In Brief:
- Staking platform Bent Finance suffered a hack event.
- The company urged investors to withdraw their funds following the situation.
- Currently, two white hat developers are working on this issue.
Bent Finance became the latest victim of a hack event and the company urged investors to withdraw their pool funds following the confirmation of the exploit.
Bent Finance discovered the flaw on Monday at about 8:55 p.m. EST, during which time the company reported no losses.
When blockchain investigator PeckShield reportedly uncovered the source of the hack transactions, the community suspected a hack.
The company stated that two independent white hat developers are working on the situation.
It later revealed that “there was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unverified update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.”
The firm has stated that all funds stolen from the Bent curve pool will be recovered.
As per Joe McGill of TRM Labs, a crypto fraud investigator and former member of the US Secret Service, the attackers were able to take about 440 Ether (ETH) worth more than $1.6 million at the time of posting.
According to McGill’s research, the attack has been underway since December 12, which contradicts Bent Finance’s findings, which claim the attacker has been present on the network since December 1.
A successful hack cost five cryptocurrency companies more than $600 million in December alone. Grim Finance, BitMart, and AscendEX are some of the companies in question. However, more investigation is underway to determine how much money was lost as a result of the Bent Finance attack.
