​Hacked Grim Finance's Auditors Blame New Analyst For Missing | Bitcoin Industry

​Hacked Grim Finance's Auditors Blame New Analyst For Missing the Issue.

Auditors of the decentralized finance (DeFi) platform Grim Finance, which was exploited for USD 30m worth of digital assets on Sunday, claim that a new analyst had conducted the protocol's audit while their Chief Technology Officer (CTO) was on vacation.

On December 19, Grim Finance informed users that the project was exploited by an external hacker. "The attacker attacked using the function titled beforeDeposit() from our vault strategy entering a malicious token contract," the team detailed.

Approximately four months ago, Grim Finance was audited by Solidity Finance, a smart contract auditing service. The service said that the issue slipped through their auditing process as they were overwhelmed by the number of projects and busy onboarding new analysts.

"When conducting the Grim Finance audit ~4 months ago, our firm was experiencing rapid growth and hiring. This audit was performed by an analyst who was new to the team & while our CTO was on vacation; and unfortunately this issue was not caught in our peer review process," Solidity Finance said.

Following the hack, the Grim Finance team said that the vaults have been paused "to prevent any future funds from being placed at risk" and recommended users withdraw their funds as all of the vaults and deposited funds are at risk.