PIKE FINANCE

DESCRIPTION OF EVENTS

"Universal Liquidity Protocol A next generation money market 一 deposit collateral on chain A, borrow on chain B."

"Pike is a universal liquidity market optimized for native assets." "Pike is a universal liquidity market that enables lending and borrowing using native assets directly on their respective blockchains, eliminating the need for wrapping and cross-chain transfers."

"Pike enables lending and borrowing using native assets directly on their respective blockchains, eliminating the need for wrapping and cross-chain transfers. For example, users can deposit Arbitrum's ARB tokens as collateral on their native Arbitrum chain, while borrowing other assets on a different blockchain." "Pike is enabled by Wormhole Cross-Chain Messaging, Circle’s Cross-Chain Transfer Protocol, and Pyth Data Feeds."

"Pike redefines the user experience for cross-chain lending and borrowing - Our focus on native assets remove the need for assets with suffixes and prefixes." "Seamlessly maximize your yields and leverage Pike’s native cross-chain functionality 一 No longer do you have to constantly bridge your assets to explore opportunities across the ecosystem." "Pike’s hub and spoke architecture is designed to fade into the background 一 Allowing users to realize an interconnected DeFi vision. Utilize a suite of assets from across the ecosystem 一 Ranging from yield bearing stablecoins and LSTs, to LP tokens."

"Wormhole messaging eliminates risks associated with cross-chain bridges and bridged assets 一 reducing attack vectors stemming from pricing oracles."

"According to Pike Finance, the initial exploit on April 26 was caused by weak security measures in Pike's contract functions when handling CCTP transfers."

"During protocol pausing attempts, an added dependency in the code altered storage layout and moved the initialized variable, causing contract misbehavior.

Seizing this opportunity, attackers upgraded spoke contracts without admin access, successfully siphoning off funds."

"Users can now claim refund for their pre-sale deposits, we had temporarily fixed the issue, but we are still investigating.

Get your refund: http://pikefinance.net

After getting refunded, please wait for next steps that we'll announced on our twitter."

"Users can now get refunded their pre-sale deposits.After getting refund, wait for further notice from team."

Pike Finance is a loan protocol which allows loans to be taken out using collateral on other chains. After users of Pike Finance had assets locked up due to a USDC withdrawal vulnerability, and then saw the entire smart contract drained due to a botched upgrade, an advanced phishing attack was started on the Twitter account PikeFinanc and domain pikefinance.net. After registering the fake domain and pumping the Twitter account with fake followers, the phishers responded to official updates from the Pike Finance team, claiming to be offering refunds, and pumping their posts with dozens of fake comments claiming to have received said refunds. The attack is ongoing and amount of damage is still unknown.

Pike | Universal Liquidity Protocol (May 6)
Introduction to Pike | User Docs | Pike (May 6)
Rekt - Pike Finance - Rekt (May 6)
@PikeFinanc Twitter (May 6)
https://pikefinance.net/ (May 6)

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