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Hashflow assures users will be made ‘whole’ following $600K hack

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Crypto trading platform Hashflow suffered an attack which led to the loss of $600,000.

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  • The attack led to a loss of approximately $600,000 in Arbitrum and Ethereum tokens.
  • Peckshield suggested that the hacker who carried out the attack might be a white hat hacker.

Hashflow, a cryptocurrency trading platform, has assured its impacted consumers that they will be “made whole” following an exploit that resulted in the hack of at least $600,000 in virtual assets from the exchange.

“All users comprising the ~$600K affected will be made whole,” the Twitter statement read.

The blockchain security firm Peckshield on 14 June identified a persistent issue with the Hashflow trading platform.

“It appears there is an approve-related issue,” Peckshield mentioned on Twitter. It led to a loss of approximately $600,000 in Arbitrum (ARB) and Ethereum (ETH) tokens.

Hashflow, which offers cross-chain swaps as part of its trading services, soon alerted its users that they were dealing with the issue regarding contract approvals, as identified by Peckshield. Hashflow also stated that its decentralized exchange “was not impacted in any way and remains fully operational.”

Peckshield suggested that the hacker who carried out the attack might be a white hat hacker because they supplied a contract with a recovery function as well as a second contribution option.

On 15 June, Hashflow updated its status, including recovery procedures for people affected by the Ethereum, Arbitrum, Avalanche, BNB Chain, and Polygon exploit. Users were instructed to revoke approvals before recovering funds.

There are two fund recovery options: the first is for total monies, and the second will donate 10% to the alleged white hat hacker who exploited the hole but avoided additional losses.

Second DeFi attack within a week

It is the second decentralized finance (DeFi) exploit this week, following the loss of around $800,000 in ETH on the lending platform, Sturdy Finance. According to Peckshield, which issued the alarm, the attack was tied to pricing manipulation.

Hashflow’s native token, HFT, declined 7% since the hacking attack took place, falling to $0.338 at press time. HFT fell 90% from its November 2022 all-time high (ATH) of $3.61.

Source: TradingView

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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