According to the Pike Finance team, the exploit is related to the “USDC vulnerability,” which previously cost the protocol $299,127 in stolen USDC across Ethereum, Arbitrum, and Optimism. Specifically, the team stated that Pike Finance lost the assets “due to weak security measures in functions managing USDC transfers” via the cross-chain transfer protocol. Pike Finance is a cross-chain liquidity provider.
It offers users the option to supply and borrow native assets on various blockchain and sidechain networks.