The representative of the security testing unit for Hope Finance, Cognitos, said that the compromised smart contract was different from the one they audited.
On the evening of February 20, the project to make algorithmic stablecoins on Arbitrum, Hope Finance, fell prey to a $ 2 million attack.
Accordingly, the hacker penetrated and took advantage of the vulnerability to change the smart contract and steal 2 million USD of user money.
After investigation, the project accused the suspect from Nigeria, named Ugwoke Pascal Chukwuebuka, along with a portrait of this person.
FUCKING SCAMMER!!!! HE SCAMMED COMMUNITY FOR 2 MLN DOLLARS pic.twitter.com/F3AWKpqZfD
— Hope Finance (💙,🧡) (@Hope_fin) February 20, 2023
After on-chain tracing, Peckshield reported that the hacker transferred 1,095 Ethereum (ETH), or about $1.86 million, to the Tornado Cash mixer.
#PeckShiedAlert ~1,095 $ETH (~$1.86M) already into Tornado Cash from @Hope_fin scammer https://t.co/qXRtaMg9iX
— PeckShieldAlert (@PeckShieldAlert) February 21, 2023
After the security incident, Hope Finance immediately shared information with users and recommended withdrawing staking assets from the protocol through the emergency withdrawal function.
According to a spokesperson from Cognitos, the unit responsible for security testing for Hope Finance, the exploited smart contract is different from the one that Hope Finance audited. The Cognitos representative also added that Hope Finance changed the contract many times, but almost all of them were checked.
Before the above information, many people in the community are suspecting that this is a “rug pull”.
A selfie would mirror the image, so the pic still aligns. Tough to tell if same person though. Still can’t believe nobody on the team would have had never had a video chat with the “lead dev”…
— Markuu (@Markuu6ix) February 21, 2023
Hope Finance is a new project in the field of algorithmic stablecoins, which was just launched on Arbitrum on February 20.
In February, there have been many security incidents, such as CowSwap, Trust wallet or most recently, Platypus Finance.
Synthetic Kyptos
