Bent Finance Hack Originated From Deployer Address, Reports Show

The Defi project Bent Finance got hacked and now the reports show that the attack came from a deployer address or a suspected rug-pull activity so let’s find out more in today’s altcoin news.

The crypto industry has been hit hard with another exploit and this time it is the staking platform Bent finance. After confirming the breach, Bent Finance urged its investors to withdraw their funds from the platform.

It all started on Monday when the Defi project informed the users about a possible exploit and disabled the reward claims, revealing that no funds were lost. The blockchain security and analytics company PeckShield notified locating the hacked transaction that happened from a deployer address which was enough to shut down the rug pull concerns. The platform revealed observing the same and said they are working through it after hiring two independent white hat developers but right after that they issued a statemetn saying:

“There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unverified update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.
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We recommend you withdraw all funds until it is clear.”

2/ We recommend you withdraw all funds until it is clear.

— Bent Finance 🌈🦄 (@BENT_Finance) December 21, 2021

While the platform is yet to confirm the total amount stolen, crypto fraud investigator Joe McGill revealed that the attackers managed to drain nearly 440 ETH worth over $1.6 million while in the meantime, the company vowed to recover the stolen funds from Bent Curve pools and then asked the users to withdraw from the protocol until further notice. Scams continued to hinder the growth and the adoption of the industry as rug pulls became the preferred method of attackers. According to the latest reports by Chainalysis, the Defi industry saw a huge expansion this year with rug pulls emerging as the go-to scam. Rug pulls even accounted for 37% of over $7.7 billion in total illicit revenue from crypto scams in 2021 compared to 1% last year.

The research company called rug pulls the latest innovation in scamming as they managed to steal almost $3 billion worth of crypto from victims in 2021. The rug pulls can be a scam when the developers steal investors’ funds and then abandon what seems legitimate projects after a huge chunk is allocated. The biggest rug pull was with the Turkish centralized exchange Thodex, where users lost more than $2 billion worth of crypto after the CEO of the platform disappeared and the exchange, stopped all withdrawals.