Tender.Fi Settles With A White Hat Hacker for 6% Of The $1.59 Million Stolen Funds
Tender.Fi a decentralized finance platform has been recently attacked by a hacker stealing an amount of $1.59 million. The stolen money was returned not too long after the attack in exchange for 6% of the total amount exploited.
According to Tender.Fi, the hacker had paid off the exploited amount and later received a total of 62.12 ETH or approximately $97,000.
One of Tender.Fi features is enabling decentralized lending and borrowing of crypto asses. That’s why these type of platforms becomes susceptible to various security threats such as misconfigured oracles.
Two days ago, the oracle protocol noticed an unusual number of borrowers prompting the platform to suspend all lending activities. An expert also noted on social media that the hacker borrowed a total of $1.59 million from the oracle by depositing 1 GMX token which was worth $69.06 at this time of writing. The hacker then caught the attention of the platform and stated that the protocol was improperly set up.
This type of attack is not new. Recently, numerous attacks on the DeFi space have grown significantly over the past year and it has been raising worries about the safety and security of user’s payments.
Despite this, DeFi still remains to have several advantages. This includes enhanced accessibility, transparency, and autonomy. As of this stage, there’s no central authority or entity responsible for the regulation and protection of the DeFi system.
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