The hacking of Harvest Finance led to a record increase in daily trading volumes on the DeF exchanges

The hacking of Harvest Finance led to a record increase in daily trading volumes on the DeF exchanges

The volume of transactions conducted by automated market makers Curve and Uniswap on October 26 exceeded $2 billion after hacking the DeFi Harvest Finance protocol for $25 million.

On October 26, the daily trading volume on the decentralized exchange Uniswap increased by more than 1,300% to a record $2.15 billion, by a wide margin exceeding the previous record of $953.59 million recorded on September 1.

“The volume of trading on Uniswap has increased dramatically, as the hacker who hacked Harvest Finance probably spent money through an automated market maker,” said Denis Vinokurov, head of research at London – based brokerage Bequant.

Daily trading volume on the decentralized exchange Curve Finance also exceeded $2 billion. On the morning of October 26, hackers attacked the Harvest Finance protocol of decentralized finance and were able to withdraw $25 million worth of crypto assets. After the attack, the FARM token exchange rate collapsed by 65% in just an hour.Anonymous developers Harvest Finance announced a reward of $100,000 to the first person or group that tracks down the hackers. The Harvest Finance team is actively tracking the stolen assets and has identified ten Bitcoin addresses belonging to the attacker.