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.