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Tuesday, August 9, 2022

Harvest Finance Recently Lost $24 Million Worth Cryptocurrency To Hackers

On 26th October, a cryptocurrency holding firm, Harvest Finance, lost approximately $24 million in cryptocurrency. Harvest Finance is a web-portal assisting user to invest their cryptocurrencies in various stocks. The company yields small profits from price variations. 

Right after the cyberattack happened, the company confirmed it by announcing it on their social media pages. They posted a message on their Discord channel and their Twitter account saying that the hacker has left behind multiple personal information that makes it possible for them to identify the hacker. They also mentioned that the hacker is someone well-known in the community. Harvest Finance also said that they respect the ingenuity and skill of the person behind the cyberattack and requested them to transfer the funds back for a bounty of $100,000. 

How Did The Hacker Steal From Harvest Finance?

Harvest Finance
Harvest Finance
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As per reports, the hacker has invested a ton of his cryptocurrency with the company. The person then used the cryptographic exploit and siphoned off funds from Harvest Finance. 

All in all, the person behind the cyberattack stole USD coins worth $13 million. The hacker also stole USDT worth $11 million. These details were revealed by the company administrators after they ran a quick investigation on the cyberattack. 

For some curious reason, the hacker returned around $2.5 million to the Harvest Finance account after just two minutes of stealing it. Neither the hacker nor the company has issued a statement of the same. 

Company Administrators Say They Know Who The Hacker Is

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Harvest Finance administrators released a statement on its Discord channel saying that they know who the attacker is. They claimed that while siphoning funds, the attacker left behind significant personal details, through which the company can identify the hacker. Without revealing the name, Harvest Finance said that the attacker is a very well-known person in the world of cryptocurrency. 

In another message released on Twitter, the company said that the cyber attack happened because of some engineering mistake that the company made. They also revealed that they have left their accounts open so that the hacker can return all the stolen money without consequences.

Harvest Finance also said that there’s no use naming the hacker because everyone is entitled to their privacy. However, they also said that thousands of cryptocurrency community members don’t need to suffer because of a mistake that the company made. 

In another statement, Harvest Finance offered $400,000 as a bounty to anyone who returns the funds to the company. The bounty will reduce to $100,000 after thirty-six hours pass. 

The company has also asked people not to reveal the identity of the hacker and instead focus on bringing back the stolen funds. 

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