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Tender Fi Suffers an Exploit Attempt From a White Hat Hacker

The Recent Hack Suffered by Tender is Assumed to be the Doings of a White Hat Hacker

In a recent development, a hacker was able to drain almost $1.59 million from the DeFi lending platform, Tender Fi. As a result of the exploit, Tender Fi immediately halted all of its borrowing with the intention of recouping all of its assets. The Web3 focused smart contract auditor, CertiK, and blockchain analyst Lookonchain, witnessed funds being drained from the platform on March 7.

However, Tender Fi took it to Twitter and confirmed the issue. The platform stated that it launched an investigation against the increased number of borrows. Not too long after the exploit, Tender Fi stated that the white hat hacker tried making contact with the platform. Through an on-chain message, the hacker stated,

“It looks like your oracle was misconfigured. contact me to sort this out.”

The contact eventually led to a series of discussions to recoup the assets snatched during the exploit.

The White Hat Hacker Gets a Bounty After Returning Stolen Funds to Tender Fi 

Based on discussions held with the hacker, it was decided that all funds would be repaid in exchange for a bounty. The bounty offered via an on-chain message was almost $97k, or approximately 6% of the total exploit amount. However, the hacker returned all of these funds, and took the bounty in the form of ETH.

The Recent Hack Suffered by Tender is Assumed to be the Doings of a White Hat Hacker

Tender Fi announced on its Twitter account that the hacker would get to keep 62.15 ETH from the stolen funds. That amount was eventually kept by the hacker in an effort to help Tender Fi secure the protocol. Furthermore, the it was announced that it would repay the entirety of the bounty’s value to the protocol. The main aim of doing so was to eliminate the possibility of bad debts. Soon after, Tender Fi returned with another announcement which stated that the exploiter had completed the repayments.

Over time, white hat hackers have made a name for themselves as ethical hackers. Similarly, they tend to take advantage of any security flaws in multiple protocols before returning the funds. DeFi protocols have been the prime target of numerous hackers over the course of time. Seven different platforms lost a total of a whopping $21 million in February 2023 alone. Similarly, hackers also took great advantage of an Oracle exploit this year in January. As a result of the exploit, a total sum of $120 million was snatched from BonqDAO.

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