Uniswap, Curve Daily Trading Volumes Surges Past $2B, Likely Driven by Harvest Attack

Daily trading volume on Uniswap surged by over 1,200% to a record $2.04 billion, surpassing the previous record high of $953.59 million registered on Sept. 1 by a big margin.

AccessTimeIconOct 26, 2020 at 2:03 p.m. UTC
Updated Sep 14, 2021 at 10:23 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Automated market makers Curve and Uniswap traded volumes above $2 billion on Monday, benefiting from one of decentralized finance protocol Harvest Finance's darkest days.

  • Daily trading volume on Uniswap surged by over 1,200% to a record $2.04 billion, surpassing the previous record high of $953.59 million registered on Sept. 1 by a big margin.
Uniswap volume
Uniswap volume
  • "Volume on Uniswap surged, as the Harvest Finance exploiter likely ran money through the automated market maker," Denis Vinokourov, head of the research at the London-based prime brokerage Bequant, told CoinDesk in a Telegram chat.
  • Daily trading volume on decentralized exchange Curve Finance also surged to over $2 billion.
  • A malicious entity exploited Harvest Finance early Monday and drained $24 million from the yield farming protocol launched in early September.
Harvest Finance attack
Harvest Finance attack
  • "The economic attack was performed through the curve y pool, stretching the price of the stablecoins on Curve out of proportion and depositing and withdrawing a large amount of assets through harvest," Harvest Finance said.
  • The attacker took a flash loan to manipulate prices on Curve Y Pool to drain USDT and USDC many times. The entity then converted the funds to tokenized bitcoin in form of renBTC and exited to bitcoin.
  • The anonymous team behind Harvest Finance has announced a $100,000 bounty for the first person or group to reach out to the hacker "and help the attacker return the funds to the deployer address."
  • The Harvest Finance team is actively tracking the funds and has identified 10 bitcoin addresses of the flash loan attacker.

Clarification (Oct. 26, 2020, 21:28 UTC): Harvest Finance's bounty includes the requirement that the individual not just find the "attacker" but also help them return the funds to the deployer address.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.