Hashflow promises to compensate users for $600K hack.

The crypto trading platform Hashflow has promised to reimburse users affected by an attack that resulted in the theft of at least $600,000 in digital assets.

On June 14, the blockchain security firm Peckshield reported that there was an issue with the Hashflow trading platform, noting that losses of approximately $600,000 in Aribtrum’s ARB token and Ether (ETH) had been incurred due to an “approve-related issue”.

A couple of hours later, Hashflow informed users that it was dealing with the current situation relating to contract approvals as highlighted by Peckshield. The company stated that:

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

Hashflow operates a decentralized exchange that was not impacted by the attack and remains fully operational. Peckshield suggested that the hacker who carried out the exploit may be a “white hat” hacker, as they provided a contract with a recovery function along with a second option for a donation.

On June 15, Hashflow updated its status and provided recovery instructions for those affected by the exploit, which impacted Ethereum, Arbitrum, Avalanche, BNB Chain, and Polygon. Users were told they must “revoke approvals before recovering funds”.

There are two options for fund recovery: the first is for the full amount of funds, and the second involves donating 10% to the supposed white hat hacker who exploited the vulnerability but prevented further losses in doing so.

Following the attack, Hashflow’s native token, HFT, fell 7% within 12 hours, dropping to $0.338 at the time of writing. The token remains down 90% from its all-time high of $3.61 in November 2022.

This is the second DeFi exploit this week, as lending platform Sturdy Finance lost around $800,000 worth of Ethereum on June 12. The vulnerability was related to price manipulation, according to Peckshield, which issued an alert. Sturdy Finance offered a bounty of $100,000 to the exploiter for the return of the funds.

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