Decentralized finance (DeFi) protocol Grim Finance reported $ 30 million in losses due to a reentry exploit on the platform’s deposits.
Grim Finance officially announced on December 18 that an “outside attacker” had exploited the DeFi platform, stealing “more than $ 30 million” in cryptocurrency.
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According to Grim Finance, the hack was an “advanced attack”, in which the attacker exploited the protocol vault contract through five reentry loops, allowing them to fake five additional deposits in a vault while the platform is processing the first deposit.
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