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Bent Finance urge users to withdraw funds after hack

Bent Finance

TL; DR Breakdown

  • Bent Finance urges traders to withdraw their funds from the protocol
  • The platform has already lost $1.6 million
  • Platforms have lost $600 million to hackers in December

Hacking has become prevalent since the beginning of this year. Although December is just in its second week, the crypto sector has already witnessed six hack attacks this year. The sixth attack happened recently, as Bent Finance joined the club after malicious actors breached the protocol. After confirming the attack, Bent Finance has urged members to withdraw their funds as fast as possible from the platform.

Bent Finance has lost $1.6 million to hackers

Asides from that, the platform has also begged users to tick the disable button in the portion that deals with reward claims on Bent Finance. The protocol, in its statement, said that the hack was noticed on Monday night around 8:55 pm. During the period, Bent Finance urged users to be calm as they were already on it and has recorded zero loss of funds.

However, all went to pieces after PeckShield, a platform that investigates issues like this on the blockchain, unraveled the source of the attack. This has made some members of the community point accusing fingers at the protocol for a possible rug pull. A rug pull is a phenomenon used to describe a move by the developers of a protocol to access their platform through the back door to steal investors’ funds. The company soon released a statement confirming PeckShield’s original tweet and mentioned experts working on it.

Total hack in December now worth $600 million

All things continue to point to Bent Finance not making headway in its move to close the breach and secure its platform. This is because the protocol urges its users to drain their funds from the pool with every update. However, it has also said that it will do everything in its power to get back the stolen funds.

In a report by a private entity, Bent Finance has already lost more than 400 Ethereum since the period of the attack. The entire valuation of the lost Ethereum is approximately $1.6 million at press time. According to the private body, the hackers have been draining funds from the protocol since December 12.

Bent Finance, five other protocols have suffered hacks, including AscendEx and BitMart. The recent hack has brought the cumulative stolen value to a region of around $600 million. Also, Bent Finance has assured users that it is still investigating and will continue to communicate updates to them in real-time.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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