Arbitrum lending agreement TenderFI has reportedly suffered a $1.6 million White Hat attack via an abnormal borrowing. Announcing the alarming event, TenderFI tweeted:
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.
— GLend (@GemachLend) March 7, 2023
Per the TenderFI official, investigations are underway to shed light on the abnormal borrows. All borrowings are currency reported to be suspended.
TenderFI stated, The team is attempting to contact the owner of the address. We reached over debank and on chain.
Asking TenderFi depositors to exercise caution, Lookonchain tweeted:
Due to the misconfigured oracle of https://t.co/Hw715UqCeV, a white hat "0x896d" borrowed ~$1.59M assets by depositing only 1 $GMX($71).
— Lookonchain (@lookonchain) March 7, 2023
If you have deposited assets on https://t.co/Hw715UqCeV, please pay attention!https://t.co/XO3yQHwk3M pic.twitter.com/G96h2EC0Fm
Lookonchain states in their tweet that the underlying cause of the White Hat attack is TradeFI’s misconfigured oracle.
The White Hat (0x896d) reportedly borrowed assets worth $1.59 million by depositing only 1 $GMX (or $71).
TenderFI states the White Hat initiated a “contact over debank.” TenderFI is “currently in discussions on how to remedy this situation.” More details will be shared once TenderFI’s investigation culminates. The TenderFI team is making attempts to contact the address owner. TenderFi tweeted:
The team is attempting to contact the owner of the address. We reached over debank and on chain.
— GLend (@GemachLend) March 7, 2023
“Enabling collateralization and autocompounding for DeFi staples like GLP and GMX,” TenderFI creates the “best borrowing experience in DeFi.” A lending and borrowing protocol, TenderFI allows collateralizing GMX and GLP. TenderFI is fully open-source; built for and by the community.
