Bent Finance Confirms Pool Exploit, $1.6 Million Rug Pull Suspected

December 23, 2021, 10:45 AM AEST - 7 months ago

Another day, another DeFi rug pull when, on December 20, Bent Finance discovered there had been an exploit of its staking and farming platform.

Everybody Out of the Pool!

Bent Finance immediately called for investors to withdraw their pool funds and announced it had disabled the reward claims while the attack was being investigated, adding it would “make this right” and confirming it would recover all stolen funds from the Bent curve pool:

We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.

Bent Finance tweet

Bent Hires White Hats to Decipher Exploit

Bent hired the services of two white-hat hackers to help uncover the details of the exploit. Crypto fraud investigator Joe McGill confirmed that approximately 440 ETH (US$1.75 million at the time of writing) was stolen by the hackers. Full details of the attack are explained on the Bent Finance medium.

DeFi is still in the teething stages of development and attacks such as these are common and frequent. Just two weeks ago DeFi protocol BadgerDAO suffered a similar attack, losing US$120 million in funds.

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