Decentralized finance (DeFi) protocol Grim Finance has been hacked by unknown attackers, the project's developers have reported. As a result of the attack, the hackers have stolen $30 million in cryptocurrencies.
Hello Grim Community,— Grim Finance (@financegrim) December 19, 2021
It is with heavy hearts that we inform you that our platform was exploited today by an external attacker roughly 6 hours ago. The attackers address has been identified with over 30 million dollars worth of theft here https://t.co/qA3iBTSepb
The hackers have gained access to the project's wallet through a malicious token in a smart contract. It is still unknown what kind of token we are talking about. In fact, the attackers have carried out a "re-entry" exploit, which allows the forgery of additional deposits in the contract. All wallets in the protocol are reportedly at risk.
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Notably, the price of the GrimToken (GRIM) token has dropped more than 85% after the news broke.
The project developers have suspended deposits and asked users to withdraw assets from the contract. The developers have also contacted the DAI, AnySwap and Circle projects to inform them of the attacker's addresses. Grim Finance is a smart yield optimizer platform built on the Fantom Opera blockchain.