Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"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.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Binance to shift $1 billion user protection fund into bitcoin amid market rout
Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
What to know:
- Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
- The exchange has pledged to replenish the fund to $1 billion if bitcoin price swings cause its value to fall below $800 million.
- Binance framed the change as part of its long-term industry-building efforts.
Top Stories
