Sentiment recovers $870K after negotiations with hacker

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Lending protocol Sentiment has managed to recuperate the stolen funds from the current hack by providing the hacker a bounty value $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 proper 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.

On-chain message from Sentiment to the hacker. Supply: Arbiscan

MetaMask developer Taylor Monahan tracked the progress and highlighted that the hacker had returned 414 Ether (ETH), value round $771,000, in an preliminary transaction. Finally, the hacker returned one other 51.75 ETH to the Sentiment restoration handle. After the transaction, the lending protocol confirmed that they’d acquired the funds.

The hack was carried out on April 4. Some on-chain sleuths prompt 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, neighborhood members confirmed that the losses have been nearer to $1 million. 

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In the meantime, a neighborhood member concluded that the whole fiasco is a results of corporations not taking bug bounties critically and praised the hacker’s efforts for “taking it by power.” However, one other Twitter consumer described the incident as simply “a bug bounty with a prison step,” and urged corporations to supply bigger and extra clear bug bounties.

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 belongings whereas maintaining nearly $20 million. 

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