DeFi lender Tender.fi suffers exploit, white hat hacker suspected

An alleged moral hacker has drained $1.59 million from the decentralized finance (DeFi) lending platform Tender.fi, main the service to halt borrowing whereas it makes an attempt to recoup its property.

Web3-focused sensible contract auditor CertiK, and blockchain analyst Lookonchain, flagged an exploit that noticed funds drained from the DeFi lending protocol on March 7. Tender.fi confirmed the incident on Twitter, citing “an uncommon quantity of borrows” by the protocol:

The most recent replace from the platform claims {that a} white hat hacker has made contact, and discussions are underway to recoup property taken throughout the exploit. White hat hackers are often known as moral hackers and usually search for and reap the benefits of safety flaws in several protocols earlier than returning funds.

Cointelegraph reached out to CertiK to unpack the state of affairs, which highlighted that the exploiter left an on-chain message which has been verified on the Arbitrum Blockchain Explorer:

The enter information reads: “It appears like your oracle was misconfigured. contact me to kind this out.”

Lookonchain provided additional particulars of the exploit, citing blockchain information exhibiting that the white hat hacker borrowed $1.59 million value of property from the protocol by depositing 1 GMX token, valued at $71 on the time of writing.

Cointelegraph has reached out to Tender.fi to establish additional particulars of the exploit and whether or not funds can be returned by the white hat hacker. DeFi protocols have been the target of hackers in early 2023, with seven completely different platforms shedding over $21 million in February alone. Hackers additionally took advantage of an oracle exploit in Jan. 2023, seeing over $120 million stolen from BonqDAO.

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