White Hat Hacker Drains $1.59m From DeFi Lending Platform

• DeFi lending platform suffered an exploit on March 7, resulting in $1.59 million of assets drained by a suspected white hat hacker.
• The hacker took advantage of a misconfigured oracle to drain the funds and contact has been made with the hacker to discuss how to remedy the situation.
• This is one of many exploits that have taken place in early 2023, costing 7 different DeFi protocols over $21 million in February alone.

DeFi Lending Platform Hit With Exploit

On March 7, DeFi lending platform suffered an exploit leading to $1.59 million worth of assets being drained by a suspected white hat hacker taking advantage of a misconfigured oracle.

White Hat Hacker Contacted To Discuss Remedy confirmed the incident on Twitter and announced that contact had been made with the white hat hacker over debank, who they are currently discussing how to remedy the situation with.

Recent Exploits Have Cost Multiple DeFi Protocols Millions

This is not an isolated incident as multiple other DeFi protocols have suffered similar exploits in early 2023, costing them over $21 million collectively in February alone. One such example was an oracle exploit which saw over $120 million stolen from BNB Chain-based LaunchZone back in January 2023.

Web3-Focused Smart Contract Auditor CertiK Investigating

Web3-focused smart contract auditor CertiK and blockchain analyst Lookonchain flagged the initial exploit and are investigating further along with Tender’s team for any additional security flaws which could be exploited in future incidents..

Tender Working To Recoup Assets From White Hat Hacker

The latest update from Tender’s team states that they are continuing their discussions with the alleged white hat hacker and working towards recouping all lost funds taken during the exploit as soon as possible..