Pike Finance, a decentralized protocol for cross-chain lending, faced multiple hacks resulting in a $1.6 million loss. Exploiting smart contract vulnerabilities, attackers targeted the protocol across Ethereum, Arbitrum, and Optimism blockchains. The company clarified that the exploit was not solely due to a USDC vulnerability as initially believed.
The $1.6 million loss suffered by Pike Finance due to the recent hacks has brought to light the increasing threats faced by decentralized protocols in the DeFi space. As the popularity and adoption of DeFi platforms grow, so do the risks associated with smart contract vulnerabilities and potential exploits. The hack across multiple blockchains showcases the sophisticated techniques employed by malicious actors to exploit weaknesses in decentralized systems.
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