DeFi project Pickle Finance exploited for nearly $20M in DAI

DeFi • November 21, 2020, 2:53PM EST
Ivan Haidutski for The Block

Decentralized finance protocol Pickle Finance lost almost $20 million in DAI in an exploit on Saturday.

Pickle Finance is a yield aggregation service similar to the yEarn protocol. The exploit on Saturday appears to involve Pickle Finance's DAI pJar product, which leverages the Compound protocol to harvest yield with DAI deposits.

Funds from the exploit have been transferred to address 0x70178102AA04C5f0E54315aA958601eC9B7a4E08 where it currently sits.

It is currently unclear how this exploit happened. PICKLE's price is down nearly 40% at the time of this writing.

This is a developing story.