On December 2021, Grim Finance was exploited in a flash loan attack, resulting in approximately $30 in losses. That makes the Grim Finance exploit the 457th largest DeFi incident out of 690 documented in our archive.
Attack Mechanics: How the Grim Finance Flash Loan Attack Played Out
Exploit Class Applied to Grim Finance
The Grim Finance incident on December 18, 2021 is classified as a Flash Loan Attack. Attackers borrow huge amounts via uncollateralised single-transaction loans and manipulate protocol state before repaying in the same block. In the full archive, Grim Finance is 1 of 27 documented flash loan attack incidents.
Grim Finance in Context
At $30, the Grim Finance exploit is a minor (<$1M) event compared to the largest same-class incident in our archive — PolterFinance (2024) at $7M.
Prior Flash Loan Attack Before Grim Finance
The nearest flash loan attack incident before Grim Finance was Ploutoz, 25 days earlier on November 23, 2021 ($365K lost). The same exploit class surfaced again within the flash loan attack attack surface.
Grim Finance Vulnerability Signature
The primary source categorises the Grim Finance exploit specifically as “Flashloan & Reentrancy”. This narrower label is entity-specific: it reflects how the Grim Finance contract failed, rather than the broad flash loan attack pattern alone.
Impact & Recovery for Grim Finance
Grim Finance Loss Figure
The Grim Finance exploit caused $30 in losses — a minor (<$1M) incident and the 13th largest of 37 documented in 2021.
Where Grim Finance Sits Among Flash Loan Attack Attacks
Ranked by loss size, Grim Finance is the 18th largest of 27 flash loan attack incidents documented. That puts the Grim Finance loss below the class average of $577.3K.
Timeline Since the Grim Finance Incident
The Grim Finance exploit occurred 4.3 years ago (1,578 days). The contract, its fork-block, and the attack transaction remain on-chain and forensically reproducible.
Primary Reference for Grim Finance
Public post-mortem / on-chain analysis for the Grim Finance incident: view source.
FAQ
How much did Grim Finance lose?
The Grim Finance exploit in December 2021 resulted in $30 in losses — the 13th largest of 37 DeFi incidents that year.
When did the Grim Finance hack happen?
The Grim Finance exploit was recorded on December 18, 2021 — 1,578 days ago.
What type of exploit hit Grim Finance?
The Grim Finance incident is classified as a Flash Loan Attack. Attackers borrow huge amounts via uncollateralised single-transaction loans and manipulate protocol state before repaying in the same block.
How common is the Flash Loan Attack pattern seen at Grim Finance?
Our archive contains 27 documented flash loan attack incidents. The Grim Finance incident is one of them.
How does Grim Finance compare to the largest Flash Loan Attack attack?
The largest flash loan attack incident in our archive is PolterFinance (2024) at $7M. The Grim Finance loss is $30.
How do the document's findings contribute to the understanding of Ethereum's economic ecosystem?
The findings reveal dynamic causal relationships between transaction fees and various economic activities, informing strategic considerations for network stakeholders.
What method was enhanced to analyze cryptocurrency volatility?
The GARCH-MIDAS method was enhanced through the adoption of the SB-GARCH-MIDAS model for this analysis.