Arbitrum-based lending platform hacked $1.59 million

Hackers attacked, an Arbitrum-based lending platform, “failing” to return the money.

Arbitrum-based lending platform hacked $1.59 million

On the afternoon of March 7, a white hat hacker infiltrated and withdrew $1.59 million from For investigation purposes, has stopped all loans.

According to a trace from Loononchain, taking advantage of an oracle vulnerability, the hacker borrowed $1.59 million with only a single GMX token (worth $70) as collateral.

However, the attacker later agreed to return the “booty”, after the two sides negotiated and agreed on the issue. At the same time, will send back 62 ETH ($96,500) as a bounty reward for the hacker.’s TND token price fell about 35% before recovering to the current $2.56 price mark.

TND price movement in the last 1 day, CoinMarketCap screenshot at 08:10 AM on 08/03/2023

Despite gaining a lot of momentum in recent times, the DeFi ecosystem on Arbitrum has been constantly experiencing security issues. Adjacent to is Hope Finance drained 2 million USD and DEX ArbiSwap “rug pull” users.

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