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DeFi Protocol Tender.fi's TND Token Plunges 34% as Protocol Pauses Borrowing

source-logo  coindesk.com  + 2 more 07 March 2023 11:49, UTC

TND, the native token of decentralized finance (DeFi) protocol Tender.fi, has slumped by 34% after the platform said it is paused borrowing on Tuesday.

The token, which trades mostly on decentralized exchange Uniswap, is changing hands at $1.99, down from Monday's high of $3.56.

"We are investigating an unusual amount of borrows that came through the protocol- in the meantime, we have paused all borrowing. Thank you for your patience," the Tender.fi team wrote on twitter.

Blockchain sleuth Lookonchain said that due to a misconfigured pricing oracle, a white hat attacker borrowed $1.59 million in assets despite only depositing one GMX token worth $71.

A white hat hacker is someone that attacks a platform before returning the loot.


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