Harvest Finance Attack — UniWhales analysis

As many already know, the Harvest Finance protocol was attacked.

Using a flash loan, they were able to raise the price of USDT and cash in on the arbitrage to the tune of 24 million dollars.

Apparently, they could have cashed out more but didn’t continue.

We saw some unusual movement in our UniWhales alerts.

Eyebrows Raised

At 3:02:23 AM +UTC today, there was a USDC-ETH movement for roughly 13 million dollars. On our UniWhales Telegram main channel, we only report transactions $100,000 USD and above for ETH-Stablecoin pairs.

Since mid-September we had a handful of trades over one million and even one trade over 3 million, but nothing even close to 13 million USD….

The Flood

One transaction raised eyebrows, but it wasn’t an isolated movement. We went to the UniWhales web dashboard (available to the public soon) and looked at the Ethereum address in question. 42.6 million dollars of trading volume from one address!

The attacker earned USDT then transfered to ETH >> WBTC >> RenBTC

Liquidity Removals from FARM — USDC

There were also signs something was off by checking the Liquidity add/remove Telegram channel. We found millions removed from FARM-USDC within an hour.

Conclusion

It’s not always easy to separate the signal from the noise, but every once in a while a clear indication presents itself. Make sure to follow the UniWhales Telegram channel for more alerts and analysis.

-UniWhales team

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