Verify a decision

{"actor":"system:backfill","investigation_id":"2b2f34f2-825d-4129-a69a-8827a3252560","kind":"publish","page_slug":"pike-v1","published_at":"2026-05-28T04:23:25.864Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Pike V1","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://protos.com/defi-lender-pike-finance-loses-1-9m-to-two-hacks-in-less-than-a-week/","type":"other","url":""},{"credibility":3,"name":"https://medium.com/nuts-foundation/nuts-finance-journey-recollection-e6b62cd53911","type":"other","url":""},{"credibility":3,"name":"https://cryptonews.net/news/blockchain/28112716/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-pike-finance-hack-april-2024","type":"other","url":""},{"credibility":3,"name":"https://protos.com/defi-lender-pike-finance-loses-1-9m-to-two-hacks-in-less-than-a-week/","type":"other","url":""},{"credibility":3,"name":"https://quadrigainitiative.com/casestudy/pikefinanceusdcwithdrawalvulnerability.php","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/pike-finance-admits-to-error-following-1-7-million-exploit-denies-fault-of-usdc/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-pike-finance-hack-april-2024","type":"other","url":""},{"credibility":3,"name":"https://www.merklescience.com/blog/hack-track-pike-finance-flow-of-funds-analysis","type":"other","url":""},{"credibility":3,"name":"https://quadrigainitiative.com/casestudy/pikefinancevariablestoragevulnerability.php","type":"other","url":""},{"credibility":3,"name":"https://www.web3isgoinggreat.com/single/pike-finance-hacks","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/pike-finance-admits-to-error-following-1-7-million-exploit-denies-fault-of-usdc/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://protos.com/defi-lender-pike-finance-loses-1-9m-to-two-hacks-in-less-than-a-week/","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-pike-finance-hack-april-2024","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/pike-defi-usdc-exploit-clarity","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://quadrigainitiative.com/casestudy/pikefinancevariablestoragevulnerability.php","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/hackfraudscam/pikefinancerefundphishingattack.php","type":"other","url":""},{"credibility":3,"name":"https://protos.com/defi-lender-pike-finance-loses-1-9m-to-two-hacks-in-less-than-a-week/","type":"other","url":""},{"credibility":3,"name":"https://medium.com/nuts-foundation/nuts-finance-journey-recollection-e6b62cd53911","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.theblock.co/post/318913/investors-upset-at-pike-finances-token-launch-over-liquidity-shortfall","type":"other","url":""},{"credibility":3,"name":"https://thedefiant.io/news/defi/pike-finance-blames-botched-launch-on-tokenomics","type":"other","url":""},{"credibility":3,"name":"https://web3.bitget.com/en/dapp/pikefinance-25839","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.certik.com/resources/blog/pike-finance-incident-analysis","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-pike-finance-hack-april-2024","type":"other","url":""},{"credibility":3,"name":"https://quillaudits.medium.com/decoding-pike-finance-exploit-quillaudits-40a1662d3f8a","type":"other","url":""},{"credibility":3,"name":"https://www.merklescience.com/blog/hack-track-pike-finance-flow-of-funds-analysis","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.pike.finance/developer-docs/resources/developer-changelog","type":"other","url":""},{"credibility":3,"name":"https://github.com/nutsfinance/pike-protocol","type":"other","url":""},{"credibility":3,"name":"https://messari.io/project/pike-finance","type":"other","url":""}]}],"sources_used":[],"summary":"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.","timeline":[{"date":"2024-02-01","event":"Pike Beta launches on mainnet, integrated with Wormhole cross-chain messaging and Circle's CCTP.","source":""},{"date":"2024-03-01","event":"Pike Finance raises approximately $6.45 million in a token presale at $0.0280-$0.0374 per $P token.","source":""},{"date":"2024-04-26","event":"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.","source":""},{"date":"2024-04-30","event":"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.","source":""},{"date":"2024-04-30","event":"Stolen proceeds (~562 ETH total across both exploits) laundered through RAILGUN privacy protocol via Li.Fi bridge.","source":""},{"date":"2024-05-01","event":"Pike Finance offers 20% bounty for return of funds or attacker information; commits to making users whole using community treasury $P tokens as collateral.","source":""},{"date":"2024-05-01","event":"Phishing attackers register PikeFinanc Twitter handle and pikefinance.net domain to exploit users awaiting refund communications.","source":""},{"date":"2024-05-01","event":"Pike Finance accepts sole responsibility as integrator; clarifies that Circle (USDC) and Gelato were not at fault for the exploits.","source":""},{"date":"2024-05-31","event":"Team reportedly repays affected users in full using community treasury allocation, though independent verification is limited.","source":""},{"date":"2024-10-01","event":"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.","source":""},{"date":"2024-10-01","event":"Investor backlash intensifies; community members call for ZachXBT to investigate the token launch given the $6.45M presale raise versus the minimal liquidity deployment.","source":""},{"date":"2024-10-21","event":"Pike Finance publishes community update focused on Local Markets development and front-end improvements; does not directly address token price or liquidity concerns.","source":""}]},"v":1}