Crypto Sleuth Turns $71 Into $1,590,000 in an Instant on New Ethereum-Arbitrum DeFi Platform
A savvy crypto coder has transformed $71 into $1.59 million in an instant through a new Ethereum-Arbitrum lending platform.
According to the on-chain analysis firm Looksonchain, an ethical white hat hacker discovered and leveraged a major vulnerability in the borrowing and lending protocol Tender.fi (TND).
“Due to the misconfigured oracle of Tender.fi, a white hat “0x896d” borrowed ~$1.59 million in assets by depositing only 1 GMX ($71).
If you have deposited assets on Tender.fi, please pay attention!”
Tender.fi is a platform built on the Ethereum scaling solution Arbitrum.
It’s designed to let investors collateralize the crypto assets GMX and GLP.
The hacker – who by definition is not malicious and will alert Tender.fi to their vulnerability and return the funds – appears to have caused a precipitous price drop in the price of the protocol’s native crypto asset, TND.
TND has dropped 16% in the last 24-hours, trading at $2.45 at time of publishing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus/Vladimir Sazonov
The post Crypto Sleuth Turns $71 Into $1,590,000 in an Instant on New Ethereum-Arbitrum DeFi Platform appeared first on The Daily Hodl.
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Crypto Sleuth Turns $71 Into $1,590,000 in an Instant on New Ethereum-Arbitrum DeFi Platform
A savvy crypto coder has transformed $71 into $1.59 million in an instant through a new Ethereum-Arbitrum lending platform.
According to the on-chain analysis firm Looksonchain, an ethical white hat hacker discovered and leveraged a major vulnerability in the borrowing and lending protocol Tender.fi (TND).
“Due to the misconfigured oracle of Tender.fi, a white hat “0x896d” borrowed ~$1.59 million in assets by depositing only 1 GMX ($71).
If you have deposited assets on Tender.fi, please pay attention!”
Tender.fi is a platform built on the Ethereum scaling solution Arbitrum.
It’s designed to let investors collateralize the crypto assets GMX and GLP.
The hacker – who by definition is not malicious and will alert Tender.fi to their vulnerability and return the funds – appears to have caused a precipitous price drop in the price of the protocol’s native crypto asset, TND.
TND has dropped 16% in the last 24-hours, trading at $2.45 at time of publishing.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus/Vladimir Sazonov
The post Crypto Sleuth Turns $71 Into $1,590,000 in an Instant on New Ethereum-Arbitrum DeFi Platform appeared first on The Daily Hodl.
Read More