Pike Finance clarifies ‘USDC vulnerability’ statement on $1.6M exploit

Pike highlighted that the exploit occurred due to their team’s inadequate integration of third-party technologies such as the CCTP or Gelato Network’s automation services.

The decentralized finance (DeFi) protocol Pike has clarified its previous statement regarding a vulnerability found in USDC Coin (USDC). The clarification comes after the platform experienced a $1.6 million exploit on April 30.

On May 1, Pike published an announcement saying that the exploit was related to a vulnerability on USDC and that USDC’s product offerings had nothing to do with the security lapse that the network suffered.

However, the DeFi protocol quickly retracted the statement, explaining that the phrase they used did not accurately describe the exploit that transpired.

Read more