Staking and farming platform Bent Finance became the 6th project hacked by hackers in December. BENT, the native token of the altcoin project, recently recorded the following 80% collapse. Currently, it has reached $6.66 after buying from the $4 bottom zone, keeping the last 24-hour loss around 50%. Let’s take a quick look at what happened.
Bent Finance (BENT) confirms exploitation of pools
After the altcoin project confirmed the attack, it asked investors to withdraw their funds and disable bounty claims on the compromised platform. Bent Finance has proactively advised investors to withdraw funds and plans to somehow recoup losses. According to crypto fraud researcher and former member of the US Secret Service Joe McGill of TRM Labs, the attackers managed to steal about 440 Ethereum (ETH) worth more than $1.6 million at the time of writing.
Altcoin project will compensate its investors
Recently, when PeckShield spoke to identify the source of the hacks, the community was skeptical of the possibility of a “rug pull” event by Bent Finance. After that, Bent Finance as a team appointed two independent white hat developers to better understand the evolving situation. Currently, the protocol continues to advise pool investors to back off until mining is resolved with each update. The project has confirmed that it will recover all stolen funds.
The fact that the attack most likely took place since December 12 contradicts Bent Finance’s findings that it suspects an attacker has been on the network since December 1. cryptocoin.com As we reported, Bent Finance is the sixth project to be hacked in December, including Grim Finance, BitMart and AscendEX. Total damage as a direct result of a successful attack is over $600 million. However, more research is ongoing to determine the damage from Bent Finance mining.
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