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Hashflow, a prominent player in the crypto trading industry, experienced a cyber exploit on June 14. However, the company promptly responded to mitigate the damage and reassure its users.
According to Peckshield, a blockchain security firm, the unauthorized intrusion resulted in a loss of approximately $600,000 worth of digital assets, including Arbitrum's ARB token and Ether (ETH). Interestingly, the perpetrator, believed to be a white hat hacker due to their post-exploit actions, may have actually prevented further damage from occurring.
Upon discovering the issue, Hashflow wasted no time and took immediate action. The company informed its users about the exploit and swiftly addressed the contract approvals problem identified by Peckshield. An essential part of the recovery plan involved urging users to "revoke approvals before recovering funds," a crucial step to prevent future cyber-attacks.
Recovery instructions were provided to the affected users, presenting two options: a complete fund recovery or an alternative option to donate 10% of the recovered amount to the white hat hacker who exposed the platform's vulnerability and helped avert more significant losses.
Significantly, following the exploit, Hashflow's native token, HFT, experienced a 7% dip, reaching $0.34. The token currently stands at 90% lower than its peak value of $3.60 recorded in November 2022.
Cybersecurity enthusiast YannickCrypto clarified the process, confirming that the white hat hacker had verified the contract. However, he advised users to revoke token allowances for deprecated contracts to prevent further breaches.
This incident follows another DeFi exploit earlier in the same week when Sturdy Finance lost approximately $800,000 worth of Ethereum due to a vulnerability associated with price manipulation, as disclosed by Peckshield.
Despite the concerning frequency of such incidents, Hashflow's swift response to make affected users "whole" provides some reassurance and demonstrates the company's dedication to its user base.
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