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News

DeFi Platform Sentiment Suffered $1 Million Exploit On Arbitrum Network

April 5, 2023 - Around 2 mins mins to read

Key Points:

  • Sentiment is investigating an extraction of funds from the protocol and has paused the main contract to mitigate risk.
  • The team is working to identify the exploit’s root cause with third-party auditors and is in contact with law enforcement.
  • A message exploit has been sent to the thief, urging them to return the money.
Sentiment protocol, a decentralized finance (DeFi) project, is currently investigating the indictable extraction of funds amounting to $1 million.
DeFi Platform Sentiment Suffered $1 Million Exploit On Arbitrum Network

The team has announced that they are taking steps to identify the root cause of the exploit and mitigate any further protocol misuse. They have also been working with third-party auditors and security firms to help address the issue.

Sentiment team has made it their top priority to secure the remaining funds and recover the lost ones. In addition, they have sent a message to the thief, urging them to return the money within two days. They have also emphasized that the recovery of user funds will continue to be their primary objective.

Additionally, a message has been sent to the thief from today’s $1m Sentimentxyz exploit, urging them to return the money. The message includes a link to the transaction, and the thief has two days to comply.

At approximately 06:00:00 PM +UTC, the Sentiment team became aware of abnormal borrowing activity, which they have now identified as a malicious exploit. In response, they paused the Sentiment main contract at 7:26:00 +UTC, restricting functionality to withdraw-only. With the help of third-party security auditors, the team was able to push a fix that has remediated the vulnerability. As a result, all Sentiment Account users can now repay debts and unwind their positions.

The team continues to work closely with law enforcement and close contributors to identify the hacker and recover misappropriated user funds.

The Firm said

They have also assured their users that they will continue to provide updates on the situation and any developments.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

Coincu News

Crypto Sentiment

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Sentimentxyz Exploiter

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.