your funds IMMEDIATELY.”


Furthermore, Grim explains the exploit is in the vault contract so all of the vaults and funds are currently at risk.
More so, The hacker tricked the protocol with a reentrancy attack. Thereby, creating fake additional deposits into a vault. Whereas, an initial transaction is still ongoing.

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


Furthermore, In the latest tweet, the Grim Finance team confirms reopening the “Tshare Masonry Vault”. That’s, in order to allow users to make withdrawals before permanent closure.

Lastly, The protocol’s native GRIM token is seeing a huge decline of 80%, falling from $0.794 to $0.151. Of course, this is according to information from CoinGecko. However, It is currently having a recovery at $0.206.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.