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Pike Finance

avoid.net/pike-finance→28/100·88% conf.
[✓ FACT-CHECKED]· reviewed once · last review 4 Jun 2026

Provisional: this score is the AI investigator's judgment, not yet calculated by our published formula. Treat it as indicative. How scoring works →

anchored·5sK5bh…dVhs
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Summary

Pike Finance is a natively cross-chain lending protocol built on Wormhole's messaging layer and Circle's Cross-Chain Transfer Protocol (CCTP), which launched its beta mainnet in early 2024. Within days of launch, the protocol suffered two separate exploits on April 26 and April 30, 2024, draining approximately $299K and $1.68M respectively for a combined loss of roughly $1.98M. The first exploit stemmed from an improperly validated CCTP integration; the second arose from a storage layout corruption introduced during the emergency patch, allowing attackers to reinitialize and take over spoke contracts.

Connected Entities

9 entities · 60 linked investigations
Organizations
□Railgun40□Ethereum90□Arbitrum□Binance□Wormhole□Base□Circle□Optimism
Protocols
⌂Pike Finance
Relationships
  • Circle→mentioned with→Binance(60%)
  • Circle→mentioned with→Ethereum(70%)
  • Optimism→mentioned with→Arbitrum(65%)
  • Optimism→mentioned with→Ethereum(80%)
  • Binance→mentioned with→Ethereum(65%)
  • Pike Finance→mentioned with→Optimism(70%)
  • Pike Finance→mentioned with→Arbitrum(70%)
  • Pike Finance→mentioned with→Binance(60%)
  • Pike Finance→mentioned with→Wormhole(70%)
  • Pike Finance→mentioned with→Ethereum(70%)
  • + 16 more
Also appears in
BNB Chain Bridge·51Railgun·40Aperture LM·58MangoFarmSOL·2Base·81DPRK·0Stream Finance·4Ethereum·90Dough Finance·35RiskOnBlast·2

Connected Through

9 shared actors · 629 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

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Timeline(13 events)

2022

Pike Finance founded; begins development of cross-chain lending protocol on Wormhole and CCTP infrastructure.

RootData

November 2023

Pike Finance secures $50,000 in seed funding from Circle and Wormhole to support mainnet launch.

crypto.news

December 2023

Pike Finance launches testnet on Ethereum and its Layer 2 networks.

crypto.news

April 2024

Pike Finance beta mainnet goes live. OtterSec audit has already flagged CCTP integration vulnerability; team has not patched it.

The Defiant

24 April 2024

Pike Finance enables USDC withdrawals via CCTP, activating the vulnerable integration pathway.

Quadriga Initiative

26 April 2024

First exploit: attacker manipulates CCTP receiver address and amount, draining 299,127 USDC (~$299K) primarily from Arbitrum. Funds bridged to Ethereum and deposited into Tornado Cash.

CertiK Incident Analysis

26 April 2024

Pike Finance pauses the protocol and begins emergency upgrade of spoke contracts to address the CCTP vulnerability. The upgrade inadvertently introduces a storage layout collision.

Halborn

30 April 2024

Second exploit: attacker exploits storage collision in the patched contracts, calls initialize() to seize admin access, upgrades implementation to malicious bytecode, and drains 479.39 ETH, 64,126 OP, and 99,970 ARB — totaling ~$1.68M across Ethereum, Optimism, and Arbitrum.

Pike Finance official X announcement

30 April 2024

Second exploit funds (~562 ETH consolidated across chains) are routed into RAILGUN, a zero-knowledge privacy protocol, obscuring the on-chain trail.

Merkle Science

May 2024

Pike Finance offers 20% bounty for return of stolen funds. No funds are returned. Team announces plan to reimburse all affected users using $P token treasury collateral.

Protos

May 2024

Pike Finance issues correction clarifying that the term 'USDC vulnerability' was inaccurate; acknowledges the root cause was Pike's own improper integration of CCTP, not a flaw in Circle's protocol.

CryptoSlate

21 October 2024

Pike Finance publishes community update, indicating relaunch on Base network and introduction of $P token with buyback program.

Pike Finance Community

9 December 2024

Pike Finance announces quarterly town hall covering financial updates and P Buyback Program, signaling continued active development.

Pike Finance Community
Provenance & Audit Trail
Recorded on Solana ✓Verify on-chain14 Wayback Archives

Decision Log

  • #4reviewRecorded on Solana ✓9/9/2026, 3:05:25 AM
    slot 445507744 · hash E838JmirkFQeRKdfkm96bfj4dqL3TVKqhnLyvP6JJosW
  • #3review approveRecorded on Solana ✓6/4/2026, 5:44:51 PM
    slot 424291262 · hash A9bSD5b6hDa4hHmAkCLUAiGep7zF2XsgnzjzdqDdZrrg
  • #2reviewRecorded on Solana ✓6/4/2026, 5:44:51 PM
    slot 424291258 · hash 9oJcAoVtypxEGQ76W7dNAVBq7RMAJXeaS3eJrE3nbTD2
  • #1publishRecorded on Solana ✓6/1/2026, 5:48:45 PM
    slot 423640367 · hash 7Z4GdGfnyLGuvrTqr6F6Ae3FRSxmMATovV1ifDdVhbMx

This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 14 of 15 cited source URLs have an Internet Archive snapshot.

Fact-checked 2026-09-0729 claims checked2 corrections pending0 applied⛓ anchoredSee findings →
full audit log →version history →

model: claude-sonnet-4-6

generated: 6/1/2026, 5:48:39 PM

last updated: 6/1/2026, 5:48:39 PM

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