Sentiment, a cryptocurrency platform, announced on April 4 that it may have been hacked. It is stated that a loss of 1 million dollars is possible as a result of the attack. Here are the speculations about the attack and the affected coins…
$1 million attack on the cryptocurrency platform
On April 4, Sentiment, a decentralized finance (DeFi) lending platform, announced that it may have been hacked and lost up to $1 million. While the team has yet to provide a detailed explanation of the incident, some community members have suggested that a “reentrancy” attack or self-destruct function was used. According to blockchain records, the attacker likely carried out the attack on the Arbitrum Blockchain, the platform on which Sentiment operates. cryptocoin.com As we reported, Arbitrum is a layer-2 scaling solution for Ethereum that uses Optimistic Rollups to increase throughput and reduce transaction fees.
One developer, Pascal Marco Caversaccio, suggested that the attack was likely a reentrancy attack. Such an attack, by an external contract; involves the repeated use of a vulnerable contract before updating its status, which can lead to the attacker being able to withdraw money from the contract.
Another developer, Imaddin Amsif, suggested that the attacker specifically used the “self-destruct” functionality within a Sentiment smart contract. This function ensures that a contract is destroyed and funds remaining in the contract are sent to another address. If the attacker had control over the owner of the contract, he could use the self-destruct function to transfer funds from the contract.
Hacking for DeFi platforms continues
Spreek, a member of the community, claimed that the attacker stole between $500,000 and $1 million. This estimate is based on the value of funds held in the affected contract. Sentiment stated that it is investigating the situation. It has not provided any further updates for now. The platform also has not yet provided any information on how the attacker was able to exploit the vulnerability in the smart contract.
The attack on Sentiment is the latest in a series of DeFi hacks that have occurred in recent years. DeFi platforms have become a popular target for attackers due to the large amounts of funds held in smart contracts. DeFi’s decentralized nature also makes it difficult to recover lost funds or identify the perpetrators of attacks.
Although DeFi platforms offer many benefits such as increased transparency and access to financial services, users should be careful when using these platforms. Before investing funds, it is essential to do extensive research on a platform and keep up to date with security best practices and the latest vulnerabilities.
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