Pike Finance Incident Analysis

Pike Finance experienced two DeFi exploits: an initial ~$299k loss (forged CCTP message) followed by a ~$1.68M loss caused by a storage collision after an upgrade that enabled re-initialization and a malicious implementation upgrade. The attacker drained funds across Arbitrum, Ethereum and Optimism and moved proceeds through bridges and mixers (Stargate, Li.Fi, Orbiter, Railgun, Tornado Cash). The report includes transactions, the attack flow, technical root cause (delegatecall/storage layout mismatch) and an estimated total loss of ~$1.98M.