Crypto News

Bent Finance exploit came from the address of the provider, the log confirms

                                                            Kaum eine Woche bis zum Jahresende bleibt die Cryptowährungsbranche von einem weiteren Exploit getroffen.  Diesmal ist es die Staking- und Farming-Plattform Bent Finance.

After Bent Finance confirmed the breach today, Bent Finance urged investors to withdraw their funds from the platform.

Another hack or rug pull?

It all started on Monday when the platform informed its users about a “possible exploit”. Bent Finance soon disabled compensation claims and found that no funds were lost. The BlockchainHowever, security and data analytics firm Peckshield announced that the hacked transaction was carried out by the Bent Finance deployment. This was enough to raise carpeting concerns.

The platform also revealed that it was watching the same thing, saying they would “work through” after hiring two independent white hat developers. Shortly afterwards, Bent Finance issued a statement that read:

“20 days ago there was an exploit from the Bent Deployer address that added the balance of cvxcrv and mim to an address in an unverified update. We only discovered that today. There are several members on this team and we will fix this. We encourage you to withdraw all funds until it is clear. “

While the platform is yet to confirm the total amount stolen, crypto scam investigator Joe McGill revealed that the malicious entities managed to get nearly 440 Ethereum (ETH) siphoned off worth over $ 1.6 million. Meanwhile, the company promised to get the stolen funds back from the Bent curve pools and urged its users to step back from the log until further notice.

Rug pull cases will rise in 2021

Scams have continued to hamper the growth and adoption of the industry. A unique type of scam called “rug pulls” became a buzzword this year.

According to the latest report from Chainalysis, when that DeFiEcosystem experienced tremendous expansion this year, rug pulls emerged as the most popular scam. In fact, rug pulls accounted for a staggering 37% of the total of over $ 7.7 billion in illegal cryptocurrency fraud revenue in 2021, up from just 1% the previous year.

The research company called rug pulls the “latest innovation” in fraud. Overall, Rug Pulls managed to kill the victims in 2021 Cryptocurrencies worth nearly $ 3 billion. To the uninitiated, rug pulls can be a scam when developers steal funds from investors and abandon seemingly legitimate projects after a significant amount has been allocated.

The biggest rug pull this year was the centralized Turkish crypto exchange Thodex. Users lost more than $ 2 billion worth of cryptocurrencies after the platform’s CEO disappeared after the exchange temporarily suspended withdrawals. This was the only rug-pull case for a centralized exchange as everyone else appeared on DeFi projects that year.

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Source: Crypto News Deutsch

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