Reaper Farm Just Lost US$1.7 Million From Exploit - Will It Be Able To Recover From This?

Reaper Farm, previously known as Reaper finance, was just hacked.

This follows news of other exploits in the same vein, most notably the Nomad Bridge and Solana Hacks.

https://twitter.com/PeckShieldAlert/status/1554423041232629761

The yield aggregator, which is located on the Fantom network, had their multi-strategy vault hacked.

The blackhat hacker took advantage of a critical vulnerability in the smart contract and started draining the vault

The smart contract had a flaw that allowed the hacker to withdraw anybody's assets to their account. This is because the recipient's account verification had not been set up properly. The fund was promptly transferred out of the Fantom ecosystem and it is now in Tornado Cash.

https://twitter.com/peckshield/status/1554423493390893057

The Reaper team quickly came out with an open apology and a recovery plan. The team is committed to repaying all affected users quickly and in full.

They will compensate affected users using funds raised through the sale of vested $OATH tokens and other existing treasury assets.

The affected vaults have been removed from the protocol and it is pending a full external audit.

https://twitter.com/Reaper\_Farm/status/1554653029277786113

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief

Also Read: Solana Compromised, Hackers Drain Millions In Wallet Exploit