A savvy crypto coder has transformed $71 into $1.59 million in an instant through a new Ethereum-Arbitrum lending platform.
According to the on-chain analysis firm Looksonchain, an ethical white hat hacker discovered and leveraged a major vulnerability in the borrowing and lending protocol Tender.fi (TND).
“Due to the misconfigured oracle of Tender.fi, a white hat “0x896d” borrowed ~$1.59 million in assets by depositing only 1 GMX ($71).
If you have deposited assets on Tender.fi, please pay attention!”
Tender.fi is a platform built on the Ethereum scaling solution Arbitrum.
It’s designed to let investors collateralize the crypto assets GMX and GLP.
The hacker – who by definition is not malicious and will alert Tender.fi to their vulnerability and return the funds – appears to have caused a precipitous drop in the price of the protocol’s native crypto asset, TND.
TND has dropped 16% in the last 24-hours, trading at $2.45 at time of publishing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus/Vladimir Sazonov