Last Updated on March 8, 2023 by Bitfinsider
The assets taken from the Arbitrum-based decentralized finance (DeFi) lending protocol by the Tender.fi “white hat” hacker have been returned. The platform stopped offering loans a few days back while working to recover these assets.
Auditor for Web3 smart contracts Blockchain monitoring was the emphasis of CertiK, and an analysis was done by analytics company Lookonchain. After identifying a “misconfiguration” on Tender.fi’s Oracle, these companies tracked down the hacker who performed the crime.
The borrowing platform claimed that the “whitehat” made contact with the hacker and began discussions on how the situation would be resolved for customers’ funds after numerous efforts by the Defi lender protocol Tender.fi to contact the hacker for the stolen funds. The guidelines stated: “The whitehat has made contact over debank and we are currently in discussions on how to remedy this situation. We will update you with more information when we have it.”
The protocol claimed that it had achieved an understanding with the hacker after hours of communication via on-chain messages on Debank, claiming that it had sent messages containing the terms of payment and agreements. Remarks from Tender.fi stated: “The White Hat will repay all loans minus 62.158670296 ETH, which will be kept as a Bounty for helping secure the protocol. The Tender.fi Team will repay the Bounty value to the protocol, so that there will be no bad debt and users will remain unaffected.”
Tender.fi suspended all borrowing services after the protocol was broken, citing that they had noticed an unusually high volume of borrowing coming through the system, which was ultimately resolved once the hacker contacted the protocol. Finally, Tender.fi said:
After learning of the security breach on the lending network, the price of TND, which is traded on the decentralized exchange Uniswap, dropped from $2.9 to $1.8. According to statistics from CoinmarketCap, the token recovered and stabilized above $2.70 following the negotiations.
On the other hand, Tender.fi’s lending platform activity has increased since last month, indicating that users are interested in the initiative. Investors are “actually using their products,” claims the blockchain analyst company BlackMamba.
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