Cryptocurrencies

Uniswap, Curve Daily Trading Volumes Surges Past $2B, Likely Driven by Harvest Attack

Vincent van Gogh (1853 - 1890), "Wheatfield with a Reaper," Saint-Rémy-de-Provence, Sept. 1889. Oil on canvas, 73.2 cm x 92.7 cm.

Automated market makers Curve and Uniswap traded volumes above $2 billion on Monday, benefiting from one of decentralized finance protocol Harvest Finance’s darkest days.

  • Daily trading volume on Uniswap surged by over 1,200% to a record $2.04 billion, surpassing the previous record high of $953.59 million registered on Sept. 1 by a big margin.
  • “Volume on Uniswap surged, as the Harvest Finance exploiter likely ran money through the automated market maker,” Denis Vinokourov, head of the research at the London-based prime brokerage Bequant, told CoinDesk in a Telegram chat.
  • Daily trading volume on decentralized exchange Curve Finance also surged to over $2 billion.
  • A malicious entity exploited Harvest Finance early Monday and drained $24 million from the yield farming protocol launched in early September.
  • “The economic attack was performed through the curve y pool, stretching the price of the stablecoins on Curve out of proportion and depositing and withdrawing a large amount of assets through harvest,” Harvest Finance said.
  • The attacker took a flash loan to manipulate prices on Curve Y Pool to drain USDT and USDC many times. The entity then converted the funds to tokenized bitcoin in form of renBTC and exited to bitcoin.
  • The anonymous team behind Harvest Finance has announced a $100,000 bounty for the first person or group to reach out to the hacker “and help the attacker return the funds to the deployer address.
  • The Harvest Finance team is actively tracking the funds and has identified 10 bitcoin addresses of the flash loan attacker.

Clarification (Oct. 26, 2020, 21:28 UTC): Harvest Finance’s bounty includes the requirement that the individual not just find the “attacker” but also help them return the funds to the deployer address.

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Cryptocurrencies Videos

    CoinDesk

    CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space. Founded in May 2013, CoinDesk reaches millions interested in blockchain technology thru its website, social media, newsletters, podcasts and video. CoinDesk created the original reference rate known as the Bitcoin Price Index which is widely sourced in the media including The Wall Street Journal, Financial Times, CNBC and many others on a daily basis.

    Learn More