- Harvest Finance put out $1 million bounty for Hacker
- Hacker stole over $24 million in crypto from customers
Controversial DeFi exchange Harvest Finance has now offered a bounty of $1 million to whoever can give them the hacker(s) identity responsible for the October 26th theft of over $24 million in cryptocurrency from their customers’ crypto-wallets. The announcement was made through the company’s official Twitter account, which has talked extensively about the Sunday attack. The bounty announcement tweet also contains a list of facts known about the hacker, which paints the picture of an attacker intimately familiar with their systems’ structure.
Harvest Finance in Desperation?
This is the 3rd bounty they have offered in the four days since the hacker’s initial attack. The first Bounty was priced at $100,000 and the second at $400,000. This bounty is unlikely to invoke consumer confidence, however. That is because while the company has been hot on the trail of the thief, they have failed to explain how they plan to compensate the customers who the hacker robbed.
All hands will be on deck to retrieve the stolen money, at the very least, as the company will be required to compensate its customers for their losses. If they fail to find the hacker and retrieve the cash, Harvest Finance will stand to lose millions more in compensation payments, placing the popular DeFi exchange in jeopardy.
A preventable tragedy?
Harvest will be under intense scrutiny to find the hacker and refund customers after a report published today by Cer Live. The report exposed numerous security failures in 14 DeFi platforms, with Harvest Finance among them. The failures exposed in the report are rather basic measures, and customers will no doubt be wondering why the company did not implement these basic features before the attack.
Harvest Finance has yet to comment on Cer Live’s findings. It seems unlikely that they will any time soon, focussed as they are on hunting down the hacker who robbed them.