DeFi platform Popsicle has announced that it will reimburse victims of a $25 million attack that took place in August.
Funds Will Be Paid Back to Users
The Popsicle team calculated how many ICE tokens, at a value of $29, were needed to reimburse the victims.
The tokens were distributed as nICE in order to save on gas fees. In order to cash out the tokens, users must convert nICE to ICE on the Ethereum blockchain. Alternately, users can leave the nICE tokens staked to continue earning returns on the funds.
Users that held onto 100% of their nICE tokens despite the hack will be given a 20% bonus on top of the main reimbursement.
Popsicle drew the reimbursed funds from its team’s own token allocation, specifically the funds of founder Daniele Sesta.
More details can be found on the project’s official blog.
Popsicle’s ICE Token Is Worth $25
The original attack, in addition to draining the platform’s funds, caused the value of Popsicle’s ICE token to fall from $2.35 to $1.38 within 48 hours. However, ICE’s price is now significantly better off than it was in August, with a market value of $25.89.
This price increase is perhaps due to an overall stronger crypto market rather than solely due to the project’s own efforts.
Popsicle Finance is a yield optimization platform that allows users to automatically find the most profitable DeFi services.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
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Four altcoins with market caps ranging between $240 million and $900 million are up by triple-digit percentage points over the past four weeks.
The four crypto assets, namely Dopex (DPX), Popsicle Finance (ICE), Radio Caca (RACA), and Spell Token (SPELL), are also fresh off all-time highs recorded earlier this week.
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Dopex is a decentralized options exchange, Popsicle Finance is a multichain yield optimization platform, Radio Caca is a non-fungible token (NFT) platform, and SPELL is the governance and utility token of decentralized finance platform Abracadabra.money.
DPX, which boasts a market capitalization of over $268 million, hit its all-time high of $1,992.31 on Monday. At time of writing, the altcoin is down about 5% from its record high, according to CoinGecko. DPX has surged by 331% over the past 30 days.
Popsicle Finance’s token ICE also hit an all-time high of $24.02 on Monday but is currently down by 22% from the new record high at the time of writing, according to CoinGecko. The platform boasts a market capitalization of over $247 million, and in the last 30 days, ICE has soared by 644%.
NFT platform Radio Caca saw its token hit an all-time high of $0.00271085 on Sunday. RACA is currently 25% off the high, according to CoinGecko. RACA has a market cap of over $374 million and is up by 381% over the past 30 days.
Spell Token (SPELL) also hit its all-time high of $0.02406690 on Sunday and is off 43% from its record high, according to CoinGecko. Over the last 30 days, SPELL has surged by 1107%. Spell Token boasts a market cap of over $830 million.
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Featured Image: Shutterstock/Voger Design/Andy Chipus
Popsicle Finance has been hacked, with attackers draining approximately $25 million.
The attacked tricked the Fragola liquidity manager into paying out large amounts of Ethereum.
The attack on Popsicle Finance was bigger than all previous hacks in July combined.
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Yield optimization platform Popsicle Finance has been attacked, with hackers draining around $25 million of Ethereum from the Sorbetto Fragola liquidity manager.
Popsicle Finance Hacked
Popsicle Finance is the latest DeFi protocol to fall victim to hackers.
A hacker looks to have exploited a smart contract in the platform’s Sorbetto Fragola liquidity manager. Fragola allows users to optimize yields on Uniswap V3, automatically choosing the best ranges to ensure the highest yield. However, a bug in the smart contract allowed a hacker to trick the contract into paying out yield from the day it was launched instead of when the hacker allocated funds to it. This resulted in the hacker being able to repeatedly drain large amounts of Ethereum, using the same exploit on multiple accounts. In total, it is estimated that the attack cost users approximately $25 million.
The hack was first brought to attention by a Popsicle Finance team member Tuesday evening.
Popsicle Finance Got Hacked, Post Mortem as soon as we discover the cause. We will figure it out together and will make it back for our beloved users. Sadly 2 audits where not enough this time…
— Ser Daniele Carpèt 🧊🧙♂️ (@danielesesta) August 3, 2021
Since then, Popsicle Finance has disclosed the hack, urging users to immediately remove funds from the affected pools.
While all DeFi applications hold some inherent risk of being hacked, Popsicle Finance appeared to be taking the necessary precautions. The platform’s smart contracts had previously undergone two separate audits from CertiK and Peckshield, with both coming back without any critical issues.
Mudit Gupta, a core developer for the DeFi “blue chip” SushiSwap, weighed in on the situation on Twitter. He explained that while the hack was complex to conduct, the bug in the code was simple. Gupta himself earned a $10,000 bounty for identifying the same bug in the smart contracts of DeFi protocol WildCredit in June.
Commenting on Popsicle Finance’s multiple audits, Gupta tweeted:
“To be fair, auditors are humans and things can slip up. It is fair to expect that this bug will be caught, but there is no guarantee.”
Popsicle Finance follows a long list of DeFi platforms to fall victim to hacks recently. At the start of July, cross-chain bridge ChainSwap suffered two hacks, resulting in almost $9 million worth of losses. Later in the month, hackers attacked Polygon yield farm PolyYeld, crashing its YELD farm token to zero. Additionally, the decentralized liquidity network THORChain has been exploited three times since June, with attackers making off with over $13 million. The recent attack on Popsicle Finance was severe in comparison, with more value lost than all previous hacks in July combined.
On the news of the hack going public, Popsicle finance’s ICE token crashed in value, initially dropping over 55%. It has since recovered but is still down 30% from yesterday’s price. Despite the exploit, investors still seem to have confidence in Popsicle Finance and are buying the dip. The same dip-buying occurred after THORChain’s last hack, with the project’s RUNE token recording a major rebound from its post-hack lows.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and SUSHI.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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