Pike Finance is a decentralized lending mechanism. More specifically, on April 30, the platform was entangled in the catastrophic failure of a smart contract that siphoned $1.68 million from the Ethereum, Arbitrum, and Optimism chains.
This gave the hacker the ability to modify the smart contract and steal money, including over $100,000 worth of Arbitrum (ARB) tokens, $1.4 million in Ether, and $150,000 in Optimism (OP).
The protocol is still investigating these security vulnerabilities in order to prevent similar instances in the future. These recurring exploits emphasize the DeFi sector’s continuing security challenges, as well as the necessity for improved digital asset protection mechanisms.
The second-most recent loss occurred on April 26, when Pike Finance lost $300,000 due to the same exploit. Pike Finance is offering a 20% reward for returning the stolen assets or providing information that leads to their recovery.
Read also: Hedgey Finance Faces $44 Million Exploit
