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    Lending Platform Tender.fi Hacked $1.59 Million

    An alleged ethical hacker has drained $1.59 million from an Arbitrum-based lending platform called Tender.fi.

    On the afternoon of March 7, a white hat hacker infiltrated and withdrew $1.59 million from Tender.fi. For investigation purposes, Tender.fi has stopped all loans.

    According to Loononchain, taking advantage of an oracle vulnerability, the hacker exploited $1.59 million with only a single GMX token (worth $70) as collateral.

    However, the attacker later agreed to return the fund, after a negotiation. At the same time, Tender.fi will send back 62 ETH (worth $96,500) as a bounty reward for the hacker.

    Tender.fi’s TND token price fell about 35% before recovering to the current $2.56 price mark.

    Despite gaining a lot of momentum in recent times, the DeFi ecosystem on Arbitrum has been constantly experiencing security issues. Besides Tender.fi, Hope Finance is another victim which has been drained of $2 million and DEX ArbiSwap “rug pulling” users.

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