In brief

  • Grim Finance is a “compounding yield optimizer” built on the Fantom Opera blockchain.
  • It was the target of a multimillion dollar exploit Saturday.

What, did you expect something named “Grim” to deliver good news?

Grim Finance, a DeFi protocol, was hacked for $30 million worth of tokens Saturday, it confirmed, in an “advanced attack.” According to a tweet from the project, “The exploit was found in the vault contract so all of the vaults and deposited funds are currently at risk.”

Grim calls itself a “compounding yield optimizer,” meaning it promises to wring extra value from liquidity provider tokens that users receive from decentralized exchanges if they lock them up in a Grim vault. Grim touts in its protocol documentation, “Helping users reap more rewards, hassle-free.”

The protocol is built atop the Fantom Opera blockchain, a smart contract-enabled platform that is built using the Solidity language and is compatible with Ethereum. The hacker used a reentrancy attack, which is an exploit that allows someone to fake additional deposits into a vault while an initial transaction is still going, thereby tricking the protocol. 

“We have contacted and notified Circle (USDC), DAI, and AnySwap regarding the attacker address to potentially freeze any…

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