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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.

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