In the early morning of April 27, Pike Finance (cross-chain lending project) was attacked with an estimated loss of 300,000 USDC.
Pike Finance was attacked because of problems related to the CCTP system
In the latest notice sent to users, Pike Finance said that USDC pools on Ethereum, Arbitrum and Optimism were attacked. The reason for the incident comes from fake cross-chain messages on the CCTP bridge network of Cirlce, the issuer of stablecoin USDC.
Attention Pike Users:
— Pike (@PikeFinance) April 26, 2024
It has come to our attention that the USDC pool on Pike Beta has been exploited by a hacker on 2024-04-26 00:13:59 (UTC). The total amount of USDC exploited is 299,127.
The root cause is led by forged CCTP message to drain USDC on Ethereum, Arbitrum and…
However, users of USDC pools on Base's network are not affected by the above vulnerability. Pike Finance also said estimated losses from the incident ranged around 300,000 USDC. In addition, the project is researching and investigating the vulnerability and will have a plan to compensate users who suffer damage.
Currently, details about the above vulnerability have not been announced and Circle and the CCTP bridge have not yet made a specific announcement. The latest updates from the incident will soon be sent to readers by Coin68.
Pike Finance is a lending solution that allows users to make cross-chain loans, with collateral flexibly distributed across many different networks.
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