Exploits of 2023: How Sentiment became a victim to this malicious hack

ambcrypto.com:

Sentiment, a DeFi lending platform, experienced a reentrancy assault on 4 April where the attacker stole close to $1 million. The platform later released a patch.

A status update on the current situation: At approximately 06:00:00 PM +UTC The Sentiment team became aware of abnormal borrowing activity which has now been declared as a malicious exploit.

— Sentiment (@sentimentxyz) April 5, 2023

Sentiment recently fell prey to hackers, who continue to make the DeFi market a top target. They became “aware of abnormal borrowing activity, which has now been declared as a malicious exploit,” the team said, admitting that the assault had occurred. To address the issue, the team paused the main contract and limited the capability to withdrawals only.

Leading specialists also issued a warning regarding an increase in fraud and scam cases in the DeFi sector as it prepares for an influx of new projects. According to reports, hackers have grown accustomed to the most recent DeFi adjustments, making the sector vulnerable to additional assaults.

The team collaborated with external security experts to implement a user-friendly solution to the problem. As a result, users can settle debts and quit their employment. The team is also said to be working with law officials and other parties to identify the offender and recover the money.

On Arbitrum, people exploited sentiment to collect money. The exact sum happens to be unclear, but it appears to be closer to $1 million. Analysis of the attack states that the hacker “used the view re-entrance Balancer bug to execute malicious code before pool balances were updated and steal money using overpriced collateral.”

According to reports, the overall value of