Lending protocol Sentiment has managed to recuperate the stolen funds from the current hack by providing the hacker a bounty price $95,000.
In an on-chain transaction on the Arbitrum blockchain, Sentiment despatched a message to the hacker providing $95,000 if the hacker returned the funds by April 6, urging the hacker to “do the correct factor.“ If the hacker didn’t return the funds, the protocol additionally supplied the cash to anybody who might assist discover and prosecute the wrongdoer.
MetaMask developer Taylor Monahan tracked the progress and highlighted that the hacker had returned 414 Ether (ETH), price round $771,000, in an preliminary transaction. Ultimately, the hacker returned one other 51.75 ETH to the Sentiment restoration deal with. After the transaction, the lending protocol confirmed that that they had obtained the funds.
The hack was carried out on April 4. Some on-chain sleuths steered that the assault might have been a re-entry assault, whereas others stated that the attacker relied on a bug. Preliminary estimates of the misplaced funds have been round $500,000, however after some time, group members confirmed that the losses have been nearer to $1 million.
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In the meantime, a group member concluded that the complete fiasco is a results of firms not taking bug bounties severely and praised the hacker’s efforts for “taking it by power.” Then again, one other Twitter consumer described the incident as simply “a bug bounty with a prison step,” and urged firms to supply bigger and extra clear bug bounties.
Hackers are redefining bounty packages. Why take smol bounty when massive bounty higher.
— ru (@ru_defi) April 6, 2023
The incident attracts some similarities to the current Euler Finance hack. On April 4, the Ethereum protocol satisfied a hacker to return round 90% of the stolen funds after providing a bounty. The hacker returned round $176.4 million in digital property whereas preserving virtually $20 million.
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