Exploit Details:

Pike Finance, a decentralized finance (DeFi) lending protocol, suffered a $1.68 million exploit across the Ethereum, Arbitrum, and Optimism chains on April 30. The attacker exploited a vulnerability in Pike Finance’s smart contract, draining over $1.4 million worth of Ether, $150,000 worth of Optimism (OP) tokens, and over $100,000 worth of Arbitrum (ARB) tokens.

Second Exploit:

This incident marks Pike Finance's second exploit in three days, with the protocol suffering a $300,000 exploit on April 26. Both attacks stemmed from the same smart contract vulnerability, allowing the attacker to override the contract, bypass admin access, and withdraw funds.

Pike Finance's Response:

Pike Finance is offering a 20% reward for the return of the funds or any information leading to their recovery. The protocol is continuing its investigation into the exploit.

Crypto Hacks Hit Three-Year Low in April

Lowest Monthly Losses:

Crypto hacks and scams in April amounted to only $25.7 million, the lowest monthly amount since 2021, according to CertiK. Total losses fell 141% from the previous month, mainly due to a lack of private key compromises.

Private Key Compromises:

In March, there were 11 attacks against protocols via private key compromises, but in April, there were only three such attacks.

Ongoing Concern:

Despite the record-low month, crypto attacks remain a significant issue, with over $502 million worth of digital assets stolen across 223 hacks and exploits during the first quarter of 2024, representing a 54% increase compared to the first quarter of 2023.