Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
anchored·3LCHEb…tRmiSummary
Pike V1 (also known as Pike Beta) was a cross-chain DeFi lending protocol built by Nuts Finance that suffered two smart contract exploits within four days in April 2024, resulting in approximately $1.98 million in user losses. A vulnerability identified by auditing partner OtterSec prior to launch was never remediated, and a subsequent botched patch introduced even more severe vulnerabilities. The project's October 2024 token generation event further damaged investor trust after the team launched the $P token with only $10,000 in initial liquidity despite having raised $6.45 million in a presale.
Connected Entities
8 entities · 60 linked investigations- Optimism→mentioned with→Arbitrum(65%)
- ZachXBT→mentioned with→Ethereum(70%)
- Optimism→mentioned with→Ethereum(80%)
- Pike Finance→mentioned with→Optimism(70%)
- Pike Finance→mentioned with→Arbitrum(70%)
- Pike Finance→mentioned with→Wormhole(70%)
- Pike Finance→mentioned with→Ethereum(70%)
- Pike Finance→mentioned with→Railgun(65%)
- Pike V1→mentioned with→Arbitrum(80%)
- Pike V1→mentioned with→Wormhole(80%)
- + 12 more
Timeline(12 events)
February 2024
Pike Beta launches on mainnet, integrated with Wormhole cross-chain messaging and Circle's CCTP.
March 2024
Pike Finance raises approximately $6.45 million in a token presale at $0.0280-$0.0374 per $P token.
26 April 2024
First exploit: attacker drains 299,127 USDC (~$299,279) via a CCTP message forgery vulnerability that auditor OtterSec had previously identified but the team had not patched.
30 April 2024
Second exploit: attacker at 0x19066f7431df29a0910d287c8822936bb7d89e23 exploits a storage mapping flaw introduced by the team's patch, draining 99,970.48 ARB, 64,126 OP, and 479.39 ETH (~$1.68 million) across Arbitrum, Optimism, and Ethereum.
30 April 2024
Stolen proceeds (~562 ETH total across both exploits) laundered through RAILGUN privacy protocol via Li.Fi bridge.
May 2024
Pike Finance offers 20% bounty for return of funds or attacker information; commits to making users whole using community treasury $P tokens as collateral.
May 2024
Phishing attackers register PikeFinanc Twitter handle and pikefinance.net domain to exploit users awaiting refund communications.
May 2024
Pike Finance accepts sole responsibility as integrator; clarifies that Circle (USDC) and Gelato were not at fault for the exploits.
31 May 2024
Team reportedly repays affected users in full using community treasury allocation, though independent verification is limited.
October 2024
Pike Finance conducts token generation event (TGE) for $P token on Aerodrome (Base) with only $10,000 in initial liquidity; token price drops approximately 90% within hours.
October 2024
Investor backlash intensifies; community members call for ZachXBT to investigate the token launch given the $6.45M presale raise versus the minimal liquidity deployment.
21 October 2024
Pike Finance publishes community update focused on Local Markets development and front-end improvements; does not directly address token price or liquidity concerns.
Decision Log
- hash: 3k27dAWtWQmFkwTxpbX7QUpQa3nCz9pJ8jA4RnfcPEDu
This investigation is cryptographically anchored to the Solana blockchain (1 event). 14 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:32 AM
last updated: 9/1/2026, 3:53:19 AM
4 viewsavoid.net — verified advice for a post-truth world