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Grim Finance losses $30 million worth of Fantom tokens in an exploit

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

Fantom-based Grim Finance lost $30 million in a reentrancy attack over the weekend

Yield compounding tool Grim Finance lost $30 million worth of Fantom tokens in an exploit during the weekend. The team said, “Hello, Grim Community. It is with heavy hearts that we inform you that our platform was exploited today by an external attacker roughly 6 hours ago. The attacker's address has been identified with over 30 million dollars worth of theft here.”

Grim Finance is built on the Fantom blockchain and allows users to stake their liquidity pool tokens in Grim Vaults. The hack was an advanced attack where the hacker exploited the protocol’s vault contract through five reentrancy loops. FTM, the native token of the Fantom blockchain, is trading at $1.35 at press time, down by nearly 4% in the past 24 hours.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.