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DeFi Protocol Tender.fi's TND Token Plunges and Then Rebounds After White Hat Hack
A white hat hacker borrowed $1.6 million in assets despite depositing one GMX token.
Updated Mar 7, 2023, 8:34 p.m. Published Mar 7, 2023, 11:19 a.m.
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TND, the native token of decentralized-finance (DeFi) protocol Tender.fi, fell by 34% before recovering on Tuesday after the platform was hit by a white hat hacker.
The token, which trades mostly on decentralized exchange Uniswap, was changing hands at $1.99 when the firm paused withdrawals. It was recently trading at $2.82 after the firm said it is in talks with the hacker.
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"We are investigating an unusual amount of borrows that came through the protocol- in the meantime, we have paused all borrowing. Thank you for your patience," the Tender.fi team wrote on Twitter.
Blockchain sleuth Lookonchain said that due to a misconfigured pricing oracle, a white hat attacker borrowed $1.59 million in assets despite depositing only one GMX token worth $71.
A white hat hacker is someone who attacks a platform before returning the loot.
UPDATE (Mar. 7, 12:46 UTC): Updates headline and story, updates token movement.
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