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.”
2/ – we are investigating the curve LP pools, if you want to be safu, you can withdraw it now.
We will update you as soon as we know more, as of now, no funds have been lost.
— Bent Finance 🌈🦄 (@BENT_Finance) December 21, 2021
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.
We have located the hack tx, which interestingly is sent from the Bent Finance: Deployer @BENT_Finance !!! What is going on?! https://t.co/3L4F1gcNYJ
— PeckShield Inc. (@peckshield) December 21, 2021
1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.
— Bent Finance 🌈🦄 (@BENT_Finance) December 21, 2021
Again, there is an active exploit on the bent curve pools. We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another. Thank you for your support
— Bent Finance 🌈🦄 (@BENT_Finance) December 21, 2021
The Bent Finance attacker funded one of the primary wallets via @TornadoCash cash deposits on Dec 9th. Attacker has funneled approximately 440 #Ethereum through TC since Dec 12 including todays attack. Stay tuned for more updates from @trmlabs.#cryptocurrency #DeFi #BugBounty https://t.co/WnaGeuNm4q
— Joe McGill (@joes_mcgill) December 21, 2021
1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.
— Bent Finance 🌈🦄 (@BENT_Finance) December 21, 2021
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.