Bent Finance Affirms Pool Exploit, Suggest Fund Withdrawal by Investors

Bent Finance, a staking and farming platform, has turned out to be the sixth cryptocurrency business to be hacked in the month of December. Following the acknowledgement of the assault, investors were asked to take back their pool cash, and the reward requests on the hacked site were disabled.

After discovering the issue on Monday around 8:55 p.m. Eastern Standard Time (EST), Bent Finance claimed no financial loss as a result of the bug. Nevertheless, after blockchain investigator PeckShield purportedly discovered the origin of the hack operations, the community began to think a rug-pull incident had taken place.

While Bent Finance acknowledged that they were seeing the same thing and were currently working through that one, the team also engaged 2 autonomous white hat coders to get a deeper grasp of the emerging scenario. Bent Finance responded quickly, stating that it continues to encourage its pool investors to remove their assets until the issue has been resolved. The firm, on the other hand, has stated that it will recoup all of the cash that were taken from the Bent curve pool:

“We propose that you discontinue participation in the program until further information. There is no chance we are going to quit and we will emerge from this one manner or another.”

As per Joe McGill of TRM Labs, a cryptocurrency security consultant and veteran member of the United States Secret Service, the attackers were able to take about 440 Ether (ETH), which is now valued upwards of $1.6 million while writing this article. McGill’s investigations revealed that the assault has been continuing since December 12, which is in direct conflict with Bent Finance’s findings, which indicate that the hacker has been active on the network since December 1.

As a direct consequence of successful attacks, five cryptocurrency firms have collectively suffered losses in excess of $600 million in the month of December alone, namely Grim Finance, BitMart, and AscendEX, among others.

Nevertheless, more scrutiny is being carried out in order to determine the extent of the damages caused by the Bent Finance scam. Bent Finance had not replied to Cointelegraph’s request for comment at the time of publication.

Parallel to the continued attacks on cryptocurrency firms, the month of December saw the temporary breach of Indian Prime Minister Narendra Modi’s Twitter account, which was then used to disseminate misleading information Bitcoin’s (BTC) popular acceptance in the country.

Anonymous hackers gained control of Prime Minister Narendra Modi’s Twitter account on December 12 and used it to establish bitcoin as legal cash as well as announce a gift of 500 bitcoins to Indian residents. The prime minister has more than 73.4 million followers.